The bulk of my privated education loans are non-certified...and they are huge...which will cause undue hardship (which hopefully will be my other option to deal with them). But out of curiosity, did you push your attorney to review the documentation around the private loans?
For example, the Tuition Answer marketing material actually calls it a personal loan. These loans (the ones where the check came directly to you) are not considered qualified under the education guideline b/c they are not backed by federal funds. They were private consumer loans with "Education" tagged in the title - but otherwise, were totally credit-based.
I'm also curious if anyone has heard anything about the recent legislation regarding taking private education loans out of bankruptcy protection. It was introduced on April 15, 2010 - so I'm curious as to when the vote will occur. There is legislation seeking that all private loans be treated as though they were the same as credit card debt. *fingers crossed* that passes quickly.
I am so underwater with this situation.
For example, the Tuition Answer marketing material actually calls it a personal loan. These loans (the ones where the check came directly to you) are not considered qualified under the education guideline b/c they are not backed by federal funds. They were private consumer loans with "Education" tagged in the title - but otherwise, were totally credit-based.
I'm also curious if anyone has heard anything about the recent legislation regarding taking private education loans out of bankruptcy protection. It was introduced on April 15, 2010 - so I'm curious as to when the vote will occur. There is legislation seeking that all private loans be treated as though they were the same as credit card debt. *fingers crossed* that passes quickly.
I am so underwater with this situation.
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