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Thread: Student Loan people askin too much...

  1. #1
    God/dess LuckiCharm's Avatar
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    Default Student Loan people askin too much...

    I got a call today from a guy at the company I got a student loan from. I owe about 8,000. He was all asking me how much my rent is, how much my car note is, pretty much he was asking about all my bills and how much they are. I ended up just hanging up the phone. I gave him my new address so they can just mail me the bill and I can make payments. Why would he need to know about my other expenses though? If I told him any of this info, could it ever be used against me? I told him I am unemployed right now and my parents will be helping me pay the loan back.

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    Featured Member Hello_Kitty27's Avatar
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    Default Re: Student Loan people askin too much...

    That's kind of weird. I didn't owe that much .....mine were more like $4-5K and were from the US Dept of Ed, but they never called and asked anything. And in fact, I was very late with them once or twice (more than 2 months late!) and they never called and asked anything like that. I wouldn't answer anything like that.....I jsut don't see how it's any of their business if you're paying things OK.






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  3. #3
    Kaylinn
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    Default Re: Student Loan people askin too much...

    You realize if your unemployeed or unable to pay then right now you can get a forbearance or deferement, right?

    With student loans they can garnish yoru wages or taxes to repay them.

    I wouldn't answer any of thoes questions. Just tell them to communicate to you through mail only.

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    God/dess sxybrat07's Avatar
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    Default Re: Student Loan people askin too much...

    When I did collections, I occasionally asked questions like that. It wasn't to be nosey (well, most of the time ) but it was to try and find a solution for the person to pay. Sometimes people weren't able to figure out budgets themselves, so I'd try and figure out if there was a plausible way for them to pay or not.

    The information I got about their bills could have never been used against the clients we had, and I dont think they would be able to use it against you either. The guy was probably just trying to get you to pay early so he could get a bonus.
    I believe you Dottie and you have my support

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    Banned Melonie's Avatar
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    Default Re: Student Loan people askin too much...

    you didn't really state whether or not you were 'behind' on your student loan, or whether your loan was through Sallie Mae or private. These factors would help explain the 20 questions episode i.e. if you are 'behind' on your student loan those questions might have been asked to help the creditor to decide what sort of steps to take next.

  6. #6
    zxcire
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    Default Re: Student Loan people askin too much...

    If you are behind on your payments, he might have been trying to figure out your financial situation to try to garnish your wages or something.

    If you make under a certain amount, they can't take anything.

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    God/dess LuckiCharm's Avatar
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    Default Re: Student Loan people askin too much...

    Sorry I left that part out...Yes I am very behind. See, I thought my parents took care of my school expenses but turns out they didn't, and didn't really talk to me about it. I'm planning on paying when I get the statement in the mail, but I just found out about it.
    The guy asking me the questions said he was asking all of it to get a "financial statement" so that GA Revenue could know why we made the decision we made, which we never made because I hung up.
    So should I just not worry about it until they mail me something?

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    God/dess LuckiCharm's Avatar
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    Default Re: Student Loan people askin too much...

    And what does "garnishing wages" mean?

    And oh yea, I told them my parents would be helping me pay the loan back because I was unemployed. I hate talking to financial people, I always freeze and don't know what to say.

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    Default Re: Student Loan people askin too much...

    There is another possibly aspect to this.

    Assumming that you are a dancer and that you have at least some un-reported income it is in the realm that your "actual income" was too high for you to qualify for that student loan to begin with. In other words it this happened to be true it could be the beginning of a fraud investigation. They know your ZIP code and address, so they know the cost of living for where you live. They know your SSAN from your loan so with all the modrn computer power a mere mouse click away they can track any spending that you do not in cash. The guy on the phone might have already knew or had a fair idea the answers to the questions asked and just wanted to see what you said.

    It's happened before

  10. #10
    God/dess LuckiCharm's Avatar
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    Default Re: Student Loan people askin too much...

    Quote Originally Posted by phonehome View Post
    There is another possibly aspect to this.

    Assumming that you are a dancer and that you have at least some un-reported income it is in the realm that your "actual income" was too high for you to qualify for that student loan to begin with. In other words it this happened to be true it could be the beginning of a fraud investigation. They know your ZIP code and address, so they know the cost of living for where you live. They know your SSAN from your loan so with all the modrn computer power a mere mouse click away they can track any spending that you do not in cash. The guy on the phone might have already knew or had a fair idea the answers to the questions asked and just wanted to see what you said.

    It's happened before
    Well, the loan was taken out when I was 17/18, I'm almost 22 now. It was taken when I was still dependent on nmy parents. I stopped going to school about 2 years ago, so I think they just want the loan back.
    Last edited by LuckiCharm; 06-22-2007 at 02:07 PM.

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    Banned Melonie's Avatar
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    Default Re: Student Loan people askin too much...

    ^^^ there isn't any 'statute of limitations' where gov't backed student loans are concerned.

    One consequence of the IRS now sharing / automatically reporting financial information back and forth with Sallie Mae and with all college tuition offices is that both the tax people and the student loan people now have a pretty good idea of how much money people who took out student loans 'claimed' to have earned (actually they check the whole family, since loan eligibility is based on total 'family' income). They also know how much money was received from the loan, how much money was spent on tuition, and with two inquiries to the credit bureaus / bank network they also know how much cash passed through bank accounts / credit card accounts, how much money is being paid out for other types of loans etc.

    Lately Sallie Mae and the IRS have been focusing on attempting to recover loan and grant money that was approved based on a reported 'family' income that wasn't, shall we say, entirely accurate. Since this is StripperWeb, the most common source of 'inaccuracy' would of course be the failure of a dancer to report her dancing earnings to either the IRS or to her parents, followed by her parents filling out the student loan eligibility paperwork using a 'family income' amount that did not include the dancer's earnings. As a side-effect, the same investigation allows the IRS to examine the tax returns of the college students as well as the tax returns of the parents of college students who claimed the student as a dependent. This occurs on the premise that if the student had unreported income it could disallow the student's dependent status, resulting in a fat back tax bill being issued to the parents - on top of triggering an immediate bill to repay grants and loans the student received but which the student would NOT have been eligible had the correct amount of 'family' income been reported by the parents)

    And what does "garnishing wages" mean
    It means that whenever you do get a job as an 'employee', Sallie Mae may seek a court ruling that requires your future employer to withhold not only federal tax and SSI tax from your future paychecks, but to also withhold an extra X dollars from your future paychecks that the employer must then directly send to Sallie Mae as payment on your student loan ... before you can get your own hands on the money and perhaps decide to spend it on something 'foolish' like food or rent instead of making your student loan payment !
    Last edited by Melonie; 06-22-2007 at 03:29 PM.

  12. #12
    God/dess LuckiCharm's Avatar
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    Default Re: Student Loan people askin too much...

    Aahh...Thanks Melonie. Well, I didn't start dancing till after I quit school, so there wasn't any unreported income. I'm just going to wait and see what they send me in the mail.

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