Is this a breach of credit contract?
The question
Okay so I am mid twenties and took a student loan to pursue a Bsc Degree. I completed it after 3 years. But was able to get another opportunity to pursue even further studies for a higher qualification. Hence the time of which i was supposed to repay my first student loan was extended until July 2012 by the bank via signed agreement. By this time i would have completed my second degree.
But, after i already went overseas and started school for my second degree i eventually became sick and was forced to return home for medical attention.
Sad thing is, my parents are not wealthy and I had no funding to get therapy..i had to get a temporary job so as to be able to get the medical attention that was necessary. Since then, I had gotten alot better although it has been a few months now and once in a while still get relapses.
But, I was supposed to complete this second degree in a year and a half time-span but this has been a major set back for me and so now I am contemplating the option of finishing my courses online.
But, because i now have a job though temporary, my loan officer is implying that i now have to start immediate loan payments which i wasnt prepared for considering that we had a signed contractual agreement to make payments after a year and a half(by July 2012)
The temporary job also doesnt pay sufficient to make the payments required.
I mentioned to her of this but she insist that the extension which was signed only for when you are a full time student. Is this a breach of contract. I do intend on repaying the loan but am in no wise able at this point due to mishaps.
It is also hard to get a job in my field and one which would pay for my degree. Can she really force me to make payments before the agreed time of 2012? She even place a hold on my personal saving account at the bank so I cannot make withdrawal but i reckon she was out of line and really tring to pressure me.
Any advice please? Thanks.
The contract never stated that the deferral to next year was contingent on me remaining a full-time student as i did read it carefully—
Best answers:
The only conditions that trigger the repayment coming due are one of two things: You are no longer enrolled in a school and/or you are working and getting a pay check.
Your previous agreement to get a deferral until June 2012 was given to you because you were enrolled in school until then. You breached that agreement when you dropped out of school because you got sick and you triggered the second and most vital event…. you started a job and are making money.
It does not matter that this is a part time job and not related to your field. What matters is that the two things that trigger repayment have occurred: You are not enrolled in a school and you started working.
Is this a breach of contract?
The question
Okay so I am mid twenties and took a student loan to pursue a Bsc Degree. I completed it after 3 years. But was able to get another opportunity to pursue even further studies for a higher qualification. Hence the time of which i was supposed to repay my first student loan was extended until July 2012 by the bank via signed agreement. By this time i would have completed my second degree.
But, after i already went overseas and started school for my second degree i eventually became sick and was forced to return home for medical attention.
Sad thing is, my parents are not wealthy and I had no funding to get therapy..i had to get a temporary job so as to be able to get the medical attention that was necessary. Since then, I had gotten alot better although it has been a few months now and once in a while still get relapses.
But, I was supposed to complete this second degree in a year and a half time-span but this has been a major set back for me and so now I am contemplating the option of finishing my courses online.
But, because i now have a job though temporary, my loan officer is implying that i now have to start immediate loan payments which i wasnt prepared for considering that we had a signed contractual agreement to make payments after a year and a half(by July 2012)
The temporary job also doesnt pay sufficient to make the payments required.
I mentioned to her of this but she insist that the extension which was signed only for when you are a full time student. Is this a breach of contract. I do intend on repaying the loan but am in no wise able at this point due to mishaps.
It is also hard to get a job in my field and one which would pay for my degree. Can she really force me to make payments before the agreed time of 2012? She even place a hold on my personal saving account at the bank so I cannot make withdrawal but i reckon she was out of line and really tring to pressure me.
Any advice please? Thanks.
The contract never stated that the deferral to next year was contingent on me remaining a full-time student i did read it carefully
Best answers:
Related Links
- FAQ: Is consolidating federal college loans a good idea? Federal College Loans 2012
- As a teacher, can I qualify for BOTH Public Service and Teacher Loan Forgiveness Programs?
- FAQ: Can anyone offer advice and/or personal experiences regarding consolidating federal AND private student loans? Consolidate Federal And Private Student Loans Together 2012
- is my lender bank of america or great lakes? Great Lakes Bank Student Loans 2012
- FAQ: Is student loan money sent directly to the school, or to you? Do you need to apply each school year? Student Loans Sent Directly To You 2012
