Ask MetaFilter questions tagged with loanrepayment

It's payback time! Or is it?

Anonymous — Mon, 28 Sep 2009 14:08:32 -0800

Is Girl legally obligated to pay back her half of a 401k loan? Boy meets Girl. They fall in love, move in together and get a joint bank account where both paychecks are deposited and all bills are paid. Boy takes out a 401k loan to pay off debt and gives half what he takes out to Girl so she can pay off some of her own debt. Loan payment is taken directly out of Boy's paycheck.

Several months later, the relationship ends. All money in the joint account is split evenly (including Girl's last paycheck) and Girl moves out. Boy states he expects Girl to repay her half of the loan. She once verbally, and once in an e-mail, agrees to pay back at least $100 a month.

Ignoring the moral obligation, (and I cannot stress enough how we should be ignoring the moral obligation) is Girl legally obligated to pay back her half of Boy's 401k loan? Does the e-mail constitute written agreement?

Extra info: Girl broke up with Boy, and they both live in Texas. In Girl's defense, she is asking so she fully understands the situation, not because she plans to screw Boy over. Any links you can provide would be helpful.

Can I turn a family loan into a loan that qualifies for loan repayment?

hurricanemag — Thu, 26 Feb 2009 07:33:17 -0800

Can I turn a loan from a family member into a loan that qualifies for loan repayment? I completed a very expensive nursing degree a year ago with a BSN and an MSN and am working as a nurse practitioner. I was fortunate enough to have an aunt who was willing and able to loan me the money during the program and I'm now paying her back interest-free. I know what a great deal that is, but it is still going to take me >15 yrs to pay her back and I have looked into some loan repayment programs that might help speed up the process.

The non-profit I currently work for qualifies as working for an under-served population, but I'm wondering if there is any way to turn my family loan into a qualifying loan. The nursing education loan repayment program I want to apply to (http://bhpr.hrsa.gov/nursing/loanrepay.htm) lists qualifying loans as:

2) Examples of Eligible Loans
Nursing Student Loans;
Stafford Loans; and
Supplemental Loans for Students

3) Examples of Loans Not Eligible

The following are examples of financial obligations that do not qualify for repayment by the NELRP:

• Loans for which the applicant has an Existing Service Obligation (see Definition of Terms);

• Loans obtained for training in vocational or practical nursing (LVN/LPN);

• Loans obtained from family members or private institutions not subject to Federal or State examination and
supervision as lenders;

• Loans made prior to or after the applicant's qualifying nursing education;

• Loans obtained for non-nursing education;

• Loans that have been repaid in full;

• PLUS loans (made to parents);

• Any portion of a consolidated/refinanced educational loan that is not clearly identified as being for
reasonable educational expenses and reasonable living expenses incurred for qualifying nursing education
by the applicant (See Definition of Terms).

• Consolidated/refinanced educational loans that include any debt other than eligible educational loans of the
applicant;

• Credit card payments or personal lines of credit;

• Federal Perkins Loans (unless the applicant can provide documentation as indicated in Section L.3
(Instructions for Completing Required Supplemental Forms) that such loans are not subject to cancellation).

Has anyone had a similar situation? Can I take out a loan that would qualify and pay my aunt back? Or is it just too late at this point?

Any input is appreciated, Thanks.

I owe $30,000

All.star — Fri, 17 Oct 2008 19:57:33 -0800

[StudentLoanRepaymentFilter] Should I transfer my Direct Loans to some private loan consolidation company? Oy!

I was an AmeriCorps VISTA, so my loans have been in deferment. I have to start repaying on them again in January. I cannot, however, afford the minimum payments I am supposed to be paying (my husband and I are living off of one salary right now). The payments they want on the standard payments are $320 a month, and if memory serves they wanted something like $240 a month for the income contingent payments. Right now I figure I can maybe afford at the very most $150 a month.

Will they (the Dept of Education?) work with me on this? I'm not sure if they ever deviate from the 3 or 4 payment plans they have. Or should I go with a private consolidation? If so, which company?

Can I sell a body part?

anonpeon — Thu, 24 Aug 2006 05:37:36 -0800

I can't afford to repay my student loans, entirely my fault, what should I do? Several years ago I took out education loans from Wells Fargo, loans that I have yet to pay on. I essentially disappeared for several years and now the debt collection agency has caught up with me and is attempting to collect. 3 separate loans, totaling about $55,000. They'll settle the accounts if pay half that amount within the next 30 days . I can't afford to pay this. I can't afford to pay the nearly $1,000 in monthly payments to either.

I also have about $30,000 in Federal student loans, which I pay about $200 a month on, which is also getting to be unaffordable, due to mortgage, car and child payments. Plus I got a notice saying the interest rates were supposed to go, which means more trouble.

My wife an I only make about $50,00 a year, bring home about $2000 total a month after taxes.

Yes, this mess is completely my making and yes I've been remiss in taking care of it. I accept that and realize that much of the rest of my life might be spent paying this off. I'm looking for practical advice on how I can straighten out this, please.

I'm not good with money and all of this is extremely overwhelming to the point I don't know what to do.

Is there someway I can consolidate these loans, either as a whole or partial?

Am I in danger of bankruptcy? The house and car are not in my name, they are in my wife's name, could we lose them? What would bankruptcy mean?