Guys, I need your student loan wisdom

[taekwondave]

Hey everyone. So, I understood that I had 6 months from graduation to begin repayment of my student loans. But apparently I used that grace period back in 2009 when I took some time off from school (ya'll remember that trip to Rome I wrote a little bit about some time back?).

So I just got a credit hit from five different loans that I am 60 days late, soon to be 90 days late. My score has dropped a cool 100 pts overnight and my wife and I, after spending all day yesterday looking for a house to buy, are now struggling to find the answer to this problem.

I called UHEAA and they explained that I would need to have had some hardship to qualify for a deferment during this time. They said that BYU told them I graduated on August 9th, so I need to have been unemployed at that time or make an extremely small amount of money in that job in order to qualify. The problem is...I wasn't. I'm pretty sure I was hired in June or July.

However...the lady didn't say I needed to prove it. She didn't say I didn't, but when I said, "So...you just need to hear that I didn't get a job until after August 9th?" she seemed...annoyed that I would ask the question, but didn't try to clarify by saying I would indeed have to prove it.

Is UHEAA like mortgage lenders in 2006-07, where they just take stated income and you're good to go? Is the answer to my credit problem right now simply...lying to UHEAA? Or is their system somehow tied to the IRS and they know when I indeed started working, etc? Is this a weakness in their system that I can exploit?

Advice?

[taekwondave]

Nobody?

[Joe Public]

Advice?

My advice is to not weave the tangled web. Not everyone will agree with that.

You should have received all sorts of notices, statements, etc. saying your loan was entering repayment status. If not, and it wasn't some oversight on your part (failing to provide a current mailing address, e.g.), then maybe they can do something for you. It must be disappointing to discover all of this right when you're trying to finance a home purchase.

[All-American]

What do you mean, "pretty sure"?

[taekwondave]

What do you mean, "pretty sure"?

I mean I don't remember exactly when I got hired here. But I'm sure it was before August 9th, which would make me ineligible. Which is why I'm wondering if I should just SAY I was hired after that date, and if I would have to prove that if I did so.

[Commando]

I don't see the problem here. Just apply for a temporary hardship deferment based on underemployment.

[All-American]

I mean I don't remember exactly when I got hired here. But I'm sure it was before August 9th, which would make me ineligible. Which is why I'm wondering if I should just SAY I was hired after that date, and if I would have to prove that if I did so.

Ah.

Yeah, don't lie to the government. That comes back to bite you in ways you would rather not care to imagine.

[taekwondave]

I don't see the problem here. Just apply for a temporary hardship deferment based on underemployment.

This is what I'm going to do, actually. I just got off the phone with them. Boom.

[Solon]

This is what I'm going to do, actually. I just got off the phone with them. Boom.

Good luck, TKD.

[byu71]

Don't get discouraged while waiting for that loan. You used to be able to walk in and sign a blank piece of paper and get the loan.

Now. I just co-signed with my youngest and every week they asked me for something new. Stupid stuff. Like a partnership I was involved in amounted to 1/250th of my income. They wanted to see the agreement and the K-1 backing what I filed on my return.

Current pay stub and 1 years tax return ended up not being enough. It was a royal pain in the butt.

I don't mean to discourage you though. My kid got a great deal and it was worth it, but man it was frustrating.

[wuapinmon]

Ethics means doing the honest thing even if it hurts you.

[pellegrino]

Ethics means doing the honest thing even if it hurts you.

this is the ethical (read, correct) answer.

[byu71]

Ethics means doing the honest thing even if it hurts you.

I am more of a "do unto them as they do unto you" kind a guy.

[Lost Student]

Ethics means doing the honest thing even if it hurts you.

No, this is what ethics means:
[YOUTUBE]buU6apqGxK4[/YOUTUBE]

[FMCoug]

Step 1: Get current. I assume you can do that if you are planning on buying a house.

Step 2:
Send a letter explaining your situation, why you thought you had a deferment, that you hadn't received any payment or dunning notices and ask them to remove the lates from your credit.