A community of 30,000 US Transcriptionist serving Medical Transcription Industry

Anyone (who has student loans for MT school) Try This... - smeeps

Posted: Mar 08, 2014

Not that it would be possible, just something I myself have been looking into. The trade school I went to, I paid a little over $12k for my MT course of 9 months. The school is not AHDI certified. I was told ( Back in 2009) that I could get a job right after graduation and be able to work from home. I had great teachers who refused to just pass everyone (as some were instructed to do by the school so they could keep their accredidation from the state). I was going to try to get my loan balance discharged/forgiven under these false and misleading pretenses by the school. Yes I have a job and yes my husband also works full-time, but even with both our incomes, sometimes we barely make ends meet. We do not live to excess and have made many sacrifices(please do not bash me). I was just curious if anyone has tried this or not. I won't "just not pay" because it would harm our credit. I appreciate comments, but please 'try' to be nice.

Hmmm... - sm

[ In Reply To ..]
No bashing from me at all. I feel bad for you spending that much! I spent only $6k for a two-year tech college MT program but it paid for itself after my time in MT fortunately. I guess my only suggestion would maybe try a small claims kind of lawsuit. People are suing left and right for other frivolous reasons so it may be worth a shot. But I do hope you're ready to hear some negative comments from others because I'm sure they are coming. If everyone could not pay their loan back or get a refund from their college because they are not working in their major or got fired, etc. then the whole banking system and college tuition program would be in even more trouble. It sounds "good" in theory as I'm sure others felt the same way but honestly I don't think you'd get anything out of it. My other suggestion would be try filing bankruptcy and try not to hurt your credit even more. Good luck :-)

Filing bankruptcy - Think twice

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Who told you that filing bankruptcy does not hurt your credit? It generally means no new credit for 7 years, which means no auto loans, no credit cards, no new mortgage, no re-fi, nothing. Even the utility companies look unfavorably upon bankruptcy and it should always be the very last resort. Applying for a job is already difficult but anyone with bankruptcy on their record (and yes, they run background checks and credit reports these days) is going to be blacklisted. Do the right thing and pay off your student loans; it is not the fault of the school that you overpaid or can't get a job now. They offered their terms up front and you agreed to it, so sorry.

I agree. I would never file bankruptcy either. It was just a suggestion... - sm

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I've never heard of such a request before so it's hard to know how to answer it. If I was in her shoes I would just chalk it up to lesson learned (as sad as it is) and move on. I would sell off everthing I owned that wasn't absolutely necessary to bring in some extra cash. Even clean houses or babysit on the side. Maybe the bankruptcy suggestion wasn't the right thing to say. It sounded better in my head. I have heard of bankruptcy that doesn't (supposedly) ruin your credit but again I've never been there so I don't know how that works. Good luck to OP in whatever she can find out. Maybe even consulting a rep payee or loan officer? IDK

I filed bankruptcy years ago, terrific thing I - did, no issues at all

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At that time I listened to my then husband. I am thinking now I really did not owe that much but I did. From that time forward I spent cash, did not rely on any credit cards. One day I went to buy a car and no credit at all was found, it was like I was just starting out, grade A credit and from then on forward have been able to have credit, in fact now I have excellent credit, able to get whatever I need with no bad marks on my credit score. For me it was a win, win.

And the rest of us - get to

[ In Reply To ..]
subsidize your choice by paying higher prices and higher fees so you could have the privilege of running up a bunch of bills and then walking away from your obligations. Thanks.

If you were around, working and paying - your bills in the

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early 70s, then maybe you have a point here, otherwise.....

Yes, I was. - nm

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In any event, those effects are cumulative and never go away. Irresponsibility is never something to be proud of, no matter when you did it.

Yeh, sure I believe you - NOT

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No one and I mean no one talked about what happened in the 70s about oh you take bankruptcy and you are ruining the country for the babies yet unborn, the bills you are just letting go is causing everyone else problems, your debt means we have to pay more for what we buy. Get real. Nothing like that was talked about then. That did not happen and I do not believe you were grown, working and paying bills then. I did it and frankly my dear... Think you can finish the rest of that sentence.

What you believe is irrelevant - as

[ In Reply To ..]
it does not change the facts. I was actually in the Air Force for most of the 1970s. So, you can finish your own sentence.

I will finish this sentence. You talked as - happening now, we have to

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subsidize your filing for bankruptcy. This gives your own concept away because had you lived then you would have written the sentence thus: We HAD to subsidize, not we HAVE to as in the present. You nor anyone else had to (as in the past tense) do anything for me. I did it, from there went on to make good money, retired with a really big social security income and don't give a flip about what others supposedly HAD (once again past tense) to do for me. What a laugh.

Are you as upset when the corporations - file bankruptcy

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Or does individual bankruptcy only bother you. Do you know how much more you pay when corporations file? Just asking.

USA is land of - second

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chances. That is the purpose of the bankruptcy law. It was one of the things that made us unique. People could pick themselves up and try again. "Don't be judgin' on each other" - JC

Bankruptcy does not allow student loans... - Depressed

[ In Reply To ..]
...to be excused. I have tried. I have 2 kids with student loans who cannot get more than fast food jobs and we are stuck paying them.

I don't know about those type of student fees, but student loans can not be rolled into a BR sm - Gurgle, gurgle

[ In Reply To ..]
and as one who went through BR myself, it is not pretty. Actually very traumatic and a last resort with a house "underwater" and severe loss of wages as am MT.

Student loans - xx

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are not dischargeable in bankruptcy.

If they were, everyone would borrow enormous sums and simply declare bankruptcy after graduation and never pay back what they borrowed.

Have you considered suing the school? (sm) - Rose

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These schools are false advertising, although this would be harder to prove in 2009 than today. Still, I wonder why there has not been a class action suit organized.

Suing the school - mt

[ In Reply To ..]
You could only sue the case if they guaranteed you a job in writing. If at any time since you worked for them, you had a job, then, well, what would you be suing them FOR?

Schools, especially schools like MT schools, are in business to make money. If you enroll, even if you're stupid, they will take your money and let you graduate (Not calling the OP stupid). Very few schools will give you a written guarantee of employment. And in 2009, you could still get a job rather easily in this field, albeit not so much as a newbie.

I would think, however, that since the OP is working, there's no false advertising going on.

Elizabeth Warren is cracking down on for-profit schools who make lots of promises but I don't think there's much you can do at this point in time, especially five years later.

You can't discharge student loan debt thru - IMANMT2

[ In Reply To ..]
bankruptcy. Clinton changed that because professionals were taking advantage of it. Incorporating their practices and filing personal (for that clean slate) bankruptcy and ditching the student loans. Also, you can't discharge credit card debt. The industry pushed for that a few years ago and the bankruptcy attorneys were SWAMPED with everybody rushing to file before the law took effect.

Getting out of student loan debt is near impossible. Thru death (unless a parent was dumb enough to cosign, then they pay it back). A true disability nobody would want - and even that's an uphill battle. Your school closes BEFORE you graduate. Pregnancy, unemployment, they don't consider these.

Accreditation doesn't mean anything - that is so the school can get the title IV money - grants and student loans. 2 accrediting bodies in the US. It's basically a money game.

But the good news, dept. of Ed is way nicer than they ever were. :D forebearance and deferments are available --- BUT those max out don't waste them. consolidation to lock in a lower interest rate but that already went up.

You have to pay student loan debt. There is no way out of it. They will garnish you social security up to 40% if you don't. So, time is a factor not to mention all that interest capitalizing on the back side of the loan if you do a deferment or forebearance. you can go back to school, join the peace corp, Americorp, if a doctor or teacher work in a rural area BUT you cannot have missed ANY payments EVER and they will forgive a portion, which turns out to be the ridiculous interest some bank got to charge for using tax payer money.

No, when they are rushing students through the Financial Aid Office at the schools with dollar signs in their eyes and the cash register ka-ching ringing in their ears, they are not real honest about anything. :D It's a business, open to make money.

valuable information here thank you - read post above

[ In Reply To ..]
very thorough, nice work.

I left out Nat'l Guard but can't join past 35 - IMANMT2

[ In Reply To ..]
A portion can be forgiven if you join the Guard, not sure how much and I'm not sure about regular Armed Services.

smeeps - Old Pro

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I am truly sorry that you are in this situation, but please do not attach importance to being AHDI certified. They certify many schools that I do not respect.

Thanks for the replies.......sm - smeeps

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I have no intention of going bankrupt. I just get ticked off at what I spent versus what I make. I'll just grin and bear it and pay. Who knows, maybe I'll win the lottery someday ;)

yeah you got ripped off - no doubt

[ In Reply To ..]
12K to learn medical transcription, geez. Try not to kick yourself. You didn't know and there's nothing you can do about it now, just one of those expensive life mistakes. This is why we try to warn people off of MT when they come here asking about it.

Or, you could turn lemons into lemonade - sm

[ In Reply To ..]
...by finding a related job that pays a lot better -- one that uses the same basic knowledge -- and maybe getting a little more education.

With what you have now, you can learn coding for less than $1800, and move into a 32K + job.

Whether you think you like coding or not, it pays the bills. Having done exactly that, I can tell you it worked for me. It was the best investment I ever made.

Just maybe yopu could communicate with - some other dissatisfied

[ In Reply To ..]
students and see an attorney about a class action lawsuit. The one who initiates the suit usually does well, not as well as the lawyers though. Might be worth a try.

I would shop about for a personal loan- sm - IndebtMT

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I am in the final stretch of paying off mega CC debt, still another 3 years unless I get the opp to double my payments. I recently got a personal loan to consolidate and lower the interest some, but they would not give me what I need to do it all. Just got a new offer in the mail for a lower rate, different bank, so going to check it out and see if I can finally get all my eggs in one basket. Have nothing to lose by applying, it will actually add a year onto my payoff plan but will buy me lots of piece of mind, and I can always adjust the payments so it is done in 3 years instead of 4 (3 left on my present loan). My credit score is back up 750-800 so what will kill me is probably the debt to income ratio....made a lot less in 2013 but make all my payments on time. But I would check it out, doesn't hurt to see what your options are.

Taking out a loan - Out of debt

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Taking out a loan to pay off another loan makes absolutely no sense, that is just robbing Peter to pay Paul. I would suggest entering into a payment plan with the school. If you don't have the money to pay your student loan, you certainly don't have money to drag them into court over a bogus lawsuit because you can't find a job.

makes a lot of sense when you chop out - sm - IndebtMT

[ In Reply To ..]
several payments, lower interest payments (therefore saving thousands of dollars in my case) and having an actual pay off date now for the debt. I have to pay it every month, not the, oh I only can pay $50, not the $350 I should/need to on that card to have it paid off in X months. Depends on the debt and interest rate, in my case of cc debt it has helped trememdnously. For a school loan it still may help, she may be able to shorten the life of the loan and pay less interest to boot, how is that stupid? It is not robbing Peter to pay Paul.

Donald Trump - Filed Several Times - "Capitalism"? - EXMt

[ In Reply To ..]
People in NY are contemplating voting for this person and putting him into office here...

Perhaps this is how this country is supposed to work.

Anyway, survival is the name of the game right now as the top 10% of people in the country have most of the control over the rest of us...

I wonder if they will bring back debtor's prison now... We were devastated by the 2008 crash and (because of me actually) as the MT world has gone from lucrative to poverty and it is my only real skill. We are tormented by collections probably at least 4 times a day on average. We have no money because we have no jobs. Most jobs available here would put us more into poverty as they are service jobs with no benefits whatsoever and are only part time, no full time...

If rich people can have welfare and can go bankrupt, then if you need to do it to survive you should.

There is a chapter 7 (I think 13 is total) that allows you to pay back your loans only for a lot less.

Or you could try a debt consolidation.

Unfortunately for us we cannot even afford to file bankruptcy. My husband has a garnishment now so basically is paying back one of his loans, but it will take longer than probably we will live.

What is the answer when rich people and technology do not allow the rest of us to succeed...

I often wonder, do people know your belongings and treasures are not really yours - because you will someday pass away and those things will go to others, maybe even people you do not approve of. Just go to an estate sale and see people rummaging through someone's belongings after they have passed away. Nothings is really ours anyway.

I digress...sorry!

That's a tad dishonest in my opnion - Toni

[ In Reply To ..]
Just because you've heard that that was the way it's done is no just cause for not paying your obligation to this company. You admitted that your instructor did not do that with you and you did receive a job. Maybe you can make some sort of payment arrangements if you can't afford the full payment, but from reading what you said, you got what you paid for. I don't think rumors justify the breach of contract that you made.

Saw this while scrolling through Facebook - Hmmm again

[ In Reply To ..]
It was a "suggested post" as I was scrolling through my Facebook feed. Why? I have no idea as none of this applies to me in any way.

Anyway, the Facebook page is called Student Debt Forgiveness and it lists a phone number 888-243-7082 and a website edudebtforgiveness.com

I saw this and thought of your post today and thought I would share it. It may be worth looking into. I thought I'd pass this on to anyone else in a similar situtation.

Again, I have no idea what this entails but good luck in your researching.

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