THE BLOG
11/19/2013 05:21 pm ET Updated Dec 06, 2017

My Computer School Went Out of Business. I Have Student Loans.

Huffington Post Reader Question

Dear Steve,

I immigrated from Africa in the year 2000 with a big dream of making money in Network Technology. I went to computer school that lured me in taking a sallie Mae loan for MS NT 4.0.

And $10,000 for an Operating system that turned out be a scam , not been used in the workplace (old). Two months in the program the school started having financial problem and went down with my money.

I called Sallie Mae but they 're interested in me paying their loan. Sallie Mae wrote off the loan as a bad debt but a set of new and aggressive loan collectors are buzzing my phone for the loan after 12 yrs; total is $22,500

What can I do to resolve this case? Hire a lawyer or negotiate?

Omar"

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Dear Omar,

You may be in luck. It is very possible the school was never accredited, as many such schools are not. In that case you'd be able to quickly eliminate the student loans in a consumer bankruptcy. For more on this see this article.

I would strongly advise you to find a local bankruptcy attorney who has experience dealing with student loan issues. You can look here to start your search.

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