about 15 years ago, i took out a student loan for about $7,000
the loan has defaulted..i only attented college for 6 months,..
the collection agency is sending me demand letters my balance
with the collection agency is $29,965.67...
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Interest and penalties have a way of adding up. I suggest you contact a consumer debt lawyer who specializes in student loans. Good luck.
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Interest and penalties over 15 years at a default interest rate could very well add up to this, and you cannot discharge it in bankruptcy if you are able to work at all. You can hire a lawyer to try and negotiate a payment schedule or speak with the agency directly. If you do nothing, you may end up with a lawsuit and a garnishment, so do not ignore this.
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Robert M. Gardner, Jr.
Hicks, Massey & Gardner, LLP
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