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not sure what this means?

ok so im not the smartest person in the world. i owe student loans but i got a loan to pay off my student loans, so i can go to college and so they dont take it out of my taxes. cuz they said they would if i didnt get the loan to pay off my loan. but now im getting this letter in the mail from the college i went to saying i owe a principal fee and a interest fee? is that part of the loan? can they take that out of my taxes too? it doesnt say anything about a loan on here it just says principal fee and interest fee? and then it says something about a debt collection agency? so does any one know about this?

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hello_kitty1

Asked by hello_kitty1 at 1:15 PM on Jan. 27, 2011 in Money & Work

Level 7 (177 Credits)
Answers (9)
  • I don't know about taking it out of your taxes but that is a extra payment on the loan. Saying that since you took longet to pay it they are charging you more
    MamaWolf1981

    Answer by MamaWolf1981 at 1:18 PM on Jan. 27, 2011

  • Did you pay the debt collector or the loan holder for the student loans?
    mommy_of_two388

    Answer by mommy_of_two388 at 1:19 PM on Jan. 27, 2011

  • IF it did go to a debt collector yes they can take it out of your taxes
    mommy_of_two388

    Answer by mommy_of_two388 at 1:19 PM on Jan. 27, 2011

  • i never payed my loans until i got a loan for my student loan which was towards the end of last year.
    hello_kitty1

    Comment by hello_kitty1 (original poster) at 1:20 PM on Jan. 27, 2011

  • When you paid it off, who did you pay? The school or the debt collector? Did you know it was in collections?
    mommy_of_two388

    Answer by mommy_of_two388 at 1:21 PM on Jan. 27, 2011

  • i guess the debt collector i never payed the school. i just dont understand cuz they called me last year asking if i want i can get a loan to pay off my student loan so they wont take it out of my taxes and i would be able to go to college, cuz they were goin to take it out of my taxes for 2010. but now after i started doing payments on my laon for my student loan. a debt collector sent me a letter saying i owe a principal fee and an interest fee? they never said anything about that to me, they made it sound like the loan that i applied for to pay off my student loan would pay all of it off. so i dont know if i can go to college now and if they are goin to take it out of my taxes, i feel like they lied to me to just get money from me, so im kind of pissed
    hello_kitty1

    Comment by hello_kitty1 (original poster) at 1:31 PM on Jan. 27, 2011

  • I think you should talk to someone at the school. Take all your paperwork with you. I think you got ripped off. Make sure it doesnt' happen again. We aren't going to be much help over the web.
    LoveMyDog

    Answer by LoveMyDog at 2:06 PM on Jan. 27, 2011

  • Who is they?

    You need to speak with a financial aid counselor at the university you are attending
    rkoloms

    Answer by rkoloms at 3:48 PM on Jan. 27, 2011

  • This is sounding like you might have gotten ripped off.

    However... when I went to University of Phoenix I took out student loans to pay for school, but it only covered part of my tuition. I still technically owed the school money. Maybe you had two different debts and didn't know about it. Or maybe the loan that you took out wasn't enough to cover the principle and interest owed.

    Talk to the school about it. They'll help you get it sorted out.
    Good luck!
    Erica_Smerica

    Answer by Erica_Smerica at 4:39 PM on Jan. 27, 2011

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