Question:
Dear Steve,
I went to Full Sail University, I graduated and since have never been able to get a good job. Most jobs I have applied for laugh off Full Sail University as a viable college. I still make only $15 an hour. Now the Dept. of Edu has been taking my tax returns to pay off my debt to Full Sail University. I called today and the conn service the debt collection agency says I owe $57k!!!! My parents paid off $20k of the 48k it cost me to go to school and they still say I owe 57k.
I need help with options on what I can do here. I heard Full Sail University was being sued and all debts were being forgiven. What can I do here?
Robert
Answer:
Dear Robert,
I’m not sure what field you studied at Full Sail University but getting a good job is about more than just where you earned your degree. Experience, relationships, and friends in the field can often carry more weight than the school on your diploma.
That being said, it sounds like your loans from Full Sail University are federal student loans and also were in deferment or some sort of payment holiday and that caused the balance to explode like it did. When you are not making regular monthly payments that at least cover the interest building, the balances will increase.
I’m also concerned your tax refunds are being intercepted. That says to me your loans are out of control. If your loans are eligible I would urge you to consolidate them into a new Direct Loan and elect to repay them using an income-driven repayment plan. Your payment will be dependent on your income. You can learn more about this here and here.
If your loans are in default, which it sounds like they are, you may need to rehabilitate your loans before they are eligible to be consolidated.
As far as looking for much justice with the forgiveness of your loans under the Trump Department of Education, don’t hold your breath. The current management of the Department of Education is rolling back plans and forgiveness that was previously awarded.
