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What happens to federal student loans post discharge?

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  • What happens to federal student loans post discharge?

    I was recently discharged and my fed student loans show 0 bal.

    NOTE: If your only response is fed loans don't go away. they will return....Please refrain as I am aware of that

    Can anyone please share any real experience as far as when they come back, or if i have to do something or just wait. I would also like to know what the chances are of the loan terms changing i.e. become due right now therefore garnishing and such vs. they become due after in-school deferement.

    My loans are with AES, Dept of Ed and ACS. They are all in inschool defe and are scheduled to start repayment in Oct or November 2011.

    Thanks!

  • #2
    I don't want to waste your time as I have no experience with them. The zero balance is a ledger entry on some loans to reconcile the debt as a write off. In the case of a student loan, as it is not discharged, is probably zeroed as part of your bk numbers being run on your forms. May not help, but is the probable reason. 'Hub
    If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

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    • #3
      I had this happen. You need to call the lenders since you were discharged and speak with them. I just asked them if I needed to do anything else since I was discharged from BK. I would also ask them if the balances would start to show again on your credit report. My student loan lenders have put the balances back on my credit report, since I started to incur more loans since my discharge date.

      They will not garnish your wages as long as you are listed as "in-school". This is why you want to speak with them to make sure they have the correct information on your file. Sometimes the BK can make a mess of how the paperwork is coded.

      The loan terms will not change. You signed a promissory note, which states you will pay "X" amount back at "X" interest rate. Since it is not normally a dischargeable debt the promissory note stays active. If they want to change any rates you would need to sign a new promissory note.
      Chapter 7 filed on 4/23/2010
      341 meeting on 5/28/2010
      Discharged on 8/19/2010

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      • #4
        Originally posted by Exployer1234 View Post
        I had this happen. You need to call the lenders since you were discharged and speak with them. I just asked them if I needed to do anything else since I was discharged from BK. I would also ask them if the balances would start to show again on your credit report. My student loan lenders have put the balances back on my credit report, since I started to incur more loans since my discharge date.

        They will not garnish your wages as long as you are listed as "in-school". This is why you want to speak with them to make sure they have the correct information on your file. Sometimes the BK can make a mess of how the paperwork is coded.

        The loan terms will not change. You signed a promissory note, which states you will pay "X" amount back at "X" interest rate. Since it is not normally a dischargeable debt the promissory note stays active. If they want to change any rates you would need to sign a new promissory note.
        That pretty much sums it up, nothing will change. Since they are in school def, not much is likely to happen. AES and ACS may return them to the Dept. of Ed or the state guarantor, but if the loans were already deferred, they will likely hold onto them.

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        • #5
          Not much happened for me post discharge, they are still reporting as being deferred. As of today I am applying for the IBR plan... the calculator has my payments at $50 a month, but we shall see.
          Filed No Asset Chp 7 BK: January 2010
          Discharged: August 2010
          A life lesson well learned.

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          • #6
            Thank you very much everyone!! You have definitely helped me know what to expect....

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