PDA

View Full Version : Student loans are traps.



lukjad
August 8th, 2008, 08:40 PM
I went to the counselor's office to apply for a loans and bursaries program for my upcoming class and got burned. I had all the papers to sign up with, the lady entered the info online and asked if I wanted to apply for the loan for the computer now. She said I didn't have to. I said, "Well, why not? Let's do it all at once." I have a very old computer and figured that I take part of the loan and put the rest away to pay it back ASAP. Then, after she is done she tells me that I have to spend all of this loan on the computer right away or I will get in trouble with the Government. I asked why and she said that it was the law. I had to spend it all and prove that I spent it all. I asked if I could just wait for the loan and she said no, she had already applied for the load and it was MY fault because she had warned me not to take it.

EXCUSEjME?!? How does saying that you don't need to do something the same as telling you NOT to do something. Really! I told here that I didn't want to spend it all and she said that that was too bad and that I had too. I asked how come and she said that I was not asking her questions but voicing concerns and wasting her time. She ushered me out of here office and called the next bloke in.

Is this just me or did I get tricked?

adamogardner
August 8th, 2008, 08:51 PM
you got tricked. refuse the loan. don't rush anything (pretend I wrote that in caps) pretend I'm shaking you by your arms and saying into your face. refuse the loan! you can always reapply. Be safe and sure when it comes to money you don't have.

lukjad
August 8th, 2008, 08:58 PM
She said that I couldn't refuse the loan, I had to take it.

swoll1980
August 8th, 2008, 09:01 PM
All loans are traps, except a good low interest mortgage in a area with steady/climbing real estate values.

LaRoza
August 8th, 2008, 09:01 PM
She said that I couldn't refuse the loan, I had to take it.

You are in Canada, so things may be different, but here (in USA) you can always cancel a loan. If I wanted to, I could call Sallie Mae and cancel the next dispersement to my school.

I suggest seeing her superior or contacting the lending agency.

starcannon
August 8th, 2008, 09:01 PM
LaRoza was faster on the draw, but I'll leave my comment as verification.

I see your location is Canada, I'm not sure how it works there, but here in the States you absolutely <b>can</b> refuse a student loan.

LaRoza
August 8th, 2008, 09:02 PM
All loans are traps, except a good low interest mortgage in a area with steady/climbing real estate values.

Students loans are worth it if managed properly.

hvac3901
August 8th, 2008, 09:11 PM
she said that i couldn't refuse the loan, i had to take it.

what?

LaRoza
August 8th, 2008, 09:13 PM
what?

Godfather loans, they are called.

lukjad
August 8th, 2008, 09:13 PM
The thing is, the way my school is set up, there is only one person who knows how to do anything in each sector and that person has not replacement or superior save the principal or "Director". If I go to them it will be fairly obvious who did it and not at all healthy for my school experience.

PS I was even told that I had to take a pre-specified loan amount, even if I had asked later. So, the problem would still be there, only later, according to her.

adamogardner
August 9th, 2008, 12:51 AM
Students loans are worth it if managed properly.

It depends on the person. If there is any trepidation for this young man he should pause, and take it when he is sure, otherwise he's opened a can of worms.

to the man that started the thread. I know how it works in Canada by virtue of common sense. Loans are to make money. Intrest accrues over time. If you can't back out (i seriously doubt this) then don't spend it (she lied) and just return it right away. But seriously, don't talk to that lady anymore and cancel that loan. wait till your ready, and you know that you need it.

lukjad
August 9th, 2008, 01:08 AM
To cancel the loan I would have talk to her and she would then say that the loan cannot be canceled. It's like fighting circular logic with this woman. Thanks for the advice. I just don't know who to speak to since there is no one else who can handle loans. It's annoying.

bsharp
August 9th, 2008, 02:12 AM
Godfather loans, they are called.

I'll give you a loan you can't refuse...

adamogardner
August 9th, 2008, 02:59 AM
To cancel the loan I would have talk to her and she would then say that the loan cannot be canceled. It's like fighting circular logic with this woman. Thanks for the advice. I just don't know who to speak to since there is no one else who can handle loans. It's annoying.

give me her phone number. whats the internatiional dialing code for canada? whats your name? her name?

mips
August 9th, 2008, 06:05 PM
You are in Canada, so things may be different, but here (in USA) you can always cancel a loan. If I wanted to, I could call Sallie Mae and cancel the next dispersement to my school.

I suggest seeing her superior or contacting the lending agency.

I will second that. In most places you can cancel a loan if you have not used it yet.
Same goes for major contracts (car, house etc) where there is usually a 7 day cooling off period during wich you can change your mind, well here at least anyway.

lukjad
August 9th, 2008, 07:22 PM
I will second that. In most places you can cancel a loan if you have not used it yet.
Same goes for major contracts (car, house etc) where there is usually a 7 day cooling off period during wich you can change your mind, well here at least anyway.
I'll have to look into that. Thanks!

Koselara
August 10th, 2008, 03:14 AM
If you can't get out of the loan, perhaps you could (as some students did at the university I attended) buy the computer they want you to, copy & submit all receipts/paperwork, then return it for refund and get what you want? Hey, they merely said you had to buy it, they didn't say you can't decide it's an overpriced piece of junk and swap it for something more appropriate... ;)

darrenn
August 10th, 2008, 09:27 AM
I remember that you could cancel a student loan. But it has been several years since I was in school. Ask to see this rule in writing before you freak out. Checkout the student loan website for more information.

lukjad
August 10th, 2008, 12:34 PM
If you can't get out of the loan, perhaps you could (as some students did at the university I attended) buy the computer they want you to, copy & submit all receipts/paperwork, then return it for refund and get what you want? Hey, they merely said you had to buy it, they didn't say you can't decide it's an overpriced piece of junk and swap it for something more appropriate... ;)


I remember that you could cancel a student loan. But it has been several years since I was in school. Ask to see this rule in writing before you freak out. Checkout the student loan website for more information.

The first suggestion sounds like a good idea, I may do that if push comes to shove.

As for looking one the loan website, I did and couldn't find and information either way. I will keep looking though. Even if it does say so, it may take me too long to fine it and I would still have to return the loan to her probably, sparking another round of debates. I'll have to consider this.

Tomosaur
August 12th, 2008, 01:24 PM
I can't imagine she actually knows what she's talking about. I sincerely doubt that there is any requirement for you to spend all of the loan money - that just doesn't make sense. And if it is in fact true, then what you're dealing with is a loan shark, and although I am not Canadian and don't really know Canadian law on this kind of thing - I would hazard a guess that they're operating illegally.

lukjad
August 12th, 2008, 01:49 PM
Considering that the Government is giving me this loan and making the laws, there is only a slim chance that there is a law against this. :|