Dropping out of CDL school in Arizona, laws about paying the tuition

If you don't pay your loan off then they report it to the credit bureau and you get bad credit. Unless you file bankruptcy. As far as timing of dropping out vs. paying your full tuition you should have that written somewhere in your school contract that you signed. I think after the first day of attendance then you are locked in. Ask Rerun, I believe he works one of the schools and might be able to shed some light on this.

 

the way "traditional student loans" go is that you get a full refund (or owe nothing) if you drop out before the end of the first week. after that, it becomes "pro-rated" on anything you owe, then after another point, you owe it all. (the remaining balance).

so, if you were to drop out after say, 3 weeks, the entire loan is YOURS........(it goes by thier time frame) you MUST INQUIRE at the school you are either going to or are thinking about going to. MAKE SURE YOU GET THAT IN WRITING....!!! a salesman's words are useless otherwise.....!!!!

now, i do not know the banking laws in Arizona, i am only referring to the "traditional student loan".

here is "some" information:
http://www.bills.com/stop-garnishment-on-student-loans/


and this might be of good reading as it applies to Arizona as well. now, they point out here, "for profit schools" which a trucking school is, AND BY THE WAY, some trucking schools when they apply for certification, often list themselves as a "college"......!!
http://www.azcentral.com/news/articles/2010/03/07/20100307student-loan-defaults.html

and here is the Arizona Student Loan Code of Conduct
http://my.gcu.edu/SiteCollectionDocuments/About/Consumer%20Information/AZStudentLoanCodeofConduct.pdf


read thru all of the links i provided you.

oh yeah, and by the way......default on a student loan, get your credit ruin for a few years. you can always get a "deferral" from your loan if you call immediately and have proof of hardships, like medical bills, unemployment, etc. the banks really DO work with you on student loans. most student loans are "usually" paid back as little as $50 a month, and that starts (usually) 6 months after graduation. of course, the more you pay, the faster you get rid of it too.

 

Be careful,

they may attach liens...............

Check with your local clerk of courts.........

 

Attach liens on money they never fronted, hilarious what this world has come to. "Decide not to use our service? We'll charge you for it anyways."