key alternative loan
#31
New Hire
Joined APC: Aug 2009
Posts: 3
Are they eligible to bankrupt?
I am 26 and I have a 90k Key Alternative Loan from Key Bank. The loan is in default. Last year my W-2 was 24,000. I have been also paying for some high balances on my credit card. I would have had to take 125k out but I paid for the last half of my school with my own money via credit cards. I have been reading a lot of the forums and I see a lot referring to Key loans not being federally backed and eligible for bankruptcy. I have liquidated all of my assets. I don't have a penny to my name and a baby on the way. Does anyone know how to bankrupt these loans?
#32
I am 26 and I have a 90k Key Alternative Loan from Key Bank. The loan is in default. Last year my W-2 was 24,000. I have been also paying for some high balances on my credit card. I would have had to take 125k out but I paid for the last half of my school with my own money via credit cards. I have been reading a lot of the forums and I see a lot referring to Key loans not being federally backed and eligible for bankruptcy. I have liquidated all of my assets. I don't have a penny to my name and a baby on the way. Does anyone know how to bankrupt these loans?
I've got a ton of student loan debt as well. Still paying on undergrad, grad, and flight school. It burns through at least 50% of my take-home every month. Certainly tough to get ahead like this. I'm always looking for good options on refinancing.....not looking to BK my debt, after all, it's mine and I have a responsibility to pay it back....but it sure would be good to get a refinance deal. Ugh.
#35
Just ordered total money makeover thanks to you guy's suggestions. As a guy in the beginning of his grace period, do you all know of any way to view a running balance of your key loan online?
It'd be great if I could see how much interest accrues on a daily, monthly basis; as well as what my current principal balance is. Thanks!
It'd be great if I could see how much interest accrues on a daily, monthly basis; as well as what my current principal balance is. Thanks!
#36
Originally Posted by detpilot
It'd be great if I could see how much interest accrues on a daily, monthly basis; as well as what my current principal balance is. Thanks!
Loan Calculator
#37
Just ordered total money makeover thanks to you guy's suggestions. As a guy in the beginning of his grace period, do you all know of any way to view a running balance of your key loan online?
It'd be great if I could see how much interest accrues on a daily, monthly basis; as well as what my current principal balance is. Thanks!
It'd be great if I could see how much interest accrues on a daily, monthly basis; as well as what my current principal balance is. Thanks!
My Great Lakes
Click on the link and register for an account in the 'Borrower' tab. Then, when you're logged in, across the upper portion of the page there are a bunch of clickable tabs. Click on the IBIS (Internet Borrower Inquiry Services) tab. From there, you can follow your Key Bank loan progress/ interest rate, etc.....
#39
Line Holder
Joined APC: Apr 2007
Position: Holds down the fort
Posts: 41
Flyman
#40
Gets Weekends Off
Joined APC: May 2006
Position: Jet Pilot
Posts: 797
I know hindsight is 20/20 and we all make mistakes, but since I am a taxpayer I will go ahead and share my thoughts.
You are asking how to bankrupt your loans. By doing so you are essentially saying "how can I throw this burden on the taxpayer?"
My advice? Pay what you can until it's paid off. Negotiate with the bank, take multiple jobs if you have too, but PAY FOR IT yourself. Yeah, life may be tough for a while but YOU chose to accept this risk.
One advantage that you have is your age. With the right coaching, motivation and support, you could have this cleaned up in 10 years or less - and learn some valuable financial lessons in the process.
A couple of guys have already recommended Dave Ramsey's Total Money Makeover. Get it, read it, and live it!! You are probably going to have to make some radical changes in your life, but you are in a very unique and challenging situation. You are not the first person to face something like this, and you will not be the last. Many before you have conquered larger financial giants so it can be done. It is not in the least bit easy, but it is possible.
You are asking how to bankrupt your loans. By doing so you are essentially saying "how can I throw this burden on the taxpayer?"
My advice? Pay what you can until it's paid off. Negotiate with the bank, take multiple jobs if you have too, but PAY FOR IT yourself. Yeah, life may be tough for a while but YOU chose to accept this risk.
I am 26 and I have a 90k Key Alternative Loan from Key Bank. The loan is in default. Last year my W-2 was 24,000. I have been also paying for some high balances on my credit card.
A couple of guys have already recommended Dave Ramsey's Total Money Makeover. Get it, read it, and live it!! You are probably going to have to make some radical changes in your life, but you are in a very unique and challenging situation. You are not the first person to face something like this, and you will not be the last. Many before you have conquered larger financial giants so it can be done. It is not in the least bit easy, but it is possible.
Last edited by Lab Rat; 10-06-2009 at 02:34 PM.
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