Loan changed hands and new lender wont honor my promissory note

Discussion in 'Financial Aid' started by devildoc2, May 28, 2008.

  1. devildoc2

    devildoc2 Membership Revoked

    Jul 11, 2003
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    This is BS. I had a Bank of America maximizer education loan. The promissory note SPECIFICALLY STATES that I can qualify for deferment during residency and fellowship, and there's nothing in there about the economic hardship stuff, its a pure residency deferment like we used to have for federal loans before they took it away.

    Well the loan has been bought out by somebody else, and now they are saying that they dont offer residency deferment and that I have to go into full payback within 30 days of graduation.

    The way I figure it, they are breaking the contract/agreement therefore I dont have to pay the debt!

    Seriously, what should I do now? Hire a lawyer or what?
  2. mshheaddoc

    mshheaddoc Howdy
    Moderator Emeritus 15+ Year Member

    Apr 24, 2002
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    I suggest you find someone to review the promissory note. Usually there will be language in there protecting the lender from resale but who knows. Most all private loans for med students allow residency deferments (at least the major lenders of med student private loans had) so I might talk with them if not consider consolidating with another lender if that's an option. If you don't mind telling, who bought it?

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