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|User Info||Student Loan 'Forgiveness'?; entered at 2022-05-01 16:38:07|
Registered: 2021-09-16 Inland Northwest
Indeed, schools do have the ability to withhold transcripts if loan not repaid upon graduation. Depends on the school. I saw such a case years ago with a young person who had obtained an internship while in school. The employer providing the intership intended to convert that person to full time with career path, when that person completed their degree, which had to be done in a timely manner.|
Imagine that person's dismay when they discovered the post-graduation job wasn't going to happen due to transcript being withheld if loan not repaid upon graduation (transcript being proof of completion of degree, a primary condition per the prospective employer). The person in question appeared to be on the verge of losing the longterm employment opportunity for lack of funds to repay the debt. Fortunately for them, their parents were able to step forward and pay the debt on the student's behalf, releasing the transcript so the longterm plan could go forward, benefitting both the student and the employer who had invested intership time and resources in that person. Sometimes the concept actually works the way it is supposed to.
My sibling signed technical school loan for one and only son, put home up as collateral. This was many years ago now. private sector loan. Sibling almost lost their home when the lender came after the sibling's collateral, when the kid dropped out of school due to broken bone putting them out of work for an extended period, the job income was needed for living expenses to supplement the loan, without the job, couldn't make loan payments, defaulted.
Fortunately for sibling, our parents were willing and able to step in and cover student loan repayment, allowing sibling to keep a roof overhead. Hard lessons were learned there, errors never repeated by either sibling or their kid.