Dear Experts,
I was 16 when I went to college. My parents took out a Stafford Loan in my name however, I was unaware of this debt until recently since I lived out of the country and moved frequently and my parents never forwarded me the information regarding the debt after graduation.
15 years later the debt has defaulted and reached me and with the accumulated creditor fees and interest, it is completely crippling.
At first I thought, how I am responsible for a debt I took out as a minor where I had no idea it was taken out in my name? I quickly found that since 1992, minors are responsible for Federal Student Loans - no matter what.
However, looking at the student loan qualifications for the Stafford -- You must have at least a high school diploma or the recognized equivalent of a high school diploma.
I didn't.
I entered college at 16 without a high school diploma or its equivalent. It wasn't until a month before my 18th birthday that I received my A.A. Degree, which functions as a equivalent of a high school diploma.
I run a non-profit and am completely crippled by this debt. The creditors, because my loan is defaulted, want to garnish my wages -- essentially putting me the poor house.
Please help! Anyone.
Many thanks in advance.
-- In Need

