Genesis Lending Services, Inc. Genesis Lending: A Subsidiary of Genesis Financial Solutions Unusual student loan lending practices by a mortgage company and dysfunctional loan repayment process Beaverton Oregon

First, I am not associated with the lender or your school. I am a consumer.

Having read your report it is clear that you don't understand how loans work. You said you have made arrangements to send in $20/month to pay off the school loan. $20 per month isn't even going to be enough to pay off the interest on the loan. What that means is your loan balance will be growing higher and higher each and every month. You didn't state your interest rate, but since you have defaulted on the loan, the rate will probably be very, very high plus late fees. The lender will love this because now they can turn your $3926.31 loan into a huge loan of many, many thousands through late fees, default interest and other penalties. Read your note to see what happens when you don't pay the full amount due on the due date. Hop on bankrate(dot)com to see what you would need to pay to fully amortize this loan.

You borrowed the money, it is time for you to pay it back. You don't have a job, but you can't blame that on the school. You have to take responsiblity for the money you borrow and the courses you take. You made a decision to drop out of that particular school. Fine. Either find a good school or find a good job or both. Make arrangements to pay the loan back for an amount that will actually amortize the loan. You don't want to find yourself ten years from now owing $20,000 because you kept on this $20 per month repayment plan you dreamed up!

Take control of your life - today. Stop blaming others because you chose to drop out of school and not get a job. You still have time to get your life together and overcome this bump in the road. Good luck.