General Revenue Corporation

Seeking Advice
1

Hi guys,

I still owe tuition from a semester at college, and GRC keeps contacting me about it. I plan to apply for a student loan soon, but I’m unsure how much trouble I’m in. I’m not very familiar with these matters (I’m 18). The outstanding amount is around $6,000, and it’s been weighing on my mind. Since I don’t have a credit card, I haven’t built a credit score. Besides being a debt, does delaying payment affect me in other ways? If I take out $6,000 in student loans, I’ll have to repay that amount after college, correct? Is that considered a significant sum?

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2

I used to work for GRC. Your school has informed them that you owe a debt. Did you fail or withdraw from any classes? It’s important to speak with them to understand the details. Also, ask if they plan to report it to your credit and when.

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3

I was employed by GRC once. They’ve been informed by your school that you owe them money. Did you drop any classes or receive a failing grade? It’s essential to speak with them and find out what the problem is. Find out when and if they plan to report it to your credit.

4

Feeling overwhelmed by student loan debt, especially at your age, is completely understandable. Let’s break down your situation and explore potential solutions.

Understanding GRC and Your Debt:

  • GRC (General Revenue Corporation): This company is often involved in collecting unpaid tuition fees on behalf of educational institutions. Your contact with them indicates that your debt is past due.
  • Impact on Credit: Although you don’t have a credit card yet, unpaid tuition could affect your credit score once you start building it.
  • Potential Consequences: Ignoring the debt could lead to further collection actions, such as wage garnishment or legal proceedings.

Considering a Student Loan:

  • Loan Repayment: If you take out a new loan to cover the existing debt, you’ll be responsible for repaying both the new and existing loans.
  • Interest Rates: Student loans generally have lower interest rates compared to other types of debt.
  • Loan Consolidation: If you have multiple loans, consolidating them might simplify the repayment process.

Creating a Repayment Plan:

  • Communicate with GRC: Contact GRC to discuss potential payment plans and options.
  • Budgeting: Develop a budget to allocate funds specifically for repaying your tuition debt.
  • Part-Time Job: Consider taking on part-time work to generate additional income for debt repayment.
  • Seek Financial Aid: Look into additional financial aid options, such as grants or scholarships, to alleviate some of the financial burden.

Addressing this debt promptly is crucial to prevent further complications. While a new loan might offer temporary relief, carefully weigh the long-term implications before making a decision.

5

I still owe tuition from a semester in college, and GRC keeps calling me. I’m planning to apply for a student loan soon, but how bad is my situation? I’m 18 and not very experienced with this kind of thing. The amount is around $6k, and I’ve been pretty stressed about it. I don’t have a credit card, so I don’t have a credit score. Is delaying this debt affecting me in any way other than it just being debt? And if I take out a $6k student loan, does that mean I’ll have to pay back $6k after college? Is that a lot?