Q: What exactly is a contract?
In 2016 I got scholarship offers and one of which I took came with the condition I would have to work for the school board for two years after graduation or I would have to pay back everything they paid for. I was all onboard but at the time a lot of things was at play and now I cannot pay it back and finishing out my schooling and completing the terms would be expensive as well.
However as I was going through and trying to figure something out I realized something important - especially if it is considered a contract. I was the only one who signed it - not my mom and me. In 2016, I was only 17 which means I was a minor.
A: Take the loan agreement to a lawyer to review. Being a minor at the time of signing may be a basis to walk away. There may be other ways as well.
Bruce Alexander Minnick agrees with this answer
A:
It is impossible to answer this question properly without reading the documents you signed and all other related documents concerning the student loan. The first and most important question is whether the loan was guaranteed by some state or federal agency; if so your best bet is to work out a payment schedule and live up to your word. Why?
Because government guaranteed student loans are much more difficult to blow off than other non-guaranteed loans.
Finally, you should also consider what your planned behavior might do to your credit rating when the school reports the unpaid loan.
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