BRIDGEWATER, Mass. (WFXT) – Some college graduates who got their diploma almost 30 years ago are now getting hit with a bill for student loans.
“I would have assumed I paid everything off.” However, Tom Martin says this letter and bill say otherwise. “This letter serves as written notification that our records show that you currently have a balance of the Federal Perkins Loan.”
Martin graduated from Bridgewater State in 1987 and thought his student loan days were over. “28 years, I think. 5 presidents, 3 popes, in that time frame,” he said.
According to the letter, Bridgewater State along with the U.S. Department of Education conducted a comprehensive review of all records and activities of the schools long-standing participation in the Federal Perkins Loan program.
Martin said, “All this money’s been out there that they haven’t collected that the taxpayers have given to students in the form of loans. How efficient is this program? What’s going on?”
The letter also stated that given the amount of time that passed, he wouldn’t have to pay accrued interest; “But Bridgewater State is still responsible for the interest so they need to pay interest for 28 years,” Martin said.
Martin said that’s what the bank collecting the $500 debt told him. He says the bank also told him he wasn’t the only one getting the letter. “If I borrowed the money, and I owe it back, then I do owe it. I think it’s kind of ridiculous that they wait 28 years to collect something and then try to collect afterwards.”
Bridgewater State is looking to collect 1.9-million in outstanding Perkins Loans payments from 19-hundred former students. According to the letter sent to students, the school and the feds discovered the outstanding debt through an audit.
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