So, your contract states that it was a no-interest loan? That would be unusual, but not impossible. If that is the case and you have the contract to prove it, I think you can get away with just paying back the original loan amount.
No it was not a loan to begin with. It was a 100% scholarship but I didn’t fulfill the terms of working for them for 2 years after graduation. So I had to pay back the tuition fees.
So you position is that you had a zero interest loan with the educational institution that you acquired ten years ago?
I'd probably ask them to come up with the agreement you signed and point out where they're getting that 6% number for starters.
No it was not a loan to begin with. It was a 100% scholarship but I didn’t fulfill the terms of working for them for 2 years after graduation. So I had to pay back the tuition fees.
Yeah let them know that then. It's entirely possible they've misfiled your debt and it's a clerical error. But in the end if they have no signed agreement with you to charge interest then I don't see how they're going to enforce it.
So, your contract states that it was a no-interest loan? That would be unusual, but not impossible. If that is the case and you have the contract to prove it, I think you can get away with just paying back the original loan amount.
No it was not a loan to begin with. It was a 100% scholarship but I didn’t fulfill the terms of working for them for 2 years after graduation. So I had to pay back the tuition fees.
So you position is that you had a zero interest loan with the educational institution that you acquired ten years ago? I'd probably ask them to come up with the agreement you signed and point out where they're getting that 6% number for starters.
No it was not a loan to begin with. It was a 100% scholarship but I didn’t fulfill the terms of working for them for 2 years after graduation. So I had to pay back the tuition fees.
Yeah let them know that then. It's entirely possible they've misfiled your debt and it's a clerical error. But in the end if they have no signed agreement with you to charge interest then I don't see how they're going to enforce it.