Bankrupt: Vietnamese student loan borrower, 25, faces eviction after failing to pay
A Vietnamese student has been ordered to pay $20,000 to her bank after she failed to repay a $20 million loan forbearing her from working.
Pham Binh Phuong, 25 was the first Vietnamese to receive the forbearance after she applied for it in 2012.
She was denied in 2015, and the loan was restructured with a 10-year repayment term.
Now she’s in the process of filing a lawsuit against the bank, and has a hearing set for July 18 in the United States District Court for the District of Columbia.
The bank has said it will not be able to forgive the loan without phasing out the program.
The loan forbidding Pham from working was the most common in the country, according to a report by the U.S. Government Accountability Office in 2014.
Phuang applied for the forbearing loan in 2012 after graduating from the University of California, Berkeley.
She said she was in the midst of a four-year bachelor’s degree in marketing and marketing management, and that her husband was a finance executive in the business world.
She also worked at a local tech company and a software company, but said her job was “not good enough.”
After applying for the loan forbancing, she says she had her paperwork filed in November 2016.
The first day of her loan forbinding process, Pham received a notice from the Bank of America forbearance office that the loan could not be discharged.
The lender told her the forbancing program is only available for borrowers who have already paid their loan in full.
Pha Nhut Trong, a representative of the Bank, told the Daily News on Tuesday that the bank has received the complaint, and is working to resolve the issue.
“We have no comment on the specific details of the lawsuit,” Trong said in an email to the Daily Mail.
The program was originally implemented in April 2017, but was suspended in 2018 due to the North Korean threat.
It was reinstated in 2019.
Phanh, who lives in the small village of Puy Trong near Ha Long Lake, received her loan forgiveness on November 5.
She works at a bank in Ha Long City in central Vietnam, but says she doesn’t want to stay in the same area because it’s too expensive.
“I want to go to the US and I want to live there,” she told the newspaper.
Phon said she will try to find a job after the loan is discharged.
She says she is considering her options after paying the remaining $20.000.
“My family is waiting for me to get out of the house, I will find a good job and then I can move to the United Kingdom,” Pha told the paper.
Phat Nhay Trong is also facing eviction from her house.
The house is located in a small village in Puy Suu Village in Pang Nai Province.
Phang Trong was the only Vietnamese family member who has not received the loan forgiveness.
She told the local paper that she was not allowed to leave her home due to her family’s religious beliefs.
“Even if I could leave, my husband and children will not let me leave,” she said.
Phy Trong did not respond to the Mail’s requests for comment.