default student loan- do i pay the collection agency or the dept of ed?
Jan 1, 2009 Student Dept
collection agency has been calling me.do i make payments to the m. last time i did an online check to them and it was returned saying they no longer have the account.
Your account has been turned over to the collection company so you have to work with them. I went through this…
Call the collection agency & make a deal with them on monthly payments. You want to ask them how many payments you need to make before you're eligible to consolidate and ask how much of the fees can be forgiven. Get all this in writing before you agree to a payment plan.
I was 35k delinquent…. I think it was more before they took off some of the fees. I had to pay $450/month for 3 months before I was eligible for consolidation. After I made my payments I applied for a consolidation loan with DOE's Direct Loans and was able to start that (I had bad credit, didn't matter). Since I started my consolidation loan, I pay $226/month. With my Direct Loan I am again eligble for financial aid, deferment, etc… it's as if I was never delinquent & it looks good on my credit report.
If the first collector you talk to asks for payments you can't afford, then call again. Collection agents have the power to set a payment plan at what they want. So, every time you talk to a different person you have a chance at getting the plan you need. Be honest about your income & expenses and don't even try to offer them $25/month, lol.
Good luck!!!!
January 1st, 2009 at 10:09 pm
Maybe you could call a consolidation company. They could find out where the loan is being held and help you combine everything to be required to make lower payments.
Hope that helps,
Alicia
References :
http://schoolloaninformation.blogspot.com
January 1st, 2009 at 10:42 pm
You make the payments to the collection agency.
Obviously it's been a while since you made payments. If you didn't make arrangements with the lender they will automatically turn the account over to a collection agency.
I doubt you're going to be able to consolidate anything with this on your credit. I'm not saying don't try…….but you better have a co-signer with fabulous credit.
References :
January 1st, 2009 at 10:56 pm
Hello! I Got This For You. As Always, It's Always Better That You Get The Info Firsthand. So Better Check It Out Yourself, Im sure You'll Discover Something…
References :
http://www.studentloansmadeez.com/
January 1st, 2009 at 11:02 pm
Your account has been turned over to the collection company so you have to work with them. I went through this…
Call the collection agency & make a deal with them on monthly payments. You want to ask them how many payments you need to make before you're eligible to consolidate and ask how much of the fees can be forgiven. Get all this in writing before you agree to a payment plan.
I was 35k delinquent…. I think it was more before they took off some of the fees. I had to pay $450/month for 3 months before I was eligible for consolidation. After I made my payments I applied for a consolidation loan with DOE's Direct Loans and was able to start that (I had bad credit, didn't matter). Since I started my consolidation loan, I pay $226/month. With my Direct Loan I am again eligble for financial aid, deferment, etc… it's as if I was never delinquent & it looks good on my credit report.
If the first collector you talk to asks for payments you can't afford, then call again. Collection agents have the power to set a payment plan at what they want. So, every time you talk to a different person you have a chance at getting the plan you need. Be honest about your income & expenses and don't even try to offer them $25/month, lol.
Good luck!!!!
References :