Direct Student Loan -vs- Non Direct Loan Help?
I am so confused.
I took loans out 10 years ago for school, and been in default with the guaranty agency paying default claims.
Unemployed all this time. Now back at work this next week, want to get things squared away but SO very confused.
I pulled up with a PIN non direct and direct loans ttl $77,000. Seems very wrong? Anyways, what can I do as I have called, emailed and tried to get answers and just get a run around.
Should I just WAIT until they catch up to my income from work and send me a letter? Right now they have always tried to garnish IRS refunds of my spouse
sunny_da said
am June 16 2009 @ 1:00 am
Contact them NOW. Never wait for them, it will only make things worse. You must repay these loans in full with interest and penalties. Nothing but death will get you out of it. Not
even bankruptcy will stop them from collecting. They already have tried to garnish your spouse’s wages, so don’t wait for more trouble to come your way.
If you are not sure about the name and address of the specific lender that services your loans, try to track them down by contacting the registrar’s office at the school you attended and obtaining the dollar amount of money you originally borrowed. Get the name, phone number and address of the lender who loaned that money. Do this for each loan you took out. Contact each lender and be prepared to give them the dates the money was loaned and original amounts of each loan. They will eventually be able to direct you to the correct agency where you will learn the total amount you now owe.
Remember, these loans have been racking up interest and late charges all of this time, so the amount you owe has grown a lot larger. This will take many phone calls, and lots of time on hold. But there is no other way to do it. You must show that you want to voluntarily pay back the money you owe.
Try to work out a payment schedule that is in line with your current salary. Make every payment on time. Always stay in touch with them and give them your address and phone number if you move.
Best of luck.
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am June 16 2009 @ 2:51 am
Do not wait for them to catch up with you, this is bad for your reputation. I have a case like this with one of my employees. You mentioned that they garnish you refunds, get in touch with them, or you can ask for a copy of the law suit, becasue in order for them to garnish something, it has to be appointed by court. Hope this helps, email if need details. Try to get rid of it asap. You will sleep better at night.
there4u said
am June 16 2009 @ 4:53 am
Have you tried calling a consolidation company. They can do all the dirty work for you and get everything resolved in to one payment. They can make the calls and get it straightened out. Then you just have to pay them one payment each month. It is worth a try.
Found-1 said
am June 16 2009 @ 6:28 am
Keep calling all the numbers they give you and call them back if you don’t get a response. Don’t think twice about 25 or more phone calls. just keep doing it.
Once you are in default, the lenders are allowed to charge all kinds of extra fees on to the original amount, increase the interest amounts and add all kinds of charges. A loan of 10,000 could easily balloon to 4 or 5 times that amount.
caba said
am June 16 2009 @ 1:20 pm
Have you tried the contact information through this site? http://www.ed.gov/offices/OSFAP/DCS/inde... .
In addition to keep on trying to contact through any of the numbers from the above site, try contacting someone in the financial aid office at the school you were attending. They should be able to help you try and get to the right number/have further information for you.
Good luck!
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