Co-Signed Student Loans

This is why private student loans are dangerous...they have no deferment periods and little to no provisions for hardship. Options?? Other than paying you wont get rid of the problem. Have either of you talked to the lender to see if you can get lower payments?? They might offer you lower payments for a short period...each lender will vary.

I figured as much, thought I would try to see if I was able to luck out. I'll try to give them a call and see what they can do for us. Thanks for your response!

hi helpfulson! your effort to help your step father is indeed very commendable! yes, talk to them for lower payments. and tell them that you are willing to pay them back, but you just need some time. if they are not willing to listen, then tell them you are filing for bankruptcy and they won't get anything then! i guess once you tell them this they will come around. what ever you do, DO NOT go on to take another loan to repay this existing loan as this will add to your burden further if you are not able to pay up on time. good luck!

I think the CA is going to know that BK is not really an option...payment would only be delayed.

Student loans, even private ones are NON dischargable in BK so threatening that is not an option.

Hey in kind of the same boat with my sone. Does anyone have a phone number for National Collegiate Trust? They has turned the loan over to collections for being 30 days over and he is still a full time student...HELP email EMAIL REMOVED

National Collegiate Trust
237 Park Ave Ste 21
New York, NY 10017-0010
Phone: (212) 551-1470

My husband has a few student loans out there and about a month ago he was diagnosed with Lou Gherigs Disease. He is completely disabled and has not worked in over a year. Can anything be done about these loans?? I am desperate! Thank you,

Are these private or federal?

In certain medical cases you can get the loans discharged.

You can check out this information here:

http://www.ed.gov/offices/OSFAP/DCS/loan.cancellation.discharge.html#Disability

Only federal loans are eligible for medical discharge.

I am co-executor of a friend who died. She co-signed about $130,000.00 worth of loans for a relative. He is no longer in school and the loans are in collections. We just found out about these, but her estate is closed. By law can I be heald responsible?

You are not responsible for the debt.

I have been trying to contact National Collegiate Trust for a loan I co-signed, but the 212-551-1470 phone number has been disconnected. Does anyone have a current phone number for them? Our original loan was with them, and has been turned over to a collection agency. I would like to talk to National Collegiate Trust, as they originated the loan. The collection agency won't help...they say I have to find a way to contact them on my own. PLEASE help if you can.

Not finding much info on them except that AES and PHEAA services for them. However, in most cases when a loan is in default, the OC or the originator will not talk to you anyways...they are paying a CA to collect from you and any and all questions should go thru them.

I have one of their statement's in my hands ...National Collegiate Trust goes under "American Education Services" 1-800-233-0557 7:30 am to 9:00 pm EST ........ www.aesSuccess.org Hope this is useful !!

If you are in default, the guarantor will not talk with you. You will both need to deal directly with the collection agency handling the account. Your guarantor has contracted with them.

Nct number 800-214-9320

Greetings everyone!
Thank you for having this forum guys.
Anyway, a friend of mine went back to her home country. She was promised a scholarship but got a co signer loan instead. Economy is pretty bad where she is now and she is not able to pay it back anymore. However, a guy who cosigned her loan was the one who promised the scholarship. She was making the payments regularly up until now. What is there for her to do now, since she has NO MONEY? Sallie Mae is where she got the loan from.

Thanks!

Is the cosignor in the US? He will get nailed for the loan first.

Sounds like a big scam to me....individuals do not promise scholarships....schools do.

Hi,

If you are not able to contact them,what you can do is send them a written mail. Their mailing address is as follows

National Collegiate Trust
237 Park Ave Ste 21
New York, NY 10017-0010

It is possible that their phone no has been changed,you can as well search it on the yellow pages !!!!!!!!!

[QUOTE=Rebecca Miller;695839]Hi,

If you are not able to contact them,what you can do is send them a written mail. Their mailing address is as follows

National Collegiate Trust
237 Park Ave Ste 21
New York, NY 10017-0010

It is possible that their phone no has been changed,you can as well search it on the yellow pages !!!!!!!!![/QUOTE]


National Collegiate is handled thru AES....they will not respond to written letters.

How can I tell if the loan I co-signed for is a federal or private, and is there a way to find out if the loan was sold?

Only private loans need a cosignor and they are never sold to collection agencies or junk debt buyers. Sometimes they are however sold to another lender or defaulted back to a guarantor. Who was the lender? Have you checked your credit report?

Quote:

C.an a CA go after the cosigning parents if they were not informed the loan was
delinquent. don't co-signers have a right to make the payments so loan doesn't go to a ca.

If a CA is involved,it sounds like the loan is defaulted, not just delinquent. And the co-signor has the responsiblity to make the payment, even if they are not informed.

Did the lender/servicer have all the correct up to date contact info?

Does National Collegiate Trust even exist? How is it that they can report you to collection agencies without having any contact information? This is a joke!

You contact them via the collection agency.

NCT and AES are nothing more than loan sharks! It's bad enough that you have to resort to getting private student loans but they charge you high interest rates on each disbursement. They will not consolidate your loans for one monthly payment and options are limited. The best they can do for a 3 month period and charge you $50 on each loan....if you have say 20 that is $1000 a month!! Totally unreasonable!! I can't find anyone to talk to at NCT and AES just flat out says unfortunately we don't have any other option for you. So, they rather you not pay at all then work with you to make reasonable monthly payments. Yes, they are a JOKE!! I'm talking to an attorney.

This is no different than any other private lender. You signed a prom note agreeing to terms, including balance in full on demand upon default. All an attorney is going to tell you is to read yoiu note. He can't change it. So talking to an attorney is somewhat a waste of money.

They don't want to talk to anyone. You can only talk to AES if they are in charge of the loans. They will only offer deferment, forbearance, or interest only for a while, but then you will owe and pay more later. Few banks offer consolidation (another private loan) which requires a cosigner. There is no way around private loans. If I would have know better I would never have asked for them.

I just graduated from college back in May of this year, and have over 100K of student loans on me. If I knew or someone else told me more about student loans before i went to college, I would have definitely stayed home or at a 2 year college first. Seems like I can't really do anything with my condition given that I only work a near minimum wage job. And the only luxury thing i'm paying for is internet. Even with that. I only have 150-200 left per month, and that's not including food. I'm looking to move out soon so that i have a better shot at a job in my field.

Quote:

Pretty sure AES is handling Nationals Loans.. 1-800-233-0557

As a general rule, if you have been assigned to collections, the holder will not talk to you.

I have cosigned for my ex-fiance's private student loans two years ago. Now he has dropped out of graduate school and moved to another country to avoid "reality", meanwhile I am stuck with the two loans I have cosigned. Is there anyway to move these two loans under my name and have them consolidated? I have spoken to AES, they were really nice but not very helpful.

Privates are next to impossible to consolidate. They do not have the same options as federal loans. Wells Fargo offers it but he as the student would have to apply again with you as the cosignor.

Here is the phone # for National Collegiate Trust/American Education Services
1-800-233-0557. Good Luck!

My daughter recently received a letter from them to bring her loans up-to-date. The number on her letter is 866-486-0885. Hope this helps! She is trying to call them today.

I just got 2 letters in the mail from a collection agency in regards to a National Collegiate Trust account. The weird thing is that when I look up my student loans through AES (or any of my other lenders), none of my loans are past due, none of my loans are currently due, the amount of the debt stated in the letters does not match the amount of any of my student loans, and the address the letters went to is my gma's address which I have never had listed as my address. The other really weird thing is that my mother got a letter stating the exact same thing, but she has never once co-signed for any student loan for me (she refused to help me pay for college) and they called her on her cell number, but she has only had that number for a few months and it has never been listed on any of my student loan accounts as a contact number. I can not find a number to contact NST and when I called AES, they verified my loans are all ok. I don't even remember ever having signed any loans for NST. The only loans I have ever had that involved a cosigner was my freshmen year in college and it was my uncle who signed for the loans...in fact I don't recall signing for the loan, so he might have taken the loan out for me instead of co-signing but idk. I need help figuring this out! I don't trust what is going on and am worried my mother and I are being scammed.

You get the name Richard Frick (or Frik). Sucks.

I ment to say that really sucks.

My collection agency gave me this number: 866-236-6606. They offered me a deal. The original loan was $9500 and with interest I owe over $12,000. They said they would take $7,500 if I paid them now. It all sounded odd. I am calling NCT tomorrow.

Is this a private loan?

The number you posted: 866-572-5696 is for a collection agency, not for the National Collegiate Trust.

Here is their address: National Collegiate Trust, Prudential Tower, 800 Boylston Street, 39th Floor, Bo0ston MA 02199. They do not take calls. And the co-signer IS responsible for payment. They will go as far as to sue so be careful. It's a damn loan this private loan. I am in the same situation.

my mom co signed and she is 80 and haves no money. nephew will not pay. if she file bankruptcy can she get out from under this?

Student loans are non dischargeable in bankruptcy.

NCT are indeed crooks. i had co signed for a student loan thru chase bank for my brother back in 2000. the loan was then Purchased by AES or NCT. in 2005 I filed chapter 13 bankruptcy, all throughout the bankrupycy the payments on the loan were current.Once the bankruptsy was discharged, and my brother went to make his scheduled payment he was informed that due to the bankruptcy the loan was in default and had been sold to MRS a collection agency. So Long story short I had to pay Off the entire Balance they would not accept payments.I offered them 1000 per mo until it was paid.( thank God it was only 10K) I had to sell my vehicle and finance another one to pay it off. So yes NCT is a Piece of SH_T. I guess before you get a student loan you need to really consider if it is really worth it. Is the money you make from a college education more than the cost of the loans and the years of stress? Lets face it , this is no longer the land of milk and honey, it is the land of people waiting to screw you any way possible.

NCT are hardly crooks...this is how all student loan debts function. And just as an FYI, your debt was never sold to any collection agency. Student loans are always retained by the guarantor and assigned to a CA.