osi default student loan
Date: Tue, 03/18/2008 - 12:36
osi default student loan
Well I told them to do what they had to do and they did start taking my wages. It was less than what I was paying to them. Anyway it is now 5 years later, They take 15% of my pay and my bonus and the interest accrues daily at 9%. They told me I would be paying it back FOREVER and I think they are right because I still owe the same amount as 5 years ago. Is there any way to fix this problem?? Please help!!!!!
hang on a second--did you say that the interest accrues DAILY AT
hang on a second--did you say that the interest accrues DAILY AT 9%?? Somehow, I dont see that much interest as being legal anywhere in this country on any kind of debt. Are you sure thats right?
One more thing that may help---are you sure this is a wage garnishment? There is something called a "wage assignment". This is a form that some lenders have you sign when you originate the loan. It allows the lender to take a percentage of your wages if you are more than 40 days past due on the loan. However, federal law requires that ANY wage assignment be terminable by the debtor at any time, which means that if this is a wage assignment, you can tell them to stop and they have to.
yes, she told me 9%. I asked twice because I couldn't believe i
yes, she told me 9%. I asked twice because I couldn't believe it. And yes it is a wage garnishment.
Skydivr....student loans, federal ones at least, are subject to
Skydivr....student loans, federal ones at least, are subject to admin wage garnishment. No court order required since it was a law passed by congress.
Your interest is not 9% daily, although it does accrue interest on a daily basis. I am going to guess that this is an old loan....9% interest rates havent been around since the early 90's.
It is quite possible that your wage garnishment is not covering your monthly interest charges, thus your balance will stay the same or even go up.
student loans
I took out about 50,000 in parent loans while my three sons attended college. I have been paying Sallie Mae for the past fifteen years and I owe them about 68,000. The do accrue the interest at 9% daily. I have another 25 years to pay. I'm sure those payments will outlive me.
Quote:I took out about 50,000 in parent loans while my three son
Quote:
I took out about 50,000 in parent loans while my three sons attended college. I have been paying Sallie Mae for the past fifteen years and I owe them about 68,000. The do accrue the interest at 9% daily. I have another 25 years to pay. I'm sure those payments will outlive me. |
I can assure you that you DO NOT accrue interest at 9% daily. Your interest does accur daily but it is at of percentage of the 9% charge.
I just ran your numbers thru the student loan calculator. At $68K, to pay this off in 10 years, you would have a loan payment of $861 with $510 going to interest. Extend that term to 25 years, your payment would drop to $570, with $510 going to interest. That is 9% yearly, not daily.
HESC
I'd like to know the best way to deal with a student loan in default. I made a payment arrangement and was able to complete it. However, it was only for a year. After the year, I wrote to Reasonable & Affordable to request another agreement. However, they say that I should be able to pay the bill in light of my income/current expenses. Of course, I don't see the same picture that they are looking at. Also, I had requested a review of my account a little after it went into the default status and received no response. I really believe that the previous loan holder was not honorable in dealing with me. While I was waiting for a response to my request for an administrative forbearance, they sent me a letter of default. Now, I am considering a consolidatiion through HESC. Are there any other options?
Unless you are working towards a rehab, you are not entitled to
Unless you are working towards a rehab, you are not entitled to reasonable and affordable payments. It comes down to your prom note agreement...balance in full on demand
In terms of your loan holder, it was your responsiblity to file for deferemnt or forebearance on a timely basis....not on the verge of default. Your time ran out.
student loan
What is a rehab? I was misinformed in terms of being on the verge of default since I was told when I made my payment it would extend my time for another 30 Days. (I wish the tape could be retrieved.) At this time, I did make a payment. I was lead to believe that this would extend the time while I caught up. However, I felt that I was deceived or misinformed. Again, I did request a review. I just received a plan last year from reasonable and affordable and I was approved. (I don't know if you understood this. )
However, at this time ,that may be water under the bridge. I just wanted to know whether there were any options beyond consolidation which would extend the loan to 20 years. I continue to make payments as I can afford them. (That is at least monthly and I even received a letter acknowledging my good standing before the payments fell behind again after the reasonable and affordable time ran out. Go figure!
Question - Are there any options?
Shelly...are you you the original poster in this thread?? If so
Shelly...are you you the original poster in this thread?? If so, it would help if you used the same name.