William D Ford & Collection Agency
Date: Tue, 09/29/2009 - 16:14
William D Ford & Collection Agency
hi...i've been dealing with a collection agency called GC Services...they are helping me to get into the William D Ford program...my loan was through NYSHESC....so NYS apparently assigned my defaulted loan to them.....
well i just got off the phone with a rep from GC...she seemed to be rushing me through the application on over the phone....anyways i have 2 questions....
first there are several boxes to chose from on the william d ford application in terms on what kind of loan i want....there are standard, graduated, fixed payments extended, graduated payments extended, and income contingent....she seemed very hasty in telling me to pick income contingent, and basically told me that the others won't work....is there any truth to this? and is the box that i should check?
second...the last page of the application is a letter from GC Services stating that they will be charging me a collection fee of 18.5% of my school loan (it's around 30k)....is this standard ? it seems a bit high to me ? do i have to go through this collection agency ? or is there some other agency i can go through to get me through this process with the william d ford application that might charge less ?
thanks,
kevin
well i just got off the phone with a rep from GC...she seemed to be rushing me through the application on over the phone....anyways i have 2 questions....
first there are several boxes to chose from on the william d ford application in terms on what kind of loan i want....there are standard, graduated, fixed payments extended, graduated payments extended, and income contingent....she seemed very hasty in telling me to pick income contingent, and basically told me that the others won't work....is there any truth to this? and is the box that i should check?
second...the last page of the application is a letter from GC Services stating that they will be charging me a collection fee of 18.5% of my school loan (it's around 30k)....is this standard ? it seems a bit high to me ? do i have to go through this collection agency ? or is there some other agency i can go through to get me through this process with the william d ford application that might charge less ?
thanks,
kevin
Since you are in default, the only option you have is income c
Since you are in default, the only option you have is income contingent.
GC services is NOT chargeing the 18.5% in collection fees....your guarantor. These are federally mandated. I am pretty sure it does NOT say that GC services is adding the fees, but simply that they will be added.
