Student loans
Date: Sun, 03/18/2007 - 20:07
Student loans
Basic Student Loan links....
Department of Education www.ed.gov Basic Financial Aid Information http://www.finaid.org/loans/
NSLDS Who has my loans?? http://www.nslds.ed.gov/
National Student Clearinghouse http://www.nslc.org/students/default.htm
Contact Information for FFELP (Federal Family Education Loan Program) Guarantors http://www.finaid.org/loans/guaranteeagencies.phtml
Default Links Common Disputes Involving Defaulted Student Loans http://www.ed.gov/offices/OSFAP/DCS/disputes.html
Student Loan Rehabilitation In a nutshell...you can resolve your default by rehabbing your student loan. This requires 9 on time monthly payments for Stafford/GSL loans and 12 on time payments for Perkins/NDSL loans. Standard payments to qualify for rehab is a 1% payment. If you cannot afford this payment, the Higher Education Act permits you to ask for a "reasonable and affordable payment". Generally you must supply whatever supporting documentation they ask for...pay stubs, financial statement. Defaulted Direct Loans will generally waive the collection costs upon completion of the rehab. FFELP lenders will not. http://www.ed.gov/offices/OSFAP/DCS/rehabilitation.html
Administrative Wage Government Rules If you receive a notice of AWG, you MUST return the paperwork within 30 days of the date on the letter. Call the CA to set up a payment plan to avoid AWG, but still return the paperwork. http://www.ed.gov/offices/OSFAP/DCS/awg.html
Department of Education collection agencies http://www.ed.gov/offices/OSFAP/DCS/collection.agencies.html
Direct Loans including where to get interest statements. www.dlservicer.ed.gov/
Direct Loan Consolidations Direct Loans is the only program that offers "Income Contingent Repayment Plans". FFELP consolidating lenders only have to offer "income sensitive"...these are not the same. This program will also write off any balance remaining after you have been in repayment for 25 years. http://loanconsolidation.ed.gov/
Student loan Ombudsman The student loan Ombudsman is available to assist you if the CA or guarantor is not following the rules set forth in the HEA. You should not be contacting just because you don't want to deal with the CA assigned to the account or the payment is not what you want to pay vs what you can afford to pay. They will not intervene in FRCA issues nor can they assist with private loan matters. http://www.fsahelp.ed.gov/about/about.html
Student Loan Cancelations http://www.ed.gov/offices/OSFAP/DCS/loan.cancellation.discharge.html
Private Loan Consolidations http://www.finaid.org/loans/privateconsolidation.phtml
HEA Link affecting FRCA http://www.ed.gov/policy/highered/leg/hea98/HR6.pdf Notwithstanding paragraphs (4) and (6) (FOOTNOTE 1) of subsection (a) of section 605 of the Fair Credit Reporting Act (15 U.S.C. 1681c(a)(4), (a)(6)), a consumer reporting agency may make a report containing information received from the Secretary or a guaranty agency, eligible lender, or subsequent hold regarding the status of a borrower's defaulted account on a loan guaranteed under this part until - (1) 7 years from the date on which the Secretary or the agency paid a claim to the holder on the guaranty; (2) 7 years from the date the Secretary, guaranty agency,eligible lender, or subsequent holder first reported the account to the consumer reporting agency; or (3) in the case of a borrower who reenters repayment after defaulting on a loan and subsequently goes into default on such loan, 7 years from the date the loan entered default such subsequent time.
I am in default also hun and am considering consolidation with W
I am in default also hun and am considering consolidation with Willaim D. Ford Direct Loans.
ed.gov/offices/OSFAP/DirectLoan/index.html
I owe $36,000+ which are all in default. Now if I consolidate they will pay-off my 8 seperate loans...leaving me with only 1 payment. However, even though all the loans will show as paid in full on my credit report....the fact that they were in default will remain on my report for 7 yrs. I think it's 7 yrs...not quite sure about the time limit...but it's a long time. and it will continue to hurt mine and my husband's credit.
I don't think this is fair and I don't understand it...but it is what it is. If you can afford to continue with the rehab program it is the best way to go.
Please know that you are not alone....God Bless!
"Heal the past, dream the future; live the present."
http://www.consumeradvocates.org/
Find your Congressman
Find Your Senator
Know your rights under the FDCPA
Student Loan Payment Calculator. http://www.finaid.org/calc
Student Loan Payment Calculator.
http://www.f inaid.org/calculators/loanpayments.phtml
How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com...allenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.
SOL for all states
http://www.debtconsolidationcare.com...imitation.html
Thank you so much for posting this---it will come in very handy
Thank you so much for posting this---it will come in very handy for me and I know many more.
"Never give up on someone you can't go a day without thinking about".
Soaplady, This is an great post.I will contact the appropiate p
Soaplady,
This is an great post.I will contact the appropiate person and request it become a sticky.Good work.
Cajunbulldog
Keeping an eye out for consumers.
http://www.ftc.gov/os/statutes/fdcpa/fdcpact.htm#809
http://www.ftc.gov/os/statutes/fcrajump.shtm
http://www.debtconsolidationcare.com.../about216.html
Use this letter to protect your rights under the FDCPA
myfairdebt.com & myfaircredit.com-Good source of case law in forums.
Congrats,Soaplady on your sticky.This info will help out our com
Congrats,Soaplady on your sticky.This info will help out our community.
Cajunbulldog
Keeping an eye out for consumers.
http://www.ftc.gov/os/statutes/fdcpa/fdcpact.htm#809
http://www.ftc.gov/os/statutes/fcrajump.shtm
http://www.debtconsolidationcare.com.../about216.html
Use this letter to protect your rights under the FDCPA
myfairdebt.com & myfaircredit.com-Good source of case law in forums.