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EdFund Strikes Again

Date: Tue, 12/30/2008 - 18:05

Submitted by anonymous
on Tue, 12/30/2008 - 18:05

Posts: 202330 Credits: [Donate]

Total Replies: 1

EdFund Strikes Again


I have been travelling on business and failed to open a notice from EdFund about garnishing wages. I didnt think that in Texas this type of agency could garnish wages, but I was wrong. I am now having the 2nd largest amount of money, next to rent, taken out of my check! The reason this whole thing happened is because I went to Sallie Mae and started a consolidation loan, however, because I did not know all of the loan information I had and the agent helping me wanted me to complete the sale of her product she rushed me through it by saying that I could add all of the other loans within 6 months of the loans start date. When I called back 5 months later with the information I was told that Sallie Mae had suspended all consolidation loans until further notice. I have 1-6 classes left for my MBA and the only reason I had to leave school was for medical reasons. I cannot believe that I am about to start losing classes due to timing, cant get back in due to money and loans, and now I am in a much worse financial place losing 15% of my income when all of this should be under 1 manageable loan that would still be in forebarence while I finish my MBA. Can I get a lawyer to do anything? Can I get another Consolidation loan even if some are in default? Will a loan stop the garnishments?


Obviously it sounds like you did not defer your loans properly. You should have either been in repayment or in qualified deferment while applying for the consolidation. Several pre-default notices woould have been send by both sallie mae and edfund....to get to garnishment, you are probably at least 18 months into default.

A lawyer at this point cannot do anything....you did not respond to the 30 day garnishment notice. Plus once in default, you are not eligible for consolidation. Plus at this point you are now cut off federal financial aid.

Your only option now is to rehab and that will require 9 payments over and above your garnishment.


lrhall41

Submitted by SOAPLADY on Tue, 12/30/2008 - 18:24

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