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Basic Student Loan links....

Department of Education Basic Financial Aid Information

NSLDS Who has my loans??

National Student Clearinghouse

Contact Information for FFELP (Federal Family Education Loan Program) Guarantors

Default Links Common Disputes Involving Defaulted Student Loans

Student Loan Rehabilitation In a 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 stubs, financial statement. Defaulted Direct Loans will generally waive the collection costs upon completion of the rehab. FFELP lenders will not.

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.

Department of Education collection agencies

Direct Loans including where to get interest statements.

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.

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.

Student Loan Cancelations

Private Loan Consolidations

HEA Link affecting FRCA 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.

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".

Sub: #1 posted on Mon, 03/19/2007 - 09:17

Lorri Lorri
(Posts: 1721 | Credits: 224.67)

This is an great post.I will contact the appropiate person and request it become a sticky.Good work.
Keeping an eye out for consumers.
http://www.f s/statutes/fcrajump.shtm
Use this letter to protect your rights under the FDCPA & source of case law in forums.

Sub: #2 posted on Mon, 03/19/2007 - 18:55

cajunbulldog cajunbulldog
(Posts: 4859 | Credits: 425)

Congrats,Soaplady on your sticky.This info will help out our community.
Keeping an eye out for consumers.
http://www.f s/statutes/fcrajump.shtm
Use this letter to protect your rights under the FDCPA & source of case law in forums.

Sub: #3 posted on Mon, 03/19/2007 - 21:36

cajunbulldog cajunbulldog
(Posts: 4859 | Credits: 425)

Student Loan Payment Calculator.
How to Deal with Illegal Loans..OhioGal's Primer
PDL's are ILLEGAL in the following states...
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states

Sub: #4 posted on Thu, 03/22/2007 - 07:20

Moderators Cum Industry Expert
(Posts: 17210 | Credits: 4746.27)

I am in default also hun and am considering consolidation with Willaim D. Ford Direct Loans.

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.or g/

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Know your rights under the FDCPA

Sub: #5 posted on Fri, 04/13/2007 - 22:17

Moondanzer Moondanzer

(Posts: 361 | Credits: 16.8)

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