Vocaboly.com

[Guest]

Hi,

I just found out that I have 63000 in loans and that they are in
default. I would like to get them out of default so that I can continue
my academic education, but I have no idea where to begin. I've been to
two different colleges, and each one is apparently unwilling or unable
to tell me what I need to do to get my loans out of default. they
didnt tell me when i got the loans that my loans would be held by 15
different random banks either -- they told me the government was
loaning the money; i have no idea who i owe money to!! how can i pay?

I have looked at my credit report, and seen some loans listed there --
I see 15 or 16 different creditors listed there, and I owe all around
$4,000. I imagine they pertain to my student loans, but there is no
indication of it anywhere, and the credit bureau (equifax) cannot be
contacted. Even if it is student loan creditors, I have no idea if the
list is complete. Is there a way to get a complete list, so that my
efforts to get out of default aren't in vain?

I intend to finish my undergraduate degree, go to graduate school, and
eventually repay my loans, if i can ever figure out who i owe them
to....? does anyone have any advice at all -- i have been turned away
from student loan offices on campus, banks, law offices, the
department of ed's 800 number -- nobody knows what to do to get my
loans out of default, and I think they piling up interest...can anyone
please help? Thanks!

Pat

[Steve Blank]

You're kidding, right? You had $63,000(??) in loans you didn't know
about, now you somehow know about them but nobody can tell you what they
are or who is holding them? So how did you learn about them? Your
colleges know what loans you took, prospective lenders will know of
defaults from the credit reports.

If you're not pulling our legs, here's a way you may be able to find out.
Go to www.fafsa.ed.gov and click on the link in the upper left to go to
the PIN website. Register for a PIN to be sent you by email or snail mail.

Once you have it, go to http://www.nslds.ed.gov/ It's the National
Student Loan Data System. Click on financial aid review, use your PIN
and other info to sign in, and your entire loan history and lenders may
be there for your review. I don't know how far back they go, so if your
loans are really old they may not show.

Then how do you get them out of default? You contact the lenders and
arrange payments.

Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761


patronofthearts@gmail.com wrote:

[Guest]

Thanks for your reply, but I have to say though, that your tone reminds
me everyone else -- smug, disbelieving and unapproving.

Sorry -- I know you mean well -- , but it enrages me when people take
that attitude; just because you're middle/working class or better,
doesnt mean everyone else is. I think that attitude is part the
liberal-guilt myth, shared by all ethnicities, that anyone can get an
education, which is BULLSHIT. FAFSA loans dont cover all your expenses
-- which is why i dropped out in the first place --, and they dont
teach you how to manage money. FAFSA loans are of use to the
working-class and middle-class, but not the poor, because the poor
don't know *how* to use them (how do you think they got poor in the
first place?), from start to finish. And colleges are the worst,
especially private ones; once they get your money, they have no use for
you.

[Steve Blank]

Not smug or disapproving, just startled that you would have that many
loans and not know it. Some people post weird untrue stories just to get
a reaction. Sorry if I offended you.

While you were in college, you either received federal-backed loans
(Stafford and Perkins) which often are made by banks, or private
educational loans made by the lenders. The website I gave should bring
up any Stafford or Perkins, which are usually the types of loans you
would have started with.

It will not show any private loans.

If any of the loans in default are federal ones, you will be unable to
get any more until you make satisfactory arrangements to begin paying
them off. If they were all private loans, you may be eligible to get
more federal loans which are not tied to credit ratings.


Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761



patronofthearts@gmail.com wrote:

[Guest]

[Steve Blank]

Sounds like a plan. I'm not a debt expert but maybe a few practical
considerations:

If you want to get future government loans, concentrate on getting those
straightened out first. Once they are satisfied that you are making
satisfactory arrangements (it may require a few months of on-time
payments) you should be able to get future government-backed loans
because credit history is not a consideration, like it is for the
private loans.

Another reason for taking on the federal ones first is that
federal-backed education loans can't be discharged in bankruptcy if you
ever go down that road. The private loans can.

Then once you go back to school those loans can go into deferment with
Uncle Sam paying the interest if they were subsidized.

Once the federal loans are in good standing, you can consolidate them if
you never have before - but you can't consolidate the same loans more
than once.

Private loans can be consolidated under one lender, essentially
refinancing with one lender who will pay off your debts and issue a new
loan, but that's going to require a good credit record and the proven
ability to repay out of your income. Something it sounds like you may
not be able to satisfy right now.

I think I've about hit the end of my knowledge on this subject, so good
luck in your quest - it probably won't be an easy one.

Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761


patronofthearts@gmail.com wrote: