does this sound legitimate from CA

[edkevmom]

Last month I called Dept. of Education about getting into the rehab program for my loan in default ($3500 owed),sent in my first payment on time for March 7th, today someone from Financial Asset Management called me, I spoke to them and told them I entered the rehab and she said it is not on record and they can set me up with having it taken directly from my checking each month (70$ was agreed amount) so I said fine but she wants all sorts of info like 2 references and their phone and addy's, my husbands work addy and phone and then my checking info. I have no problem giving them all this if it means I am in the rehab and this is on the road to recovery with this loan but why do they need all that info, isnt my banking info enough? And where do I get proof that all they are going to take is $70 a month and not more or try to freeze my account. when I asked do I get statements showing my balance owed being decreased every month she just told me minus 70$ monthly from what is owed now?? Any advise/info would be great as I really do want this resolved and get on with things!!!

[flipster495]

Last month I called Dept. of Education about getting into the rehab program for my loan in default ($3500 owed),sent in my first payment on time for March 7th, today someone from Financial Asset Management called me, I spoke to them and told them I entered the rehab and she said it is not on record and they can set me up with having it taken directly from my checking each month (70$ was agreed amount) so I said fine but she wants all sorts of info like 2 references and their phone and addy's, my husbands work addy and phone and then my checking info. I have no problem giving them all this if it means I am in the rehab and this is on the road to recovery with this loan but why do they need all that info, isnt my banking info enough? And where do I get proof that all they are going to take is $70 a month and not more or try to freeze my account. when I asked do I get statements showing my balance owed being decreased every month she just told me minus 70$ monthly from what is owed now?? Any advise/info would be great as I really do want this resolved and get on with things!!!

 

Who did you pay DOE or Financial Asset Management? Usually when you have agreed on a rehab plan..you will get something in the mail stating about the rehab plan. Before you give any banking information make sure you get it in writing. Im still confused on who you paid. I know the DOE assignes defaulted loans to Gaureenteed Agencies, its different in every state. For Texas it is Texas Garaunteed Student Loan Corporations (TGSLC). You can check what Gauranteed CA is for you state below:

 

http://wdcrobcolp01.ed.gov/Programs/EROD/o...category_ID=SGA[/url]

[edkevmom]

[

Who did you pay DOE or Financial Asset Management? Usually when you have agreed on a rehab plan..you will get something in the mail stating about the rehab plan. Before you give any banking information make sure you get it in writing. Im still confused on who you paid. I know the DOE assignes defaulted loans to Gaureenteed Agencies, its different in every state. For Texas it is Texas Garaunteed Student Loan Corporations (TGSLC). You can check what Gauranteed CA is for you state below:

 

http://wdcrobcolp01.ed.gov/Programs/EROD/o...category_ID=SGA[/url]

 

 

The CA told me that the monthly payments would be taken out by the Department of Education and that is what i would see on my monthly bank statement. I am going to call the Department of Education on monday, who I orginally called to make sure this is right

[LynnInMN]

Last month I called Dept. of Education about getting into the rehab program for my loan in default ($3500 owed),sent in my first payment on time for March 7th, today someone from Financial Asset Management called me, I spoke to them and told them I entered the rehab and she said it is not on record and they can set me up with having it taken directly from my checking each month (70$ was agreed amount) so I said fine but she wants all sorts of info like 2 references and their phone and addy's, my husbands work addy and phone and then my checking info. I have no problem giving them all this if it means I am in the rehab and this is on the road to recovery with this loan but why do they need all that info, isnt my banking info enough? And where do I get proof that all they are going to take is $70 a month and not more or try to freeze my account. when I asked do I get statements showing my balance owed being decreased every month she just told me minus 70$ monthly from what is owed now?? Any advise/info would be great as I really do want this resolved and get on with things!!!

 

Who did you pay DOE or Financial Asset Management? Usually when you have agreed on a rehab plan..you will get something in the mail stating about the rehab plan.

 

Not usually.

 

 

Before you give any banking information make sure you get it in writing.

 

They are not required to put it in writing. Rehab is governed by the HEA.

 

Im still confused on who you paid. I know the DOE assignes defaulted loans to Gaureenteed Agencies,

 

Incorrect. The DOE does NOT assign defaulted student loans to Guarantey Agencies. The DOE has little to do with state guarantey agencies as the state programs come under the FFELP program. DOE is Direct Lending. The DOE does assign loans to collection agencies.

 

 

 

To the original OP...sounds like you might have set something up with the DOE but the account was assigned to a CA before your payment actually posted. With the auto drafts, you will receive a notice every month before the payment is drafted. They will not take more, nor will they freeze the account. The CA working for the DOE are highly monitored and regulated.

Edited March 25, 2006 by LynnInMN