Student loan lates was not aware loan was due

[asl1]

I know I should have known what was going on but, I was not receiving any bills from OSU for my Perkins loans, I was currently paying all other student loans and I thought that was everything. So when I finally realized I was already a few hundred dollars behind.

 

I called to make arrangements, I figured they could do a forebearance on the past due and I could resume regulary scheduled payments. They told me there was nothing they could do and I had to pay in full and bring up to date. I came up with the total of 600 plus dollars and have been paying on time ever since. My credit reports has tons of lates including 120 and 150 days. I sent a goodwill letter and they said they have to accurately report, which I am aware of.

 

Is there anything I can do? When I tried to make arrangements, they suggested that I consolidate. I do not know why I was not offered a payment plan or forbearance.

 

Any insight would be greatly appreciated.

 

Thanks!!

[Cynic]

Perkins loans generally choose not to offer discretionary forbearance.

 

Contrary to popular myth, your loan holder usually had no obligation whatsoever to give forbearance; FFELP lenders simply choose to do so, up to a certain limit they determine. Consumer ignorance often confuses deferment (an entitlement they must grant if you meet criteria set by the federal government, AND complete OMB-approved forms, AND send proof that you qualify) with discretionary forbearance (something I know from my job that most FFELP lenders will verbally process over the phone, 90% of the time for borrowers who have no valid reason whatsoever for not paying).

 

The reporting is valid.

 

That's it.

Edited September 28, 2007 by Cynic

[asl1]

Thanks, I did not realize that Perkins loans do not do forbearance. Now I know.