Two questions about student loans on credit reports, one relates to SLFC and the other to deferment Options

[hoosiergirl]

Hi-

I have two questions that I am looking for some input on:

1) my husband has an old student loan with student loan finance corporation, which he had thought was consolidated along with the rest of his loans. In researching, I'm trying to find out if this is considered a private loan, or a government-backed student loan. I'm guessing it is private since it's not consolidated with the rest, but can't find anything on-line to verify that it is/isn't govt-backed.

2) I recently took my loans out of deferment and have been paying current for the last 4 months. My score has jumped up considerably over the last month or so, and I'm wondering if moving the loans out of deferment have played a factor in this.

Thanks!

[Googie]

[wideeye]

Is the lender Sallie Mae by chance - that is claiming that the loan was not included in consolidation?
They did that to me but my lender eventually sent me a letter confirming they never sold the loan &
it * included in my consolidation.

[hoosiergirl]

I'm honestly not sure where the loan was from before Student Loan Finance Corp started contacting us. I had assumed all loans were government backed, and am just starting to learn about the private student loan companies out there.

Does anyone know if a loan being collected from SLFC would be government-backed, or private? Or does it depend on who the original loan was through?

Thanks

[hoosiergirl]

I was able to get into the SLFC on-line account for my husband last night, and now this loan is showing with a zero balance and a status of transferred. When I clicked on the transferred link, it took me to a CA site called RAB Inc..

I'm assuming that since the balance is reporting zero on his SLFC account, that they sold it to this CA. Would you agree? Also, are private student loans subject to the same SOL as say a credit card, or is it different?

Thanks!

[wideeye]

Wow - this blows my mind! Sallie Mae selling it??? - Ha ha!!! I think they smell the Feds coming & are doing the veritable paper-shreding!!
Save your paperwork - don't get rid of it yet -
I'd love to see if this is going to happen to anyone else more often.. wow.

[LynnInMN]

I was able to get into the SLFC on-line account for my husband last night, and now this loan is showing with a zero balance and a status of transferred. When I clicked on the transferred link, it took me to a CA site called RAB Inc..

I'm assuming that since the balance is reporting zero on his SLFC account, that they sold it to this CA. Would you agree? Also, are private student loans subject to the same SOL as say a credit card, or is it different?

Thanks!

Student loans are NEVER sold to CA's...only placed.

[wideeye]

Yeah - sure they don't ;-)
Sallie Mae sent me an actual bill reflecting they "sold" the loan to USA Funds.
This is bull because USA Funds is a wholly-owned subsidiary of Sallie Mae -
[ I don't care what their out of date website dislcaimer says - it doesn't change what they have to report to shareholders & the SEC - look it up in their 10K]
You may be correct that when it came time to get paid, Sallie Mae was the entitiy that gave & collected the
pay-off amount but they go to great lengths to put distance between themselves & accountablity.
Sallie Mae BTW had a great opp. to challenge my dispute against them when I paid them by reconsolidation - but they reacted like the crooks they are; they entered into my credit record that they were paid by "government insurance/charge-off"
Either they are making an intentially fraudulent *statement - OR they actually fraudulently collected from both my DIRECT loan pay-off AND made an insurance claim..
Either way, they are simple criminals & they reflect a pattern of fraudulent reporting, IMHO.

[LynnInMN]

Yeah - sure they don't ;-)

Nope, they dont.


In actual bill reflecting they "sold" the loan to USA Funds.

USA Funds is your student loan guarantor....they paid your default claim.
This is bull because USA Funds is a wholly-owned subsidiary of Sallie Mae -


[ I don't care what their out of date website dislcaimer says - it doesn't change what they have to report to shareholders & the SEC - look it up in their 10K]

Whatever...believe what you want. The US Department of Education who ultimately insure your loan to USA Funds governs the whole process....thus government claim.
You may be correct that when it came time to get paid, Sallie Mae was the entitiy that gave & collected the
pay-off amount but they go to great lengths to put distance between themselves & accountablity.


Sallie Mae BTW had a great opp. to challenge my dispute against them when I paid them by reconsolidation - but they reacted like the crooks they are; they entered into my credit record that they were paid by "government insurance/charge-off"

you didnt repay them by consolidation...another federally insured lender/program did. Again they are reporting like every other FFELP loan garnantor in this country.

Either they are making an intentially fraudulent *statement - OR they actually fraudulently collected from both my DIRECT loan pay-off AND made an insurance claim..
Either way, they are simple criminals & they reflect a pattern of fraudulent reporting, IMHO.

This post has been edited by LynnInMN: Jun 22 2009, 06:19 PM

[wideeye]

DIRECT is not an insuror - it's a finance company - as long as I am paying *them for a loan.
If * I *reconsolidate - with a *loan* - I AM the payor... as long as I am a debtor.
When you refinance your mtg - your credit record DOES NOT say "paid by insurer.
As long as I am making payments to DIRECT - I am the payor/debtor of SM loan
In real estate REFIs you rec a RELEASE OF LIEN or /& SATISFACTION OF MTG. from the old mtg company.

Listen - it's not rocket science. SM says I owe - i agree to pay - I go to a financial source & say "pay these guys for me = I'll pay you back. DIRECT says ok - we'll send them a check - now you owe us.
I AM THE DEBTOR on all accounts... not insurance. Insurance reimburses the client when the debtor does not pay- it doesn't **fianance** the debtor!?!
I think you assume - as every SLM employee does - that every borrower is a dead-beat - NONE of my loans were defaulted - MY LENDER was showing they were still servicing the same loan & others.
Only the fact that there is no law to bring SM's claim for garnishment into court is what made me pay them.
I have the paperwork to prove it. - it's right online ;-) BUT since there is no SOL on student loans, I can come back & sue them any time I care to go to the trouble to do so... ;-) They may think I'll toss all my paperwork now that they are paid - BUT I intend to show their claim was fraudulent & they will have to givethe money back ;-) ;-) - As long as I the debtor am paying the same amount paid to SM - Then I am the payor... You are obviously simply assuming - gawd knows what - or you have very little comprehension of finance - other than what your SLM company fed you. try debtor creditor 101 ;-)
This hoki, other-world rules that these rip-off education lenders play by are soon ending.
They will soon have to follow the same conumser guidelines & laws that every other lender must follow.
Remember SLM was indicted by NY AGO for a crime: bribery. They ARE crooks & will break the law to get $$.