Edit...If you have a topic that you wish not to share publicly you can always email me at SloanHelper@gmail.com
Edited by SloanHelper, 04 February 2012 - 07:14 PM.
I can help with your Student Loan(s)
Started by
SloanHelper
, Feb 04 2012 06:56 PM
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96 replies to this topic
#1
Posted 04 February 2012 - 06:56 PM
I have been employed with theUnited Stated department of education (DOE) for over a year. I specialize in defaulted student loans and the rehabilitation program. I became increasingly aware of the problems and questions people had. I figured I would try and help the most people I could. I have come to this forum to see if I may be able to be of some assistance. Shoot away with questions or concerns. Also I would like to note that I am not here to argue or fight about policies or procedures that the DOE uses, I do not create they way they handle the defaulted loans and therefore cannot change anything, so please save your breathe because I will save mine.
Edit...If you have a topic that you wish not to share publicly you can always email me at SloanHelper@gmail.com
Edit...If you have a topic that you wish not to share publicly you can always email me at SloanHelper@gmail.com
#2
breeze
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Site Owners & FC XXXVIII
Posted 04 February 2012 - 06:59 PM
Welcome! We'll take all the help we can get in here. 
#3
Posted 06 February 2012 - 12:02 AM
When will the DOE finish their transition to the new system (or whatever they are doing) that they started back in Oct 2011? I don't expect a definitive answer, but do you have a ballpark estimate?
#4
Posted 06 February 2012 - 01:44 PM
The conversion from the legacy system to the titanium system is complete in the way of account being transferred. It did take a long time to get the millions f accounts into the system. Now the account are being updated with payments. Some accounts are fully compete and some are not. All account will be completed with the payments posting into titanium in the very near future. In my own speculation no longer than 1 month for every payment to have posted.
The whole process went terribly and the ball was dropped numerous times. They know they screwed up. However titanium will be better for everyone whn it is working at full capabilities.
The whole process went terribly and the ball was dropped numerous times. They know they screwed up. However titanium will be better for everyone whn it is working at full capabilities.
#5
Posted 06 February 2012 - 04:07 PM
Sorry for the misspellings, I guess that is what I get while trying to type it on my phone.
#6
Posted 06 February 2012 - 04:32 PM
Thanks for the reply. That's great news, I hope your speculation is correct!
#7
Posted 09 February 2012 - 01:15 PM
Hello!
I'm a brand new user--wasn't going to register until I saw your thread, and I really wanted to get some information.
I'm finishing up my degree, and will be moving out of state for my new job in a few months. I'm sure ther will be lot's of checks on my credit report along the way, and I'd like to see if anything can be done about delinquencies on my Sallie Mae and Direct Loan accounts.
I took two breaks from school during my education and didn't have the income to make the payments. I was pretty ignorant with regard to forbearances and deferments and unfortunately did not seek them during those times.
Is it at all possible to get these removed?
Thanks so much for offering your expertise!
Blake
I'm a brand new user--wasn't going to register until I saw your thread, and I really wanted to get some information.
I'm finishing up my degree, and will be moving out of state for my new job in a few months. I'm sure ther will be lot's of checks on my credit report along the way, and I'd like to see if anything can be done about delinquencies on my Sallie Mae and Direct Loan accounts.
I took two breaks from school during my education and didn't have the income to make the payments. I was pretty ignorant with regard to forbearances and deferments and unfortunately did not seek them during those times.
Is it at all possible to get these removed?
Thanks so much for offering your expertise!
Blake
#8
Posted 13 February 2012 - 10:07 PM
Hello and thank you for your online presence. I have a question. Hopefully, it is in your area of expertise. Why do student loans get preferential treatment in bankruptcy plans? My loan was assigned to a 3rd party and every penny collected as part of my bankruptcy plan was applied to interest. How can the interest rate during bankruptcy be legally higher than the interest rate per-bankruptcy? I am happy to share my example if you think it would be helpful.
#9
Posted 14 February 2012 - 11:44 PM
When will the DOE absorb the nasty private loans out there? There seems to be little to nothing to help you during hard times. absorb them or allow us to include them in Chapter 7
#10
Posted 15 February 2012 - 01:09 PM
I defaulted on 4 student loans.
1 is a Perkins loan, originally with my SUNY School but now held by General Revenue Service ($2850)
3 are Stafford, originally through NelNet now with the Federal Dept of ed. ($8550)
I have 2 loans with NelNet that are current and being paid.
My situation is as follows:
I'm 23 years old, and wasn't getting my mail at the proper address. I understand it's my responsibility to inform them of address changes, in all honesty I was naive and truly clueless about all the loans I even had.. I never even graduated so after my grace period I just kind of forgot about them...
I have money saved up, about $20k.... I could realistically pay off all of the defaulted loans and bring them Paid In full, but they will still show default on my credit history for 7-10 years; which will negatively effect my interest rates in the future..... The other option offered to be was the Rehab the loan, make 9 payments on time and then the Loan will be repackaged/sold to a new lender where all my neg default history will be completely wiped and it's like I'm starting new..
Its a catch 22 because if I do the rehab, I'm a slave to their interest and have to wait 9 months in default without doing anything until I rehab it. Whereas if I pay it in full, it will still show default on my record for 8-10 years..
I really don't know what to do here or what the right answer is, I wanted to move out and rent an apartment but with these defaults I can't get approved anywhere, I was thinking if I paid it all in full and got Letters stating i am legally paid fully that landlords and rental companies might allow me to move in with zero debt and everything paid in full.... but in the long run i'd hurt myself with buying a house or car
If anyone can help me I would greatly appreciate it.. Thank you!
1 is a Perkins loan, originally with my SUNY School but now held by General Revenue Service ($2850)
3 are Stafford, originally through NelNet now with the Federal Dept of ed. ($8550)
I have 2 loans with NelNet that are current and being paid.
My situation is as follows:
I'm 23 years old, and wasn't getting my mail at the proper address. I understand it's my responsibility to inform them of address changes, in all honesty I was naive and truly clueless about all the loans I even had.. I never even graduated so after my grace period I just kind of forgot about them...
I have money saved up, about $20k.... I could realistically pay off all of the defaulted loans and bring them Paid In full, but they will still show default on my credit history for 7-10 years; which will negatively effect my interest rates in the future..... The other option offered to be was the Rehab the loan, make 9 payments on time and then the Loan will be repackaged/sold to a new lender where all my neg default history will be completely wiped and it's like I'm starting new..
Its a catch 22 because if I do the rehab, I'm a slave to their interest and have to wait 9 months in default without doing anything until I rehab it. Whereas if I pay it in full, it will still show default on my record for 8-10 years..
I really don't know what to do here or what the right answer is, I wanted to move out and rent an apartment but with these defaults I can't get approved anywhere, I was thinking if I paid it all in full and got Letters stating i am legally paid fully that landlords and rental companies might allow me to move in with zero debt and everything paid in full.... but in the long run i'd hurt myself with buying a house or car
If anyone can help me I would greatly appreciate it.. Thank you!
#11
Posted 15 February 2012 - 05:07 PM
When will the DOE absorb the nasty private loans out there? There seems to be little to nothing to help you during hard times. absorb them or allow us to include them in Chapter 7
They wont ever absorb them.
#12
Posted 15 February 2012 - 11:58 PM
I defaulted on 4 student loans.
1 is a Perkins loan, originally with my SUNY School but now held by General Revenue Service ($2850)
3 are Stafford, originally through NelNet now with the Federal Dept of ed. ($8550)
I have 2 loans with NelNet that are current and being paid.
My situation is as follows:
I'm 23 years old, and wasn't getting my mail at the proper address. I understand it's my responsibility to inform them of address changes, in all honesty I was naive and truly clueless about all the loans I even had.. I never even graduated so after my grace period I just kind of forgot about them...
I have money saved up, about $20k.... I could realistically pay off all of the defaulted loans and bring them Paid In full, but they will still show default on my credit history for 7-10 years; which will negatively effect my interest rates in the future..... The other option offered to be was the Rehab the loan, make 9 payments on time and then the Loan will be repackaged/sold to a new lender where all my neg default history will be completely wiped and it's like I'm starting new..
Its a catch 22 because if I do the rehab, I'm a slave to their interest and have to wait 9 months in default without doing anything until I rehab it. Whereas if I pay it in full, it will still show default on my record for 8-10 years..
I really don't know what to do here or what the right answer is, I wanted to move out and rent an apartment but with these defaults I can't get approved anywhere, I was thinking if I paid it all in full and got Letters stating i am legally paid fully that landlords and rental companies might allow me to move in with zero debt and everything paid in full.... but in the long run i'd hurt myself with buying a house or car
If anyone can help me I would greatly appreciate it.. Thank you!
The answer seems pretty straight forward assuming your information is accurate. Quantify the cost of 9 months of interest versus the increased borrowing cost which will occur if you pay them off and leave the negative history.
I'm not convinced they will wipe the old trade-line clean. You will for sure start clean on a new trade-line.
#13
Posted 16 February 2012 - 01:40 AM
So here is my situation.....
I had one student loan for $1,000 roughly and didn't pay on time. I then recently (08/2011) decided to call into DOE and see what I could do. The lady told me that I was just a few days of going to a collection agency. She said I called in at the right time and that she could pull the loan back to DOE and I could setup installments, so I did. I made one installment payment and then I paid the rest in full. Does anything happen once it has been paid? I have heard that they possibly will report it being positive. What is weird is that I had two entries on my credit report. I have attached 2 photos of my credit report from my USAA credit monitoring service which show the status of my account.
I called back into DOE around 2 months ago and the guy told me that the loan wasn't handled correctly and he had fixed it and to allow a month to fix itself. I would really like to either see this account deleted or show positive.
I had one student loan for $1,000 roughly and didn't pay on time. I then recently (08/2011) decided to call into DOE and see what I could do. The lady told me that I was just a few days of going to a collection agency. She said I called in at the right time and that she could pull the loan back to DOE and I could setup installments, so I did. I made one installment payment and then I paid the rest in full. Does anything happen once it has been paid? I have heard that they possibly will report it being positive. What is weird is that I had two entries on my credit report. I have attached 2 photos of my credit report from my USAA credit monitoring service which show the status of my account.
I called back into DOE around 2 months ago and the guy told me that the loan wasn't handled correctly and he had fixed it and to allow a month to fix itself. I would really like to either see this account deleted or show positive.
#14
Posted 16 February 2012 - 08:28 AM
I have been employed with theUnited Stated department of education (DOE) for over a year. I specialize in defaulted student loans and the rehabilitation program. I became increasingly aware of the problems and questions people had. I figured I would try and help the most people I could. I have come to this forum to see if I may be able to be of some assistance. Shoot away with questions or concerns. Also I would like to note that I am not here to argue or fight about policies or procedures that the DOE uses, I do not create they way they handle the defaulted loans and therefore cannot change anything, so please save your breathe because I will save mine.
Is it true that in 2012 student loan interest will no longer be tax deductible if you are more than 5 years past graduation? If so, is it likely that this will be changed, or is there any way to get around this?
Edited by RobEvans, 16 February 2012 - 08:31 AM.
#15
Posted 16 February 2012 - 02:16 PM
so I should opt to re-hab both of them? Thanks
#16
Posted 17 February 2012 - 08:09 AM
The conversion from the legacy system to the titanium system is complete in the way of account being transferred. It did take a long time to get the millions f accounts into the system. Now the account are being updated with payments. Some accounts are fully compete and some are not. All account will be completed with the payments posting into titanium in the very near future. In my own speculation no longer than 1 month for every payment to have posted.
The whole process went terribly and the ball was dropped numerous times. They know they screwed up. However titanium will be better for everyone whn it is working at full capabilities.
Do you mean that payments made prior to the conversion will be posted online again? I was told otherwise last month, but I hope you are right! Also, will the page showing which payments qualify for the public service loan forgiveness return?
Thanks!
#17
Posted 19 February 2012 - 11:22 PM
I am so sorry for my absence, I had a family emergency to attend to. I will be getting to all of your questions in the order they were asked. Also I always have my phone on me so please feel free to email me at anytime at SloanHelper@gmail.com
#18
Posted 19 February 2012 - 11:24 PM
@ blake, how long ago were the payments not made and for how long a period of time? Where are your loans currently? Out or in default? Are they still with Sallie mae and Direct loans?
#19
Posted 19 February 2012 - 11:33 PM
@ stevens. I fully understand your frustration with that issue. The problem is that since a Student Loan can not be discharged with a BK, because it is federally backed, that the money that is applied goes towards penalty fees and interest. Any collection agency in the world, that can and does take money from someone in an involuntary manner (garnishments, taxes etc) is always going to apply that money towards interests or costs, rather than principle is because applying it towards interest will take the interest down, but interest accrues on a daily basis, so they money will build back up. It is the same concept as filling a glass of water that has a hole in it. The hole lets the water out, but it also is being filled at the same time. Basically they think they are making a business savvy move by applying the money to something that will still have to be paid again.
Basically when you fall into default or have to do a BK, the option and doors are closed for you and you are at the mercy of their policies.
Short answer, they do this because they can and it is more money in their pocket.
I am sorry
Basically when you fall into default or have to do a BK, the option and doors are closed for you and you are at the mercy of their policies.
Short answer, they do this because they can and it is more money in their pocket.
I am sorry
#20
Posted 19 February 2012 - 11:35 PM
When will the DOE absorb the nasty private loans out there? There seems to be little to nothing to help you during hard times. absorb them or allow us to include them in Chapter 7
Where did you take your private loans out from? and mostly likely they will not absorb them and they will not be included in chapter 7.
#21
Posted 19 February 2012 - 11:38 PM
I defaulted on 4 student loans.
1 is a Perkins loan, originally with my SUNY School but now held by General Revenue Service ($2850)
3 are Stafford, originally through NelNet now with the Federal Dept of ed. ($8550)
I have 2 loans with NelNet that are current and being paid.
My situation is as follows:
I'm 23 years old, and wasn't getting my mail at the proper address. I understand it's my responsibility to inform them of address changes, in all honesty I was naive and truly clueless about all the loans I even had.. I never even graduated so after my grace period I just kind of forgot about them...
I have money saved up, about $20k.... I could realistically pay off all of the defaulted loans and bring them Paid In full, but they will still show default on my credit history for 7-10 years; which will negatively effect my interest rates in the future..... The other option offered to be was the Rehab the loan, make 9 payments on time and then the Loan will be repackaged/sold to a new lender where all my neg default history will be completely wiped and it's like I'm starting new..
Its a catch 22 because if I do the rehab, I'm a slave to their interest and have to wait 9 months in default without doing anything until I rehab it. Whereas if I pay it in full, it will still show default on my record for 8-10 years..
I really don't know what to do here or what the right answer is, I wanted to move out and rent an apartment but with these defaults I can't get approved anywhere, I was thinking if I paid it all in full and got Letters stating i am legally paid fully that landlords and rental companies might allow me to move in with zero debt and everything paid in full.... but in the long run i'd hurt myself with buying a house or car
If anyone can help me I would greatly appreciate it.. Thank you!
You are in the exact situation of people I was looking for on here. I can really help you out with this. If you will contact me via E-mail I would love to discuss with you all of your options and what we can do as far 1) saving you money 2) making sure to get your credit straightened out, and in a timely fashion. I urge you to take this opportunity to e-mail me.
SloanHelper@gmail.com
Also, as I saw your second message...they difference in loans for you also come with different rates...if you do decide to rehab it becomes very easy for you to get screwed actually with the perkins loan and the other mixed... I am not saying you cannot do it, but I would need to explain to you how to do it.
Edited by SloanHelper, 19 February 2012 - 11:48 PM.
#22
Posted 19 February 2012 - 11:43 PM
So here is my situation.....
I had one student loan for $1,000 roughly and didn't pay on time. I then recently (08/2011) decided to call into DOE and see what I could do. The lady told me that I was just a few days of going to a collection agency. She said I called in at the right time and that she could pull the loan back to DOE and I could setup installments, so I did. I made one installment payment and then I paid the rest in full. Does anything happen once it has been paid? I have heard that they possibly will report it being positive. What is weird is that I had two entries on my credit report. I have attached 2 photos of my credit report from my USAA credit monitoring service which show the status of my account.
I called back into DOE around 2 months ago and the guy told me that the loan wasn't handled correctly and he had fixed it and to allow a month to fix itself. I would really like to either see this account deleted or show positive.
paying the balance in the way you did, will not show positive or gone, it will show that the "balance has been payed in full" it will still show the neg reports for the months they were not paid. The positive mark for your account now is to show that it has been taken care of and paid in full.
#23
Posted 19 February 2012 - 11:46 PM
I have been employed with theUnited Stated department of education (DOE) for over a year. I specialize in defaulted student loans and the rehabilitation program. I became increasingly aware of the problems and questions people had. I figured I would try and help the most people I could. I have come to this forum to see if I may be able to be of some assistance. Shoot away with questions or concerns. Also I would like to note that I am not here to argue or fight about policies or procedures that the DOE uses, I do not create they way they handle the defaulted loans and therefore cannot change anything, so please save your breathe because I will save mine.
Is it true that in 2012 student loan interest will no longer be tax deductible if you are more than 5 years past graduation? If so, is it likely that this will be changed, or is there any way to get around this?
To my knowledge there has been no mention of not being able to deduct the interest from your taxes. Do you have any articles to support that? I will be looking into this more this week. Remind me to follow up if I do not do so by Friday
#24
Posted 19 February 2012 - 11:50 PM
The conversion from the legacy system to the titanium system is complete in the way of account being transferred. It did take a long time to get the millions f accounts into the system. Now the account are being updated with payments. Some accounts are fully compete and some are not. All account will be completed with the payments posting into titanium in the very near future. In my own speculation no longer than 1 month for every payment to have posted.
The whole process went terribly and the ball was dropped numerous times. They know they screwed up. However titanium will be better for everyone whn it is working at full capabilities.
Do you mean that payments made prior to the conversion will be posted online again? I was told otherwise last month, but I hope you are right! Also, will the page showing which payments qualify for the public service loan forgiveness return?
Thanks!
I was speaking in terms of the payment needing to post into their system to updates actual accounts..when this is done then they will tackle the issue you are speaking of
#25
Posted 20 February 2012 - 09:11 AM
TBH, this sounds pretty shady. Almost like a CA that is preying on defaulted student loan borrowers....You are in the exact situation of people I was looking for on here. I can really help you out with this. If you will contact me via E-mail I would love to discuss with you all of your options and what we can do as far 1) saving you money 2) making sure to get your credit straightened out, and in a timely fashion. I urge you to take this opportunity to e-mail me.
SloanHelper@gmail.com
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