wideeye

Any crook can be a collector & buy defaulted borrower info - it's a free for all with no accountability. Don't pay anyone but the lender you signed with. You are not obligated to anyone else. They have no incentive to accurately report your payments. Student Loans are excluded from all consumer laws. They can rob you blind & get away with it & you'll still have to pay the original lender. It's a corrupt business . Sallie Mae was indicted a year or two ago for the crime of bribery by the NY Attorney General. Sallie Mae paid a fine & "promised" to be good" but the fact is, few laws keep them from being honest. I know : I never defaulted on my loans. I am current & paying on a student loan bill that includes an additional amount claimed by Sallie Mae – a lender that I never borrowed from. The naive to this business simply say “they can’t do that†“take them to court†but the fact is they are not covered under consumer credit laws, so when I sent them a copy of the letter from my legitimate lender showing they still owned the loan & I was still paying them – on time I might add – Sallie Mae continued garnishment proceedings. If it were a bank bill, we’d be in court, I could show my evidence & case closed. NOT with student loans – They are the only garnishments that never have to go through a court. It’s utterly corrupt. Lucky me I’m blessed to be able to pay the extra 20K to these thieves – but how did these criminals bypass normal burden of proof & holding people’s credit hostage by extortion? – Ignorance of suckers who support the lobbying of these crooks to get excluded from the laws every other creditor must abide by is how. This is a low -life business that needs to be put in the same place where the poor-houses & child labor factories went a century ago.

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 $$.

If the collection company is General Revenue - they ARE Sallie Mae. They are a collection company completely owned by Salle Mae. If they told you otherwise, they are lying & violating FDCA by deceiving you. When you say suspended - from school do you mean disciplined??

I'm looking through some older credit repair books(late 1990s/2002) and all three books include at least a few paragraphs devoted to creating a new credit file with a name change - It seems to me that this is outdated information in light of the reliance on a single SS#. This often comes up in discussions about correcting or bypassing stolen identification hassles: Change one's name & leave the thief with the old name, etc. If anyone familiar with this aspect of credit reporting? I just would like some idea of how accurate these publications still are. thanks

I second that! - Don't do the student loans. Save, work an extra job, credit card, anything but the student loan for that amount... It's a corrupt business & not covered under consumer credit laws like mtgs or CCs. They can rip you off & you can't do anything about it. Also, student loans are not dischargeable in bankruptcy - God-forbid you had to file. They can seize your IRS refund & SSI.- The debt is forever & can double in short order with fees & interest. Then it can be used against you in applying for jobs etc. Student loans can ruin your life - it's just not worth it.. Believe me - think twice about it. Student loans used to be considered good debt but it has gotten pretty seedy now... it's not worth the grief you'd get...

I second that - Direct has some features that, if not now, may down the road cut your total loan substantially.

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.

School financial aid will combine the two FFEL loans in an equal mix of Stafford & NonStafford in each note. You could refuse the nonstafford to lower the long term cost if you can get by without it; usually total need calculation is derived from an equal mix of each.

BTW, General Revenue IS Sallie Mae - the collection company subsidiary.

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.

Your score WILL improve if all of your other finances are good and as long as your payments are on time. I consolidated nearly 5 years ago on the graduated plan & my score was great. Student loans with good payment history - are looked upon as favorable debt, since they cancel on death or disability(they do not claim on an estate). Keep in mind though, that monthly payments are included in with the rest of your debt load. I own a home, several cars, etc. & am very blessed in this current economy. My mtg rate is at 3.25% & FICO was in the mid 700s Only when some Sallie Mae lender came out of the woodwork last year & not only claimed my legitimate student loan lender transferred a loan to them (totally false - I only had one lender) but tried to garnish my wages despite a letter from my legitimate student lender stating they were servicing that same loan and it was now in consolidation with 20 others! - only then did my credit get bashed. Even so, I reconsolidated & now it's just a matter of the CRA's catching up with everything. Consolidation will also help you keep track of your loans & may prevent some wacko scam company like SLM from claiming ownership down the road which would really mess your credit up!

Whatever they do/don't tell you, the fact is a deferral is only granted when attending school at least half time. During deferral period interest is suspended on Stafford loans but acrues on all other loans. If you are not in school or less than part time (less than 2 classes for grad school) then you may be granted a forbearance. Sallie Mae likes to tell folks that there are only a certain number of those given out but the fact is forbearance is always available (or should be) if specific conditions are met (documented loss of job, etc.) Private lenders can call their own shots, but Sallie Mae likes squeezing for the garnishments - they need that income.

No, Sallie Mae get's paid by the guarantor for a defaulted loan: the DOEd. Then they come after the borrower - because that gets them more money & obviously, so far nothing has stopped them from this practice of double collecting.

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.

Student loans are considered long-term while a car loan is only as good as the time you keep the car. A car value drops as you breath, so it may put you in better position to have,, not all but a substantial amount of the car loan paid in case you want something new.