Hi,
How long does it take for direct loan to send me the new loan package?

This should really be in the student loan forum.

Have you completed the 12 on time payments???

Yes, I know. I thought i did post it in student loan forum. I was looking for it, I thought i forgot to press "post" button.

I completed in January/February.
Received a letter from Direct Loan early February that i completed the rehab and will get something in the mail, but nothing come in the mail until today.

I am anxious to see if they will waive the collection fee.

The best suggestion I have it to call them. Did you make your February payment???

I normally make the payment through my collection agent.
I dont think I make a payment last month.

How long normally the turn-around for them to send me a new loan package?
Getting nervous.

Uhhh..if you didnt make a February payment and your rehab is not complete, you may have blown it and might have to start all over again. You really need to be be calling them!!!!!

I talked to the lady in the collection agency that takes my payment over the phone. She told me that I dont need to be calling her since (january) is the last payment. She said that after that direct loan would contact me with the new loan agreement. but it has been almost a month but nothing came in the mail except a letter telling me that the negative credit line will be removed from all of my credit report.

I will call them tomorrow.

Who sent you the letter telling you about the negative credit removal. The CA or direct loans? Is there a phone number on there. Direct loans is open in the evenings.

Direct loan themselves.
The collection agent told me not to call them again...

LynnInMN,

Thks for replying my post.
I called them the next day and I found out that Dept. of Edu. doesnt have my current address. So, they have sent stuffs to my old address.
I dont understand how they work in there. They are able to get collection ppl to collect from me but they cant update their system.

In 1 days, I made payment from my bank, setup/getting a new pin, update my adress online, and setup automatic payment (they say it can lower the int).

So, now I am out of default....YAY!!!!!

Another issue that I found is that through my rehab, I paid $130/mo, but I only seeing $104 applied to my loan. $26 goes to collection agency?

And, I dont see my 1st initial payment (close to $1k), where does it go??

Thank you!!

BkinSM

Did you specifically give them a change of address?? A forwarding order at the post office or a different address on a check doesnt update a file. You have to do it, not them.

Hmmm...I didnt give them anything because I havent been in contact with Dept of Edu until last week. I always communicating with the Collection agency all through this time.

I know for a fact that the CA doesnt get 26%...more like 9%. Could it be $104 to principal and $26 to interest??

Hmm....I went in to www.dl.ed.gov, and I saw $104 payment all applied to interest in my payment history. I dont see the other $26 applied anywhere.

I emailed Direct Loan (through contact us) about it too...just to make sure.

I just checked with them. and yes, $26 goes to collection fee and 104 goes to my interest. Isnt this too much????? So I am paying like 26x12 months + 20% from my initial rehab ($700), total about $452.