I've also been sending small amounts to US Dept of Ed to keep them happy and off my back and away from garnishment and I've finally gotten my footing to be able to rehab this loan.
Looking at my budget, my reasonable and affordable payment would be $200/month. Here's my question: Should I offer the $200/month right off the bat, or should I offer a little less? I'm making "goodwill" payments to US Dept of Ed, so something is getting paid on the loan.
I need to mail a payment soon to cover June, but I want to know what I should offer. Here is the letter I have written so far:
QUOTE
I am writing in an attempt to rehabilitate my defaulted student loan through NCO Financial Services. I am offering to pay $200 per month for the rehabilitation of this loan beginning in May 2004.
In May 2004, a payment of $25.00 was applied to my student loan account.
As of the writing and mailing of this letter, two additional payments totaling $80.00 will have been applied to my account. At the time of the mailing of this letter, an additional $295.00 will be mailed, and received no later than June 30, 2004, to the National Payment Center to bring this loan into rehabilitation status for the months of May and June.
In May 2004, a payment of $25.00 was applied to my student loan account.
As of the writing and mailing of this letter, two additional payments totaling $80.00 will have been applied to my account. At the time of the mailing of this letter, an additional $295.00 will be mailed, and received no later than June 30, 2004, to the National Payment Center to bring this loan into rehabilitation status for the months of May and June.
I know, I'm really trying to wiggle here with it, but I figure it's worth a try to get the rehab going last month instead of this month. But, is the $200 too much to offer right off? Should I chop $25 off and see what they come back with as long as I pay US Dept of Ed as I have been doing?
