I started rehab in 10/04, I have been paying $180 a month though automatic withdraw (which hurts since I dont work and DH has his own student loans). Anywho Today I got a packet in the mail from Van RU (CA) with rehab agreement saying I need to sign and Fax or send back immediately! Why am I getting this after 5 months of payments? It says "complaince with this agreement is prerequisite to the sale of your loans to the student loan marketing association (SLMA)." yadayada"#7. SLMA will establish a new due date and will calculate a new monthly payment amount based upon the balance sold to them. I will have up to 9 years to repay the loan. This may substantially increase my monthly payment amount to SLMA."
Why do I have to sign this now? My gosh I know I don't remember the orginal loan agreements (thinking like a 17 year old) but it says up to 9 years. Could that become 5 if that is what they want?
Is this a standard agreement? Who is SLMA? Why don't my loans go back to dept of ed? I really hate talking to these people they do try and strong arm.
And they wanted a finacial statement? She said they would go by my DH income since I did not have one (4 kids and daycare it would cost me to work). He has his own student loans and I did not feel like they have a right to his income? Do they?
Long enough since this board is empty. I did some reading and I will go do more but then I stay up til all hours on the credit board so dont yell if answered you can direct that would be great.
Full Version: signing rehab agreement
I am going to try bumping this even though it is on page 1.
I went to fsl site but they really don't give you much to go on as far as what you must do. Just that the CA knows all. Since they are not fun to speak with, any help.
I went to fsl site but they really don't give you much to go on as far as what you must do. Just that the CA knows all. Since they are not fun to speak with, any help.
QUOTE(eastl @ Feb 18 2005, 06:58 PM)
I started rehab in 10/04, I have been paying $180 a month though automatic withdraw (which hurts since I dont work and DH has his own student loans). Anywho Today I got a packet in the mail from Van RU (CA) with rehab agreement saying I need to sign and Fax or send back immediately! Why am I getting this after 5 months of payments? It says "complaince with this agreement is prerequisite to the sale of your loans to the student loan marketing association (SLMA)." yadayada"#7. SLMA will establish a new due date and will calculate a new monthly payment amount based upon the balance sold to them. I will have up to 9 years to repay the loan. This may substantially increase my monthly payment amount to SLMA."
Why do I have to sign this now? My gosh I know I don't remember the orginal loan agreements (thinking like a 17 year old) but it says up to 9 years. Could that become 5 if that is what they want?
[COLOR=red]DOE is sending me copies of promisary(sp) notes.
Is this a standard agreement? Who is SLMA? Why don't my loans go back to dept of ed? I really hate talking to these people they do try and strong arm.
[COLOR=red]This is a standard agreement per DOE, must sign to be in rehab.
And they wanted a finacial statement? She said they would go by my DH income since I did not have one (4 kids and daycare it would cost me to work). He has his own student loans and I did not feel like they have a right to his income? Do they?
[COLOR=red]Did not even agrue this one I will see what I can do after rehab.
Long enough since this board is empty. I did some reading and I will go do more but then I stay up til all hours on the credit board so dont yell if answered you can direct that would be great.
Why do I have to sign this now? My gosh I know I don't remember the orginal loan agreements (thinking like a 17 year old) but it says up to 9 years. Could that become 5 if that is what they want?
[COLOR=red]DOE is sending me copies of promisary(sp) notes.
Is this a standard agreement? Who is SLMA? Why don't my loans go back to dept of ed? I really hate talking to these people they do try and strong arm.
[COLOR=red]This is a standard agreement per DOE, must sign to be in rehab.
And they wanted a finacial statement? She said they would go by my DH income since I did not have one (4 kids and daycare it would cost me to work). He has his own student loans and I did not feel like they have a right to his income? Do they?
[COLOR=red]Did not even agrue this one I will see what I can do after rehab.
Long enough since this board is empty. I did some reading and I will go do more but then I stay up til all hours on the credit board so dont yell if answered you can direct that would be great.
Ok...Breath 
I just finished my rehab in November. When I entered rehab I told them I wanted something in writing saying I was in rehab, so I got the agreement your looking at, I signed it and sent it in.
About 3 months before I finished rehab I get another letter saying by signing this agreement I am officially in rehab. I freaked.
Rehab per the DofE is retro-active...meaning after you complete the 12 months of payments you are officially in rehab..or something along those lines.
Sign the rehab agreement and send it in...but make a copy first.
Your SL's will be sold to another servicer and the TL's "should" be corrected. It's a great program so stick with it...and dont freak if you have to make a 13th payment. Sometimes you have to make the extra payment while they try to sell your loans.
Not sure why they need your statements.
I just finished my rehab in November. When I entered rehab I told them I wanted something in writing saying I was in rehab, so I got the agreement your looking at, I signed it and sent it in.
About 3 months before I finished rehab I get another letter saying by signing this agreement I am officially in rehab. I freaked.
Rehab per the DofE is retro-active...meaning after you complete the 12 months of payments you are officially in rehab..or something along those lines.
Sign the rehab agreement and send it in...but make a copy first.
Your SL's will be sold to another servicer and the TL's "should" be corrected. It's a great program so stick with it...and dont freak if you have to make a 13th payment. Sometimes you have to make the extra payment while they try to sell your loans.
Not sure why they need your statements.
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