rant

After the 2007 fall semester I decided to take a semester off of school, bad idea, and focus on my former job. I talked with the company that held my student loan and they told me that if I didn't enroll for the 2008 fall semester that my date of repayment would be July 26, 2008.

Mid June comes around and I've left my former job, even though I loved it, and I enroll for full time student status for the 08' fall semester. I get everything lined up and I'm all set to go, or so I thought. As the 26th of July approaches I continue to get letters in the mail reminding me that my first payment is coming up. So I call the company and actually manage to get a hold of a real live person, explain the situation and she tells me that I don't need to make the payment, in her words "as long as you have at least six credit hours a semester you'll be fine". So the 26th comes and goes and I don't pay, after all I've been told I don't have to, and I don't get anything in the mail stating that I've missed a payment.

Well this past Thursday I get a letter in the mail informing me that a different company is now handling my loan and that they show me as having missed my first payment. So I sat there reading the letter thinking to myself that this can't be happening. I've called their number at least 15 times since I got the letter and each time I get, due to the high number of calls we're receiving right now there isn't a customer serv. rep available please call back at a later time. So I go to my next option and email them, nothing. Since Thursday I've probably emailed them 8 or 10 times and haven't gotten a response.

To sum it up I'm pissed that apparently there is no sharing of information between these two companies regarding repayment dates and that this new company can't answer a phone or respond to an email.

rant off

The best student loan is none at all. It will be hung around your neck for longer than you can imagine & it never can be eliminated in bankruptcy. I do tax returns & I see 40 year old clients still trying to escape from the student loan noose.

My loan is relatively small, about $2600. I can afford to make the payments they want, it's just that I was told that I wouldn't have to and now they're showing me as delinquent. I really think that this could all be cleared up in a ten minute phone call, that is if they had anyone to answer the phones.

I'm of the opinion that student loans are some of the smartest money you can borrow: typically low interest, deferred payment, unsecured. But more importantly, it allows people to go to school (or allows those who would have gone anyway to focus on their studies).

But then again, I've racked up a fair bit of student debt, so I may be a little biased.

I'm on the hook for about 37K this year alone...

...and have two more years at that rate after this one.

Effing school...
Definately did it to myself.

But, yep, you can never be too careful with the loan companies and the amount of checking up you have to do on them is ridiculous.

quote:

Originally posted by ShneaSIG:
I'm on the hook for about 37K this year alone...

I would have a much larger loan amount but my tuition is payed for because my dad was injured pretty badly in vietnam. Couldn't imagine having to deal with a loan that big.

quote:

Originally posted by supernaut06:
My loan is relatively small, about $2600. I can afford to make the payments they want, it's just that I was told that I wouldn't have to and now they're showing me as delinquent. I really think that this could all be cleared up in a ten minute phone call, that is if they had anyone to answer the phones.

My understanding is that your school's financial aid office has to notify them you are enrolled again.

This happened to me once. All I had to do was send them proof of enrollment and they rescinded the delinquent status.

quote:

Originally posted by ShneaSIG:
I'm on the hook for about 37K this year alone...

I've got about $195k, with probably another 35k coming in the next few years. Damn law school.

quote:

Originally posted by ShneaSIG:
I'm on the hook for about 37K this year alone...

That all?

Pfffffttt!

quote:

Originally posted by tanksoldier:

My understanding is that your school's financial aid office has to notify them you are enrolled again.

This happened to me once. All I had to do was send them proof of enrollment and they rescinded the delinquent status.

That's what I've thought and the two financial aid advisors that I've talked to, mine and the one that handles veterans affairs, assured me it would be taken care of. However that was when a different company was handling my loan, now that this new one has taken over it's like starting all over again. In the emails I've sent I've asked if they just needed proof of enrollment but they haven't gotten back to me, it's becoming a bit ridiculous.

These things always run a bit behind. For example, when you finish the spring semester there is no way for the loan company to know if you will attend school in the fall. If you do, fine. If not they backdate things to the end of the spring to decide when your payments and interest start.

The situation you're in is similar but in reverse. It will get worked out, but keep track of it.

quote:

Originally posted by supernaut06:

quote:

Originally posted by tanksoldier:

My understanding is that your school's financial aid office has to notify them you are enrolled again.

This happened to me once. All I had to do was send them proof of enrollment and they rescinded the delinquent status.

That's what I've thought and the two financial aid advisors that I've talked to, mine and the one that handles veterans affairs, assured me it would be taken care of. However that was when a different company was handling my loan, now that this new one has taken over it's like starting all over again. In the emails I've sent I've asked if they just needed proof of enrollment but they haven't gotten back to me, it's becoming a bit ridiculous.

Your school financial aid office should be able to certify to your lender that you are a student again. You may have to get a form from them and mail it to your lender.

No surprise. There is a lot of consolidation in the banking industry right now and things are a little crazy. No doubt, your new servicer has just picked up tens of thousands new loans and the customers are all calling at the same time with a similar issue. It is enough to piss you off though, for sure.

You could be a stripper to help pay off the debt, I hear they make bank

quote:

Originally posted by archfire9:
You could be a stripper to help pay off the debt, I hear they make bank

And ever single one of them is just doing it to pay for college.


Or so I've heard.

quote:

Originally posted by archfire9:
You could be a stripper to help pay off the debt, I hear they make bank

If I took my clothes off, even inside, I'd probably blind people.

quote:

Originally posted by Aeteocles:

quote:

Originally posted by ShneaSIG:
I'm on the hook for about 37K this year alone...

I've got about $195k, with probably another 35k coming in the next few years. Damn law school.

Damn law school is right!

Being a 1L is bad enough... I can't believe I'm paying for them to do this to me!

quote:

Originally posted by Herbg22:

quote:

Originally posted by archfire9:
You could be a stripper to help pay off the debt, I hear they make bank

And ever single one of them is just doing it to pay for college.


Or so I've heard.

No! Really! I'm trying to pay off college!!!