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21
Student Loan Scams / Re: Checklist To Avoid Student...
Last post by TheCollegeInvestor - July 13, 2019, 03:52:45 pm
We don't make opinions on third party companies. We recommend that you read this article and make an informed decision before working with a third party company that charges you for assistance, especially given that you can do everything with your Federal loans for free: https://thecollegeinvestor.com/16429/is-your-student-loan-repayment-company-a-scam/

Speaking specifically to the Navient lawsuit, that doesn't involve you or any borrowers. Multiple state attorneys' general and the CFPB are suing Navient over their practices. If/when the case is over, there isn't going to be any forgiveness - just changes to their practices and likely some type of fine. And this will likely take years to resolve.
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Student Loan Scams / Re: Checklist To Avoid Student...
Last post by Jtruster12 - July 12, 2019, 12:44:36 pm
I spoke with a company today called Alum financial. They seem to be a legit company and the guy was very nice but I'm worried about it being a scam have you heard of this company? He told me navient is in a lawsuit and that why I'm eligible for forgiveness. I would really love for my loans to be forgave but I'm so scared of all these companies contacting me being scams.
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General Discussion / Legit?
Last post by Teacher08 - July 11, 2019, 02:17:05 pm
Is the company student assistance program a scam or is it real? They seem good but I'm just scared now that everything is going.
 
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Navigating Repayment / Re: Is Settling with a Collect...
Last post by TheCollegeInvestor - July 10, 2019, 10:03:31 am
See my other response. Your options for settling Federal debt are very limited. If you can settle, make sure it also includes removing the default.
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Ask a Question / Re: Rehabilitation, Consolidat...
Last post by TheCollegeInvestor - July 10, 2019, 10:02:52 am
1. If you repay the loans in full, we recommend asking for a default removal for payment. Otherwise, it's best to rehab and then pay them off (to get any default off your credit report).

2. Contact the agency

3. Yes, but they'll do it all together.
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Navigating Repayment / Is Settling with a Collections...
Last post by RepaymentMan - July 08, 2019, 07:23:56 pm
I have $20,000 of very old Federal Student Loans that have long aged off of my credit report, but are being garnished from my wages. A Collections agency is constantly contacting me regarding the loans and I want to get rid of this problem, but fear taking the rehabilitation route as I think my payments would be too high due to my high income last year. Therefore, I'm wondering if offering to settle for a lower amount and payment in full is a doable and smart move.

Is it common for Collections Agencies to enter a settlement agreement on defaulted Federal Student Loans? If so, what can I expect and would entering such a settlement be a good idea? Would my credit remain unharmed? Or would a settlement put a new negative ding on my report?

Any help is greatly appreciated!
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Ask a Question / Re: Rehabilitation, Consolidat...
Last post by RepaymentMan - July 08, 2019, 04:15:25 pm
Thanks for the help.

3 questions I still have are what happens in regards to my credit report / score (which all loans have aged off of long ago) should I actually pay the loans in full?

Also, I have multiple loans all being handled by a Collection Agency. Is the Collection the ones I need to contact should I want to rehabilitate them, or is it someone else?

And do I need to rehabilitate each small loan separately?

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Ask a Question / Re: Rehabilitation, Consolidat...
Last post by TheCollegeInvestor - July 08, 2019, 09:57:32 am
Rehabilitation removes the default and is our recommended approach to handling default. However, it's a "one time thing", so don't mess it up after, or you're not going to have the option again.

Read this: https://thecollegeinvestor.com/22174/student-loan-default/
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Ask a Question / Rehabilitation, Consolidation ...
Last post by RepaymentMan - July 07, 2019, 07:07:11 pm
Hello all, I am new to this board and hope you all can give me sound advice in my Student Loan repayment journey.

I have a scenario where I have very old defaulted Federal loans totaling about $20,000, that both defaulted and fell completely off of my credit report many years ago. A collections agency is handling the loans now, and have recently began to re-garnish my wages. I want to get this situation taken care of, but fear making payments via either rehabilitation, consolidation, or payment in full, will cause the negative trade lines to reappear on my credit report and cause my scores to plummet. Is this true? Will new payment activity trigger the loans (and associated negative trade lines) to reappear on my credit report for a new 7 year period?

What's my best course of action, with this scenario, to have the least impact on my scores? I can't afford to pay all the loans off in full, but I could manage to pay off a few of the smaller ones. Is any option better than the other in terms of maintaining a good credit score? Your assistance is greatly appreciated. I thank you in advance for your help.
30
It will not be pleasant, but once you default, you probably don't have to worry about a lawsuit for a year or so. You will be hounded by debt collectors, and see a lot of fees and collection costs added onto your loan.

You might want to check this out: https://www.reddit.com/r/studentloandefaulters/
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