Re: Student Loan Problem

Posted by Angel on March 14, 2002 at 08:37:00:

In Reply to: Student Loan Problem posted by Lee on October 17, 2000 at 03:35:45:

: Be forewarned, this is a rather complex scenario...

: I took out a student loan from a lender when I was
: an undergraduate, then applied for and was granted
: a deferment on this loan when I entered graduate
: school. On the deferment form, I indicated that I
: was requesting a deferment for four years to get
: my Ph.D. (and I did in fact remain a full-time
: student for each semester during this time). For
: some unknown reason, the lender removed my loan
: from deferment status after my second year of
: graduate school and began billing me. I didn't
: know this and didn't receive any bills (probably
: due to my frequent change of address as a student).

: The original lender then sold the loan to another
: lender (IDAPP), then the loan went into default
: and was purchased by ISAC, the gaurantor. It was
: only then that I learned of the situation from
: my grad school financial aid office. I then
: contacted the gaurantor to try to put my loan back
: into deferment status, but was told that this
: couldn't be done with a defaulted loan. So I set
: up a payment plan to get out of default, which I
: followed successfully, and now I have made timely
: payments on the loan for the last four years.

: So, we're talking about one student loan problem,
: which I personally don't feel is my fault, and
: look at all of the derogatory information I'm
: left with:

: 1. For the few months that the original lender
: started billing me, I have 2 60-day lates and
: 1 90-day late, plus the status is shown as
: Pays 91-120 Days, and Equifax lists this as a
: delinquent account. Also note that there are
: four separate listings for this exact same loan
: for 9/92-2/93, 2/93-5/93, 5/93-6/94, and 6/94-
: 10/94. All show the last month of the period as
: the date of last activity when there was never
: *any* activity on this loan (I never once sent
: a payment, believing the loan was deferred).

: Seems to me there are many problems here. First,
: the loan never should have left deferment to begin
: with, but unfortunately I no longer have a copy of
: the deferment form to bolster my case in this
: regard. Second, there should not be multiple
: listings for this same exact loan, but just one
: from 9/92-10/94. Third, the date of last activity
: should be 9/92 because no payments were ever made
: (right?). Fourth, if you accept points 2 and 3,
: this item is being reported past the 7-year limit.
: Any advice on the best way to handle this?

: 2. For ISAC, the gaurantor of the loan, there are
: 9 90-days, the status is listed as 120+ days past
: due, and Equifax lists this as a delinquent
: account. Both the date opened and date of last
: activity are 3/95.

: Again, there should've been a deferment in place
: to begin with. But isn't there also a problem
: here in that there are multiple listings for the
: same debt, one from the original lender and one
: from ISAC?

: Any advice would be greatly appreciated. Thanks!

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