Re: unbelievable interest

Posted by Robert M (12.225.232.116) on June 11, 2002 at 04:11:44:

In Reply to: Re: unbelievable interest posted by JC on June 11, 2002 at 03:33:19:

I don't believe student loans are sold to collection agencies. The federal government pays interest on a student loan while the borrower is in school, so why would they sell it to a collection agency? You can tell any collection agency to pound sand. Just send them a letter telling them to stop contacting you. They will stop contacting you but, for 9000 dollars, they won't stop trying to collect. Contact the guarantor first (The agency that guarantees to repay the loan if you don't). Find out if you really have defaulted.

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