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Student Loan Problem
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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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