Re: student loan collectors
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Posted by J (209.145.133.228) on July 23, 2002 at 16:32:50:
In Reply to: student loan collectors posted by Marcy on July 23, 2002 at 15:10:20:
It is 10-15% of your NET pay. However, you can avoid it by rehabbing the loans. (Use exact language: "I want to establish reasonable and affordable payments to rehabilitate my loans." By law they have to comply.) www.ed.gov will give you info about rehabilitation and other options. I believe you can even find out who the servicer of your loans and what exact type they are, if you don't already know. I've had experience with garnishment and rehab, and I've never read anything that said lump sums will help a defaulted loan in any way. I was once told by a CA that I had to go ask for a loan and then fax the denial letter. They will always BS you. While Student Loans are a strange breed, the CAs still are bound by the FDCPA. I wish I'd taped my conversations with the CA for my loans, I'd be in great shape right now, if I had. J
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