Re: 15 yr defaulted student loan haunting me now, worried about home.

Posted by jm10101 (198.80.153.10) on August 30, 2002 at 11:24:18:

In Reply to: 15 yr defaulted student loan haunting me now, worried about home. posted by Terri C. on August 30, 2002 at 10:38:49:

Are you sure it is a student loan? NCO has been know to tell people a debt is a student loan when it is not.

If it is really a student loan, it should so up in the National Student Loan Database run by the Dept. of Educ. It includes all loans given with Title IV funds. It is an important distinction - these loans are non-dischargeable and must be paid...keeping them in collections only means you pay more.

A good way out is to request that the loan be rehabilitated. You can find more info about rehabbing here:

http://www.finaid.org/loans/default.phtml

And the National Student Loan Database:

http://www.nslds.ed.gov/

Be careful with these guys - if it is not a student loan, then completely different strategies apply!

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