Student Loan in Default - Rehab??
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Posted by Rain (24.50.246.145) on February 18, 2003 at 22:05:17:
I have just discovered that my student loan is in default. After researching the internet and this board, I have learned about the rehab program for studen loans and about asking to make a "reasonable and affordable payment plan". I sat down and wrote out a letter to send to my lender and would like some opinions on it. Here is what I am planning to send: Dear Sir or Madam, I am writing in regards to my defaulted student loan(s). I would like to enter into the rehabilitation program providing that we can agree upon a reasonable and affordable payment plan. I have been researching the rehab program and have found that in order to rehab the loan(s), you must be able to pay off the loan(s) within a 10 year period. According to my latest letter from you, dated January 23, 2003, I am currently in default for the amount of $x,xxx.xx. After doing some calculations, I should be able to pay off this amount in the 10 year period with a monthly payment of $xx.xx
zz.zz x 12 months =xxx.xx
zzz.zz x 10 years = xxxx.xx My social security number is xxx-xx-xxxx and my date of birth is xx-xx-xxxx. Please notify me in writing if this reasonable and affordable payment plan is acceptable with you. Today is February 18, 2003 and I would like to begin making my payments on March 18,2003. This will allow you 30 days to come to a decision and mail your response to me. I would like to thank all of you for your posts! You guys have given me a lot of valuable information! I have been telling everyone I know about this board. Keep up the GREAT work!!!!!
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