Re: denying student loan!!! HELP!!

Posted by Fellowstudent (172.134.39.145) on May 25, 2003 at 07:17:52:

In Reply to: denying student loan!!! HELP!! posted by jules on May 25, 2003 at 00:14:01:

Which school is he attending? I believe Sallie Mae loans are not credit contingent; it is possible to have a bankruptcy and continue to receive Sallie Mae loans subject to prior student loan status. This sounds more like denial of private educational loans due to inadequate/ poor credit. In what state did he sign the contract for the various credit agreements? In what state does he reside? On what date did he open the accounts. When were they sent to collections? These facts will help determine the statute of limitations for reporting and/or collecting.

Re: An old Sears account "will not" be shown as 'paid' on his CR per Sears, because it was "settled, and not paid in full".

If you do not have substantive proof of a debt settlement wherein the original creditor agreed to report the line as “paid”, you will most likely not be able to change it.

Re: Then, we paid another old debt via a collection agency for a Wells Fargo credit debt, and they havent notified the agencies of this 'paid' account either.

Send letter to your state and federal representatives and senators and state attorney general describing your situation. Send this and everything certified mail return receipt requested. You are undoubtedly under a time crunch, so express mail seems like a justifiable additional expense.

Re: I've filed "research request forms" with the credit agencies.

Transunion, Equifax, and, to a lesser extent, Experian, will routinely “verify” most inaccurate information. In my experience, only a letter from my state’s attorney general persuaded these scumbags (aka CRAs) to remove inaccurate and/or fraudulent information.

Re: I've called Sears and Wells Fargo numerous times, with no help

Do not bother with these monkeys. They have what they want; they have their money. They have no incentive to help you.

I know you are pressed for time, so in my opinion your best shot is to tear down the walls at his school’s financial aid department. TALK TO EVERYONE -- several times each if you must. In my educational experience, especially regarding financial aid, I was always amused that I got five different answers from three people about the same question. They guys would make a panel of blue ribbon economists appear unified! I have NEVER been subject to a credit check for a Sallie Mae loan (including Stafford and Direct). Indeed, he may need to apply for outside, private supplemental loans, especially if he is attending a private school. In that case, loan approval is completely dependant on the lenders credit requirements. Even so, he may wish to plead his case to the individual loan officers and show them the proof that the debts were paid. You may have luck, especially if those two particular trade lines are his only negative marks; hopefully he has some good credit, also.

You say he is now entering his third year of med school – Congratulations! Med school is a difficult journey. There are many obstacles. Those who have the skills and drive to get in usually have what it takes to finish. Try to stay calm while weathering this storm – there will undoubtedly be many more to come. Feel free to email me with any questions or developments. Good Luck!
mdruckjr@hotmail.com

Follow Ups:

Post a Followup