Re: Help-Wage Garnishment

Posted by Marcy (68.102.107.234) on July 10, 2003 at 18:48:31:

In Reply to: Re: Help-Wage Garnishment posted by Jade on July 09, 2003 at 16:12:30:

I had consolidated my loans through the federal direct student loan site mentioned earlier. Both my loans were in default. In order for them to agree to pay off your loans in default, you have to agree with the income contingent repayment plan for your first three payments. After that, you can change to any repayment plan you want. Just realize, this is basically your last chance to get your loans out of default. They will do it. Credit is not an issue. All you do is apply online, print and send your promissary note and the income contingent paperwork and wait for them to pay it off, usually about a month or so.

The bill collectors do not want to tell you this option becasue the Dept of Ed will not pay all the collection fees they want, but they have to deal with it anyway.

I brought all of my loans out of default two years ago. The only catch is you can not have a judgment against any of the loans you want to consolidate, but they will let you know if this is the case, if you are not sure if you do or not. Email me if you have any other questions,
Marcy

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