My Education >> Search Results

Student Loans - what happens when they are sold to another company? I'm looking for a consolidation loan. There are so many companies out there. I heard that some of the companies with great promotional interest rate discounts (e.g. for on-time payments, enroling in auto debit etc.) turn around and sell your loan to another company. When this happens, do the terms have to remain the same as the original consolidated loan (ie interest rate, payment schedule etc.)? I'm hearing mixed things about this. I contacted the Federal Student Loan information center and was told conflicting things as well. ... (Asked by Sarah)
View Entire Question \| Report Abuse \| Similar Questions \| See it in Y!
A.
The "incentives" that lenders offer you to get you to consolidate are always subject to change, although most lenders will not do this because they want to keep your business. Typically if a loan is sold all of the terms will remain the same (the interest rate without any incentives has to stay the same). It is possible that they can change, but very unlikely. In the 2 years that I have worked for a student loan servicer and seen many lender sales I have never seen somebody lose an incentive only because of that. If ...(Answered by marebear31485)

View Entire Answer \| Report Abuse \| See it in Y!

About ten years ago I first received a statement from a collection agency about unpaid student loans.? The person owing the debt has a name very, very similar to mine. But I am not that person and I do not owe the debt. This person has been able apparently to skip paying perhaps because the collection agencies do not ever actually contact the person. In cycles I get phone calls from nasty debt collectors. I give them the information I have about the person they need to contact. I've written letters to collection agencies. I've contacted my state's attorney general. Now tonight I have gotten another call from a past collection agency trying again. After at least ... (Asked by firstyearbabyboomer)
View Entire Question \| Report Abuse \| Similar Questions \| See it in Y!
A.
Document all letters, calls or other correspondence to and from the collection agencies. Be specific. Send certified letters to them will copies of all supporting documentation. Send a "Cease and Desist" letter, which basically tells them that they have to cease and desist from all phone contact. When you have a complete file, log onto the FTC (Federal Trade Commission) website and file a complaint against all the collection agencies and the original creditor....(Answered by Toodeemo)

View Entire Answer \| Report Abuse \| See it in Y!

Financial Aid Overpayment? Ok, before i dropped my class, I had contacted the financial aid office at my school.They told me that if i dropped one of my classes in november then i wouldn't owe any money. I dropped it in november and then received a letter stating that i have to pay some of the financial aid back to school. The financial aid office didn't specify the exact date- just the month. I dropped it on February 8, and if i did it the week later i wouldn't owe any fees. I feel like i've been mistreated. Any suggestions please!!! ... (Asked by Svet)
View Entire Question \| Report Abuse \| Similar Questions \| See it in Y!
A.
As far as I know, if you drop any class that you are receiving financial aid for, you have to pay the money back. This is a fairly recent thing, though. It used to be that you didn't have to pay the money back after a certain length of time into the term, but I believe they have done away with it. I would go sit down and talk to your fin aid office and figure out exactly what happened. My guess is that the new regulation is what got you...an you are going to be stuck paying ...(Answered by Brandon W)

View Entire Answer \| Report Abuse \| See it in Y!

How do I know if I have anything to repay? Will I receive a letter? If so, when do they usually contact you by? I received financial aid and applied for loans my first year and dropped a class second semester, but I didn't hear from the financial aid office or anything. I can't remember whether I dropped the class before or after I received the check but either way, I'm a little worried that I'm going to have to repay something one day. If I did have anything to repay, would I have been contacted by now? It's been a year now so should I have heard from them by ... (Asked by hello)
View Entire Question \| Report Abuse \| Similar Questions \| See it in Y!
A.
If you had a pell grant, which is very common with financial aid, you don't have to pay anything back. If you actually took out a loan, then you would have to pay that back and you should get something to tell you how much and when....(Answered by fmxkrazyone)

View Entire Answer \| Report Abuse \| See it in Y!

I was contacted by educational direct to consolidate my student loans. Has anyone had experience with them? ... (Asked by pink_lion25)
View Entire Question \| Report Abuse \| Similar Questions \| See it in Y!
A.
if you consolidate, dont go threw an agency, you can do it straight threw the department of education,, its easy, and cuts out the middle man,,, so cheaper, you can set up your consolidation income contingent,,,,, they will base your payments on what you can afford, the direct link to them is http://www.loanconsolidation.ed.gov/borrower/borrower.shtml i dont know about the particular place that contacted you, but many of them use names that could easily be confused with the dept of education, or something official,,,,, i went threw it when i was out of work due to a fractured knee,, they wanted money ...(Answered by dlin333)

View Entire Answer \| Report Abuse \| See it in Y!

When does USC contact you if they want to interview you for one of their full-year or half-year scholarships ? I appplied for a scholarship at the University of Southern California for Fall 2007. I should get a decision soon. But this question is for anyone who applied last year and got a full year or half-year scholarship to USC last year. When did you get contacted for your interview, and what was your SAT score? Mine was 2350 :) ... (Asked by jugglingdud)
View Entire Question \| Report Abuse \| Similar Questions \| See it in Y!
A.
a college i attended, it is usually in the beginning of the year; like middle january to early feb. This is for student who filed early decision....(Answered by sunshine23511)

View Entire Answer \| Report Abuse \| See it in Y!

How do I find out who holds my student loan from 25 years ago? The origanal amount was $1,500. I've paid about $2,500. so far and the last time the collector contacted me(2 years ago) they demanded over $6,000. more for interest. what can I do about this? ... (Asked by itsup2mekt)
View Entire Question \| Report Abuse \| Similar Questions \| See it in Y!
A.
If it doesn't affect your credit, forget it ! If it does affect your credit, pay back as soon as you can. You should be able to cut the debt in 2 (pay 50%) if you make only one payment. Don't forget to ask for a debt discharge letter (saying that you don't owe a penny anymore)...(Answered by carlos)

View Entire Answer \| Report Abuse \| See it in Y!

Private Student Loan Documentation? If we apply for private student loans, do we have to document every little expense and then send it back to them to verify it? I've contacted a number of places already and they just say "can be used for school related expenses" but not answering my question. Need it as clear as possible Thanks for answering ... (Asked by doufu_long)
View Entire Question \| Report Abuse \| Similar Questions \| See it in Y!
A.
Depends on the Bank and the type of loan, I have some that I could only use for school (tuition, books, etc.), while I have two that I used for school "related" expenses (car to drive home during breaks, computer, and some extras). Post some more info please....(Answered by lopez096)

View Entire Answer \| Report Abuse \| See it in Y!

Note: We are not affiliated with Yahoo! Answers in any way. All the content is retrieved from Yahoo! Answers. We are not responsible for the content. For more information, please see the term of service. The above content was retrieved on April 03 2008 00:19:21.from Yahoo! Answers (Category Home > Education & Reference > Financial Aid). We are neither affiliated with the authors of this page nor responsible for its content. The data may have changed since that time. Click here to search real time questions/answers from Yahoo! Answers.