Goodwill letter Denied from EdFinancial

[Anonymous]

My student loan through the Dept. of Ed was shifted over to EdFinancial along with many others in 2012. This caused my loan to go delinquent since it was previously in forbearance with the previous servicer (I was supposed to have reapplied for this program with the new servicer)

I explained this in the letter, that it was because the loan was transferred, that caused the confusion. (It was never delinquent the previous 7 years under Dept. of Ed.) 

Their response was that the information they have is accurate and that this will be on my report untill the year 2020. 

I do wonder how these people sleep at night knowing they're keeping thousands in a debtor's prison-  ruining credit, keeping people from getting ahead in life. Almost feels as though i have a criminal record now. I'm considering bankruptcy since my credit score is below 500- what's the point

[SCF]

If they aren't willing to grant the forbearance retroactively, then the best you can do is keep sending goodwill letters and do what you need to now to get the loan back in good standing, whether that's applying for a forbearance or getting on a payment plan you can afford.

The good news is that the sting of these lates will decrease over time, even before they fall off your report completely.  Also, if you're a student and these loans are what is giving you such a low score, I'd expect to see big gains over the next year or two if you can add some positive payment history and eventually open a revolving account to also build history for you.  With a thin file, one account has a much bigger impact than if you have other accounts to balance it out.

[Anonymous]

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Thanks for the words of encouragement. 

As soon as I learned what happened to this loan, I took care of it and got back on the payment program i had been on the last 7 years. I'm no longer a student, everythings current again though.

Too bad this caused damage to my credit. All because of this transferring. I've read about others who fell victim to this confusion. It was my responsibility to monitor this loan more closely. If EdFinancial had my current address and phone numbers, I would have heard from them and it never would have gotten to this point. I just assumed that nothing would change and to pay my set amount every month for the next 20 years. Lesson learned- debts get bought and sold, banks buy other banks- be aware of all the changes.