Loan Rehab with Financial Asset, USA Funds and Great lakes higher edu (NCO or DCS)

[lovemybabiesx2]

Okay so i was really stupid and defaulted on my student loans 3 yrs ago.  I put my head in the sand and just prayed it would go away...it didnt work =)  Now all 8 of my student loans are in collections.  5 are being held through US Dept of education and being serviced by the collection company Financial Asset.  1 is through Great Lakes Higher Education and they use NCO or DCS as a CA (although I wont know who holds mine until tomorrow when i call) and then 2 loans are through USA FUNDS.  Does anyone have any experiance with Loan Rehab with any of these CA's?  I am guessing i'm going to have three montly payments if they do in fact do Loan Rehab.  I honestly do not have more than $100 - $150 TOTAL per month to pay towards these.  Is it hard to negotiate a payment arrangement?  Thanks for any help!

[Anonymous]

I only have experience with the DOE. I know when I got my default notice in the mail there was a chart that showed the payment amount passed on the balance.

To give you an idea my loan balance was around $4000 the department of education requested that I pay $125.00 a month. I am not sure if I was able to negotiate because I did not try.

[FicoTron]

check this thread out http://ficoforums.myfico.com/t5/Student-Loans/Student-Loan-Rehabilitation-And-The-Effect-On-Tradelin..., there is a post in there on how to negotiate with the CA"s and get a low monthly payment.

[Anonymous]

You should consider consolidating all of your defaulted loans through the Direct Student Loan program (run by the U.S. Department of Education).  If you try to rehabilitate all three of your accounts, you will need to make 3 separate payments for 9 straight months and then your loans will be sold to three different lenders.  The benefits of rehabilitation are not that tremendous - only the guaranty agencies delete your bad credit history - the original lenders do not.  You can apply for a direct consoldiaton loan at the Department of Education's website:  https://loanconsolidation.ed.gov/AppEntry/apply-online/appindex.jsp.

[lovemybabiesx2]

i thought you couldn't consolidate those until they came out of rehab, at least that was my understanding...I did go ahead and set up the rehab process with each place starts this month and ends April of next year