Student Loan Question re: Reporting

[SingleWithThree]

I wanted to thank you for your responses yesterday.  I did what you suggested and looked up the loan.  To my surprise I wasn't even in default status until this past March.  I can't figure out how in the heck that could be the case since the loan is 10 years old!  Apparently it was some how deferred and in forearance for years.  I never requested the deferrment and have no clue how any of this happened.  The first time I ever learned of this student loan was in March when I got the collection notice from the Dept. of Ed.  (apparently when I defaulted, late by $200).  So I am going to contact them and ask that they send me any of the documents explaining the "life" of this loan.  I'm so confused.  I don't know how any of this happened.  But I would have never defaulted on this if I had known about it or got a repayment schedule for it.  It had never even appeared on my credit until it was defaulted.

[LynnInMN]

They will not provide you with much of anything if at all.  Loans do fall between the cracks...they get lost.  However once found, the guarantor must perform due diligence steps to cure the account.  Once cured, it is back in the system.  Ultimately ED holds the borrower responsible.  It all come down to this...pull it from the DOE site

Defense of Laches (Unreasonable and harmful delay in demanding payment)

Because default on a publicly-financed debt, such as student loan or grant obligation, harms the taxpayer, Federal law precludes the debtor from avoiding repayment by claiming that the debt should not be enforced because of delays in demanding its repayment. Moreover, where the debt is a student loan, the borrower has agreed in the promissory note to apprise the holder of the loan of his or her current address. Thus, a claim that the debt, or interest owed on the debt, should not be enforceable because of delays in demanding payment is also barred because the borrower, not the lender or the Department, was legally obligated to notify the holder of his or her correct address.

[SingleWithThree]

I have NO intention of trying to dodge this debt.  I'm simply trying to not be held accountable for it being sent to collections before I was ever given a chance to repay the thing.

All of my loans are through Great Lakes and I have always kept track of those....had I known this existed I would have kept track of this one as well.

Kind of hard to keep track of something you had no idea was even out there!

All I want is a chance to rehabilitate the loan - that's it! 

[LynnInMN]

Now it makes more sense.......you did not default six months ago...your account would have been subrogated by the DOE six months ago.  Great Lakes is a FFELP guarantor....when an account defaults and it not paid on for several years, the DOE subrogates or takes over the account, starting the reporting cycle all over again. Is this a Stafford loan?

Or was this a Perkins??

[SingleWithThree]

It's is a Stafford loan.  I think I mispoke.  I am not sure if this loan was originally with Great Lakes.

I went to KSU for one semester when this loan ocurred.  I then went to another school a year later...from that time forward all of my loans were through Great Lakes.

I honestly have no idea where this loan came from or who it was with.

[Anonymous]

To ensure this is not a scam, you may want to send a DV letter CMRRR (certified mail return receipt requested) to the billing address that is stating you owe them money. In writing and maiking copies is always best. Also, never "sign" your letters. You do not want to pass around your signature.

Below is an example. Good Luck.

Name

Address      

Address

18 September 2007

General Revenue Corporation

P.O. Box 165050

Columbus, Ohio 43216-5244

 

RE: Assessment No. xxxxxxx

To Whom It May Concern:

I received your letter on 17 September 2007 claiming I owe you a debt. Per § 809 of FDCPA, send me validation of this debt.

 

Regards,

Name (do not sign) (make a copy for your files)

[Anonymous]

The DV letter will get a copy of the promissory note and an accounting history.

Whoopty doo.