I rehabbed with ACT, and whlie everyone I dealt with there was super friendly, sometimes I didn't get my monthly notice from them stating they were withdrawing my payment from my account, so I would have to call them to make sure, and it's SO hard to hear the rep on the other end of the line!
To get to your original questions, when ACT picked up my loans, the orignial amount was just under $14k. When they sent me my rehab statement, they had tacked on $3k in collections fees (which were waived after I successfully completed the rehab).
Do you know if he had any Perkins loans that added to that initial $20k amount? Perkins loans would not be rehabbed the same as the student loans; they have to be rehabbed separately, so that may be the reason for the $4k difference.
in the garden until 2019!
Also, he should log onto NSLDS to see what exactly each of his loans are.
@cr3dits33ker wrote:
@martinsoka17 Thanks very much for your insight. We've got monthly alarms set and have reminders set on the calendar, but it's good to know we should double check. I agree that the ACT line is quiet...there was a lot of "sorry, could you say that again" from us!
Hmm, so sounds like that extra amount could be collections fees...do they have to waive that if you complete rehab? Or did they do it out of goodwill?
Will definitely call NSLDS to confirm. Thanks and congratulations on your rehab. Did you have any problems with them knocking negatives off your credit reports or was it all pretty much plain sailing?
My rep(s) assured me that the collection fees would be waived if I successfully completed rehab. So when I logged on to my Sallie Mae account, there was my original loan balance of $13.5k, and no collection fees. I'm assuming that the payments I made during my rehab was actually going towards the collection fees. Oh well.
As far as knocking negatives off my CR, Sallie Mae hasn't reported my new TLs yet, so I'm waiting for them to do that, and then I'm going to have to do a little work. My loans were originally serviced by Direct Loans, who is no longer in business, so I wouldn't be able to GW them to remove the lates. I did a lot of research though and people have had success disputing the TLs and getting the lates removed, or GW the DoE directly. So we'll see, I guess. I know it will be smooth either way I go about it, but it depends on who was the original servicer of your husband's loans.