Defaulted student not reported...yet..please help!!!

[olivex]

 have 3 loans from Sallie mae which show up on my credit report and closed and transferred.

About a week ago i received a letter from a collection agency stating that they are now taking

over the accounts and would require the total amount due by the end of the month ( about $9000 )

I know the seconds this shows up on my credit report as a collection its going to destroy all my efforts

that i have worked on so far. Im not sure what to do. Is there a way that i could take action and prevent this from showing up on my credit report as a collection? I would much rather have a 1000 lates on my report than 3 collections. Should I call Sallie Mae and see if i can make payments with them even though the account has been transferred? Please help me with some advise.

Thank you in advance

oliver

Message Edited by olivex on 05-18-2008 06:18 AM

Message Edited by olivex on 05-18-2008 01:14 PM

[Anonymous]

If Sallie Mae has sold them, then there is nothing Sallie Mae can do at this point.

If you can't PIF, then I suggest trying to work out some type of payment plan with the CA and asking them not to report as long as you make your payments as agreed and pay them off.

[ramona32]

Why don't you try a consolidation loan with William D. Ford Department of education.