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This may be helpful to other VA elgible borrowers so wanted to share.
My DH has defaulted student loans, totaling $14,000. They are with a 3rd party agency. I called the agency, asked if we can go on repayment plan to try and get them out of default within next few months. She said no, offered me a settlement for 90% of balance due, balance also included fees bringing it to almost $16,000. I said I couldnt, we hung up.
I then called the department of ed debt line (1800-621-3115), i did NOT enter social security number - otherwise it just boots me out to 3rd party agency, instead i hit # sign.
Agent comes on, i immediately ask for supervisor
supervisor comes on, i say we are trying to buy house, are veterans need defaulted edu loan out of default asap. Can we offer a repayment plan i asked. She said call 3rd party agency, tries to dismiss me. I say I already did, let her know they ONLY OFFERED PAYMENT IN FULL OR SETTLEMENT - no payment plans.
-She puts me on long hold.
-She comes back and says since the 3rd party agency didnt offer payment plan, they are recalling the account back to them!!!!!
-She offers me information to get on payment plan - make $5 payments for 3 months, and we will be able to consolodate student loans, PULLING THEM BACK OUT OF DEFAULT IN 3 MONTHS.
If you are in default, on a short timeline, use this tactic. Call department of EDU direct, tell them 3rd party collector is demanding payment in full, and ask for consolodation plan - this will put you on a 3 month timeline vs. 10 month with the loan rehab program - which takes 10 months.
good luck.
Good info to know, thanks for sharing. Although I wonder if the US Dept. of Ed. figured out that your specific 3rd party agency doesn't offer payment plans (like once you told them, they researched it and confirmed it, then they were willing to offer you the 3-month rehab plan)... just saying it may not work for everyone. Worth a shot though.
Dupe reply.