So, I went to college for two years, one year I got a GSL, that was 1987 and 1988. I then joined the military in 1989 and got out in 1993. I then started working at the USPS and left in 1996. I had deferred payment till then. In 1996 they consolidated my loans for $3598. I guess I made two $100 payments and I have been running from them ever since. I even got a call last Veterans Day for collection.
Anyway, so today I call wanted to settle, I am tired of running from something I owe.
I dealt with Action Financial Services.
They then quoted me a one-time payoff of $6400. I think they said it was a 50% reduction in Interest and remove all fees. I jumped on it. I did not ask for a lower amount because I was willing to pay more. They did have to get the OK from Dept of Education, I think they logged onto DofE's server to make sure the $6400 was still good.
I owed $11,498 according to DofE telephone. Their website said I owed like $9,500.
They do not accept Credit Cards, just Debit Cards or Electronic Check.
Now, I have read that the DofE can come back later if they don't agree with the settlement, but since the originally settled amount was a DofE number, and they double checked the amount, I should be OK.
They did say I would be sent a 1099 for the amount that was written-off for tax purposes.
So, if you have to deal with AFS, and you have the money, stop running, pay your debt and feel free again. I hope your experience goes as well as mine.
