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Student loan default & credit issues

Bad credit from student loans?
What about student loan inaccuracies? Are your deferred loans reporting delinquent? Are you showing several debts for the same student loan? If so there are two methods to clear this up. First, the self help method will give you all the tools you need to argue and successfully remove inaccurate accounts for just a few bucks. Using the method of the FCRA you will be able to successfully dispute each inaccurate student loan to bring your credit reports up to an acceptable standard of reporting. Option two, full service Credit Restoration. This allows someone else to do the work leaving you free to get on with your life.  

Student loans FAQ Continued
The Department of Education was given powerful tools to use against former students who don't make their payments.  Defaulted student Loan collection agencies charge the Department of Education a commission of about 28%. That commission is passed on to you, meaning you have to pay both the money you owe on the loan and the commission. The IRS can intercept your income tax refund until your defaulted student loans are paid in full. It is one of the most popular methods of collecting defaulted student loans. In 1995 alone, the Department of Education has collected millions this way.  The Department of Education and guarantee agencies are authorized to take ("garnish") 10% of the wages of a student loan debtor who is in default on their student loan. You can be sued forever on your defaulted student loans.

Top Ways To Make Your Student Loan Repayment Easier

-Keep current on your payments is number one! Students overextend themselves with credit card debt and soon fall behind. Watch your debt.

-Keep good records: know who services your loan and keep the contact info close by.

-Keep your address current with your student loan lender.

-Be responsible. Know what you owe and when it's due.

-Make your payments on time and build good credit .

-Consider deferment, consolidation or rehabilitation if you encounter trouble paying.

-Make your student loans a priority. Have the payment deducted automatically from your bank account as to miss NO payments. It can ruin your credit rating.

-Understand student loans. They cannot be included in a bankruptcy and they have no statute of limitations.

The US Department of Education Collection Service publishes a guide called "Guide to Defaulted Student Loans" to help students repay their defaulted student loans. It includes information about repaying a defaulted student loan, loan consolidation, loan cancellation and discharge, the consequences of default, resolving disputes, and information about Rehabilitation options.

Contact for more information:

U.S. Department of Education
400 Maryland Avenue, SW
Washington, DC 20202-0498
1-800-USA-LEARN (1-800-872-5327)

Federal Direct Consolidation Loan Center: 800-557-7392,

  • www.ed.gov

  • Sallie Mae: 800-524-9100, http://www.Salliemae.com

  • USA Group: 800-382-4506, http://www.usagroup.com.

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