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#17
04-15-2007, 12:08 PM
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I just saw a report today and it was regarding the government stepping in and handing out huge fines for corruption with this system. Sallie Mae was the biggest offender. The investigation showed that students and their families were directed towards loans with higher interest rates and if they chose certain providers then the financial aid officer received a bonus from the loan company. Stated that the colleges were involved. And the government is handing down fines in the multi-millions of dollars for the corruption activity. And corruption isn't my word, it is the federal governments.
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#18
04-15-2007, 08:34 PM
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I saw the report as well. Not only that, but several high ranking officials in the government are heavily invested in Sallie Mae. Schools were directing students and families to those loans because the lenders were giving the schools kick-backs. It'll be interesting to see how this develops.
__________________
He who has freed himself of the disease of "tomorrow" has a chance to attain what he came here for. --G. I. Gurdjieff (1872-1949) The science is in knowing, the art is in perceiving - Robert Fripp (1946-) Ever get the feeling you've been cheated? - Johnny Rotten (John Lydon) (1956-)
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#20
04-16-2007, 12:38 AM
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One could only hope for one of the greatest acheivements of George Bush the first -- an amnesty for student loans.
__________________
He who has freed himself of the disease of "tomorrow" has a chance to attain what he came here for. --G. I. Gurdjieff (1872-1949) The science is in knowing, the art is in perceiving - Robert Fripp (1946-) Ever get the feeling you've been cheated? - Johnny Rotten (John Lydon) (1956-)
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#21
04-16-2007, 03:10 AM
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Yes, I forgot about that segment in the report stating that government officials had invested in these companies and didn't they also say that they uncovered that some of these financial aid officers were also given the opportunity for investment if they steered students towards their programs? That report absolutely disgusted me.
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#22
04-16-2007, 11:16 AM
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Back when I was collecting, as a manager I used to go to a lot of conferences. Even back 15 years ago, there was talk of getting rid of the state guaranty agencies and going completely to Direct Lending thru the DOE. That would basically put Sallie Mae, Citibank and others out of the loop. I really think that this scandal will probably result in a bigger push towards direct lending.
By the way, Sallie Mae is being sold. http://money.cnn.com/2007/04/16/news...ex.htm?cnn=yes Student loan amnesty...will never happen. Interest rate reduction is more likely.
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#24
04-16-2007, 07:02 PM
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I heard a report today that Sallie Mae has just been sold in a multi-billion dollar deal. I didn't catch who bought it though.
__________________
He who has freed himself of the disease of "tomorrow" has a chance to attain what he came here for. --G. I. Gurdjieff (1872-1949) The science is in knowing, the art is in perceiving - Robert Fripp (1946-) Ever get the feeling you've been cheated? - Johnny Rotten (John Lydon) (1956-)
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#25
04-30-2007, 12:22 PM
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Loan Consoildation
I contacted the agency garnishing my wages and asked about getting my loan out of default. They said i would have to make an additional monthly payment along with what the wage garnishments for 9 consecutive months to get my loan out of default, and that i would not be able to get approved for loan consolidation since my wages are already being garnished. If this is true I'm in some real trouble cuz i can't afford the 15% they are taking out already. I have to work overtime just to make ends meet.
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#26
05-24-2007, 08:51 PM
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Garnish
I received a phone call today at work from the student loan people. I was pretty irate that they called me at work but anyway they told me they could garnish over $400.00 from my paycheck. I make $11.00 an hour and work 37 hours a week. Are they serious? Can they garnish that much or just trying to scare me?
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#27
05-24-2007, 09:11 PM
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If a federal student loan, it is capped at 15%... Write a letter demanding they only contact you via mail, and send it CMRRR.
__________________
The only people with whom you should try to get even are those who have helped you. -John E. Southard
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#29
09-08-2008, 11:52 AM
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Quote:
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#30
09-08-2008, 11:54 AM
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Quote:
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#31
10-21-2008, 07:30 AM
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Van Ru Collection Agency
Good morning,
I am being threatened by Van Ru to garnish my wages. The payment arrangements they gave me are extremely high and I cannot afford them. I have one income in my household and they are not trying to work with me at all. What can I do?
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#32
10-21-2008, 07:53 AM
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student loan
DMACK......you're right. Dept of Ed WILL work with you. However.......it's difficult to get a defaulted Student Loan out of default. I had mine in default for about 2 years. Until....Dept of Ed helped me out of it. It took ALOT of paper work and alot of time. But..I'd rather have that happen than be in default again.
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