Defaulted Student Loans + Other Debt

[quote]Sallie Mae:$11,000
Wells Fargo Ed:$3700, $5,500, $11,000
----(also says permanently assigned to the government)
PHEAA/HCB: $14,000
----(says 'permanently assigned to the government')

From the way you have listed these here, I have no idea how much you owe and who holds what. You need to either go to http://www.nslds.ed.gov/nslds_SA/ or call 1-800-4fedaid to find out who is holding what. Sallie Mae and WF are lender/services who would have defaulted you, assumably to PHEAA but the numbers dont add up. Were these federal loans or federal and private loans?

What shall I do from here?

I currently have GC Services calling me all the time for the one (or more?) of the defaulted student loans, where I just hang up before identifying myself.

Big mistake.

I am a bit confused on the Wells Fargo account -- is one of those listed a duplicate? I was under the impression that I had two loans around $12,000 each. Is the credit report simply listing the charged-off loan from one company twice on the report? Once from the original lender, and once from its current holder?

When you default on a student loan, you get hit with a double wammy....two negative tradelines.

Also, now that I am defaulted -- what are my options? Does consolidation still work? What can I expect to have to pay? And what are my interests rates probably right now?

We arent mind readers...you will have to do the research as to what your interest rates are. And without knowing what you owe with accrued and capitalized interest plus collection fees averaging 20%, no one can predict what your payment will be.

I should have this information, to be what some people call a fiscally responsible fellow, but I do not and have almost entirely ignored them. Now I shall suffer.

I'd almost prefer to die rather than give them a penny, but that sounds foolish. But how long will this take me to pay off, and for what reward? No punishment? Not too much of a reward there.

Any help you can offer is most appreciated, and I will gladly answer any further questions that you have. [/quote]

It time for you to start taking some responsiblilties....DCS has probably been sending you mail with balances. You need to do the research first to find out what you owe. Yes consolidation is still available but credit wise it not always the best option. Look at rehab too. Read this forum.

Thanks for your help on pinning down the loan amounts at the government financial aid website -- quite a nice, easy site.

I owe about $24,000.

Who do I contact to find out the interest rate? It just says 'fixed' on the government page.

Why was it a big mistake to hang-up on GC Services? They were certainly aggressive.

I guess I feel acknowledging my existence to them will somehow permit them to serve me with some summons, so I cower in fear.

That is probably irrational.

Would negotiation with them be best? Or another organization? I will keep reading the forums.

Thank you very much for your help.

Defiant

Student loans will not work thru debt management or debt settlement companies. This is something you will have to deal with yourself. The CA will be able to tell you your interest rate , how much in collection fees were added and who they are collecting for.

Hang up on a student loan CA ? Good way to find yourself in garnishment pretty quick. Summons ? Nope federal student loans dont have to take you to court to garnish your wages.