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I decided to try to help my step father out and co-sign his student loans. At the time he was working in a very good job and could afford the payments when they started to occur. But of course with my luck, he was laid off and to this day is still trying to recover from the financial loss he gained from being laid off.

I co-signed three student loans for him, two unsecured loans from COLLEGIATE FUNDING/GLELSI and one student loan from NATIONAL COLLEGIATE TRUST (I am getting the names from my credit report, don't know if that's the actual names of the companies.)

I have come to the realization that the only way I am going to fix my credit is to assist him with the payments of the student loans, but even with our income combined we can't afford the total payments of all the loans as well as all our other bills.

Combined, the loans come out to a total of approx. $68,000 with monthly payments being approx. $750. Does anyone have any tips on what routes we can take in order to rid us of our problem?

Any help would be greatly appreciated. Thanks!




This is no different than any other private lender. You signed a prom note agreeing to terms, including balance in full on demand upon default. All an attorney is going to tell you is to read yoiu note. He can't change it. So talking to an attorney is somewhat a waste of money.

Sub: #31 posted on Wed, 08/11/2010 - 12:20

SOAPLADY SOAPLADY
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They don't want to talk to anyone. You can only talk to AES if they are in charge of the loans. They will only offer deferment, forbearance, or interest only for a while, but then you will owe and pay more later. Few banks offer consolidation (another private loan) which requires a cosigner. There is no way around private loans. If I would have know better I would never have asked for them.

Sub: #32 posted on Thu, 08/12/2010 - 14:20

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I just graduated from college back in May of this year, and have over 100K of student loans on me. If I knew or someone else told me more about student loans before i went to college, I would have definitely stayed home or at a 2 year college first. Seems like I can't really do anything with my condition given that I only work a near minimum wage job. And the only luxury thing i'm paying for is internet. Even with that. I only have 150-200 left per month, and that's not including food. I'm looking to move out soon so that i have a better shot at a job in my field.

Sub: #33 posted on Sun, 10/03/2010 - 08:43

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Quote:
Originally Posted by Anonymous
I have been trying to contact National Collegiate Trust for a loan I co-signed, but the 212-551-1470 phone number has been disconnected. Does anyone have a current phone number for them? Our original loan was with them, and has been turned over to a collection agency. I would like to talk to National Collegiate Trust, as they originated the loan. The collection agency won't help...they say I have to find a way to contact them on my own. PLEASE help if you can.

I'm in the same situation with my daugther student loan. Here is a number I was sent 866-572-5696

Sub: #34 posted on Mon, 10/04/2010 - 03:32

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Pretty sure AES is handling Nationals Loans.. 1-800-233-0557

As a general rule, if you have been assigned to collections, the holder will not talk to you.

Sub: #35 posted on Mon, 10/04/2010 - 03:49

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I have cosigned for my ex-fiance's private student loans two years ago. Now he has dropped out of graduate school and moved to another country to avoid "reality", meanwhile I am stuck with the two loans I have cosigned. Is there anyway to move these two loans under my name and have them consolidated? I have spoken to AES, they were really nice but not very helpful.

Sub: #36 posted on Sun, 10/24/2010 - 20:01

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Privates are next to impossible to consolidate. They do not have the same options as federal loans. Wells Fargo offers it but he as the student would have to apply again with you as the cosignor.

Sub: #37 posted on Sun, 10/24/2010 - 20:26

SOAPLADY SOAPLADY
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Here is the phone # for National Collegiate Trust/American Education Services
1-800-233-0557. Good Luck!

Sub: #38 posted on Mon, 12/20/2010 - 11:50

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My daughter recently received a letter from them to bring her loans up-to-date. The number on her letter is 866-486-0885. Hope this helps! She is trying to call them today.

Sub: #39 posted on Tue, 12/21/2010 - 10:23

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I just got 2 letters in the mail from a collection agency in regards to a National Collegiate Trust account. The weird thing is that when I look up my student loans through AES (or any of my other lenders), none of my loans are past due, none of my loans are currently due, the amount of the debt stated in the letters does not match the amount of any of my student loans, and the address the letters went to is my gma's address which I have never had listed as my address. The other really weird thing is that my mother got a letter stating the exact same thing, but she has never once co-signed for any student loan for me (she refused to help me pay for college) and they called her on her cell number, but she has only had that number for a few months and it has never been listed on any of my student loan accounts as a contact number. I can not find a number to contact NST and when I called AES, they verified my loans are all ok. I don't even remember ever having signed any loans for NST. The only loans I have ever had that involved a cosigner was my freshmen year in college and it was my uncle who signed for the loans...in fact I don't recall signing for the loan, so he might have taken the loan out for me instead of co-signing but idk. I need help figuring this out! I don't trust what is going on and am worried my mother and I are being scammed.

Sub: #40 posted on Mon, 01/10/2011 - 12:47

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