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Private Loans in Collections

Submitted by on Thu, 03/07/2013 - 08:31
Posts: 202330

Hi, I have both federal and private loans. My federal loans are all in good standing, as I kept up with them and they are now on an "in-school" deference since I have gone back to school.

My private loans are another story. I did not know they were past due, and before I knew it, I had a call from Sallie Mae demanding payment. Before I could even get back to them, I received a notice that it had been sent to collections. I called and set up a payment plan, and ended up finding out more had been sent to collection, 3 loans total. I have been paying the collection agency now for two years, but when I sign into my Sallie Mae account, it said that payment is stil xxx days past due. Is there any way to take care if this? Help!

Private loans become due 6 months after you seperate from your school. You should have received notices with them. As a general rule you must stay in continuous enrollment to keep them deferred....they usually will not restart your in school deferment if you go back to school. Thus you have defaulted and the only way to resolve this is to pay them off in full.

Submitted by SOAPLADY on Thu, 03/07/2013 - 09:18


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