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Defaulted Student Loan

Date: Tue, 04/26/2011 - 06:58
Submitted by on Tue, 04/26/2011 - 06:58
Posts: 202330
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I have 3 student loans with American Education services, and while 3 are in good standing I have one that is defaulted... after contacting the original creditor, American Education Services, and then the guarantor, and getting calls from a company called Conserve i pieced together that that is where my loan is. I called to try to set up a payment plan, but was told I could not set up a payment plan until I either paid one payment of 892 or 2 payments of about 446. Or I could settle for 7500.

I haven't received anything in writing. The people I have been speaking with at Conserve seem very nice, however have told me that if I don't do one of these three things before the end of the month they will have to contact my co signer and get more aggressive with their approach. I can't remember their exact wording. I am WILLING to pay, and can even put down a fairly hefty sum, because I just got a new job paying me 12 thousand more a year. I will get a check of over 2 grand from my current employer before I leave that i plan on putting towards this loan. However, they are telling me not to the payment plan, no to waiting, and that these are my only 3 options.

Does anyone have any student loan default experience. Can I request to have something in writing? The first time I spoke with them is last week. I can probably work something out to pay the 400 this week, but I want to make sure that I am going to put on a payment plan after this....I'm pretty confused...

I am looking for any help and guidance...and advice! Thanks!


Sounds like this one is a private student loan since you have a cosignor...are the others federal loans?

When you default on a private loan, you balance becomes due in full IMMEDIATELY. They are under no obligation to offer you any payment plan and when they do, they are aggressive. They WILL sue both you and the cosignor. Your cosignor should be made aware of the default as it is affecting there credit as well. Any payment plan they put you on will be extemely limited.

You should have received several notices and calls concerning the impending default.


Submitted by SOAPLADY on Tue, 04/26/2011 - 07:48

SOAPLADY

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No they are ALL private loans....only one defaulted....I havent received anything in the mail just phone calls from the company. At one time I couldnt even locate what company had the loan, the agency that I was told by the guarantor that had it told me they didnt...


Submitted by on Tue, 04/26/2011 - 08:10

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Have just spoken with Conserve. Would like to mention that they are a very pleasurable company to deal with. After I pay the interest and fees I will be put on a payment plan...They outlined everything nicely for me, and answered all my questions. Mistakes of my past with finances have haunted me but it is nice to know that this company is willing to provide options and help people. While I wish I could pay down the full balance, it is nice to know they will work with me, don't make empty threats, and are overall very helpful, professional, and NICE! Thanks for the help on here...


Submitted by on Tue, 04/26/2011 - 08:35

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