opensesame Posted August 16, 2005 Report Share Posted August 16, 2005 To Lynn ( or anyone who has the answer) if you're out there....A little while ago you gave me some input on a defaulted student loan. At any rate I recieved another letter from the collection agency that's representing the school. They, ( loyola u. New Orleans) requested that the agency file a formal motion for a judgement debtor examination about my income and assets. As an alternative to a court appearance, there's a letter with a list of questions they would ask at the judgment examination. Right now, the amount due is $4843.33. Here's the deal I ain't signing NOTHING until I consult an attorney regarding my legal rights. Furthermore, I don't have any assets that would be worth 4,000 bucks anyway. The only income i have coming in right now is once a month from the military ( reserves at that). Also, at the very end of the form is an agreement asking how much could I pay per week/month beginning on a certain date. While I don't mind sending what i can, the problem is I tried doing this in the past and was told 50 bucks wasn't enough..At that point I said the hell with it. Once I talk with an attorney I will make copies of this form and send it to them with a payment I CAN AFFORD...I do know this debty will get paid but only when I get a more stable job...SO here's my question, what would you guys suggest in a situation as this?thanks,greg. Link to comment Share on other sites More sharing options...
LynnInMN Posted August 16, 2005 Report Share Posted August 16, 2005 Is this a loan or a tuition account??If it is a loan, and since the school is involved I am assuming it is a Perkins loan. Under the HEA, you can rehab this loan with "reasonable and affordable payments". $50 should suffice. Talk to the school directly...tell them you want to rehab the loan. Link to comment Share on other sites More sharing options...
dindy Posted September 1, 2005 Report Share Posted September 1, 2005 To Lynn, I have a defaulted loan and wanted to consolidate, I was sent info about rehabing the loan. It would be great to rehab the loan, but the main reason I was consolidating is because I need my transcript sent for a employer. If I rehab the loan, would I have to wait 12 months before my school would send the transcript or should I just consolidate the loan. My school stated that I need a zero balance in order for them to release the transcript. Please advise. Link to comment Share on other sites More sharing options...
LynnInMN Posted September 1, 2005 Report Share Posted September 1, 2005 To Lynn, I have a defaulted loan and wanted to consolidate, I was sent info about rehabing the loan. It would be great to rehab the loan, but the main reason I was consolidating is because I need my transcript sent for a employer. If I rehab the loan, would I have to wait 12 months before my school would send the transcript or should I just consolidate the loan. My school stated that I need a zero balance in order for them to release the transcript. Please advise. What they told you is correct. Most schools will not release a transcript with a past due tuition account or defaulted student loan. Consolidation could take anywhere from 3-12 weeks to complete, depending on the lender. Rehab averages about 13 months. Link to comment Share on other sites More sharing options...
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