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Is it possible to get the fees & excess interest removed from student loans


JiggaMan
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According to the National Student Loan Database,

I have 5 student loans, the first was paid off in full and was a consolidated student loan. The 2nd, 3rd, and 4th are now defaulted. They amounted to $4,000 dollars the 5th loan was paid off in full.

My problem is I am Ignorant, I thought I consolidated all my loans and paid them off. Fact is I am now in collections for $5,800 for $4,000 worth of student loans. I do not want to dispute the loans in their entirety but want to dispute the absurd interest rates they are charging now and any late fees.

My argument is I was unemployed and should have been in forbearance or deferment which I requested when I was out of school. I purposely took out a home equity loan in 2005 to pay off my student loans. I never received any communication from NSLP or any other company regarding the unpaid loans until recently on my credit report.

As of right now I am rehabilitating the (3) student loans with tiny payments, once rehabbed I will consolidate and pay them off in full. I am looking for any information on how to challenge the excessive interest and fees portion of the student loan debt. If you are reading this and know how please reply with how I can, if you do not think it is possible to get the fees removed then please reply not possible.

If I receive 0 feedback, I am just going to send a debt validation letter to the CRA's, NSLDS, NSLP & the collection agency disputing the fees and high interest rates. Then will update this thread with the results.:)++

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Quick update - When I called the collection company to rehab the student loans they advised me I could and that they would be sending me papers. Prior to receiving the papers for the Rehab. They sent me bill, I paid it thinking it would go towards the first out of ten payments. (3) Days later I received the "supposed" rehab papers. All wasn't as it was explained. I had papers for a loan consolidation which included a new promissory note with a higher dollar amount and an application for the WDford program. Which is not the rehabilitation program I was looking for. I then spent 2-3 hours bouncing around agents requesting the rehabilitation, end result is I needed to send 10% down payment on my student loans if I didn't authorize them to take directly from my checking account. I sent the 10% in the mail, just waiting for them to receive it.

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