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Collection Agency and Student Loans


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General Revenue Corporation is a collection agency currently handling my student loan that is in default. Here is some background: I am broke, not working, and cannot pay anything. General Revenue Corporation is offering a consolidation program called William D Ford. They are telling me that they will send me the paperwork and that I should fill it out and send it back to them.

This sounds fishy to me. Why would I send a consolidation application to the collection agency and not to the company offering the consolidation? There must be something from the consolidation that benefits the collection agency or why else would they suggest it--it seems strange that a predator would be so kind.

I know that consolidating will raise my interest rate but the benefits of consolidating are very tempting. I will supposedly not have to make payments and the debt will appear as paid on my credit report. This, at least, is what General Revenue Corporation is telling me. Not sure who to trust. Help!

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