Student Loan Consolidation and Collection Agency

[jeffbaltimore]

I really need help with this one:

I consolidated all of my student loans which originated with Sallie Mae with United Student Aid Funds. My balance with United State Aid Fund is about 40G's and currently with a collection agency. This, I think, is the legitimate balance owed on the consolidation.

Now, here is where it gets interesting: There are two collection agencies in addition to the one above trying to collect on Sallie Mae loans, each collection agency claims that I owe approx. 24, 000 with a grand total of 40 gs.

So, am I correct in thinking that the two collection agencies each with a 20, 000 dollar balance are trying to collect on the original student loan balance that I had with Sallie Mae?

If this is the case, which it seems, what should I do about the two collection agencies with the 20, 000 balances?

Help!

[StudLoanGuru]

While it is possible to have a double placement within seperate agencies, it is very rare. A lot of times borrowers have multiple loans that they are not aware of, so what I would do is call the federal student tracking number at 800-433-3243 .. type in your SSN and it will tell you all of the federal loans that are in your name. Using that information, you can determine if you have had multiple placements or multiple loans.

If it is in fact a double placement, just contact USAF/Sallie Mae and tell them what happened and they will correct the problem, often times taking the collection agency out of the equation by keeping it in house.

Hope this helped.

[richarddan]

Hello Friends

Nice Post thanks I think so student loan consolidation is the merging of several student loans, and is done to save money on interest and for the convenience of one payment instead of several.

Thanks

[acarter]

I would be very concerned if you have 2 collection agencies collecting your student loans. I don't think that they break up your student loans to more than 1 collection agency, but I may be wrong.

Like StudentLoanGuru said, call and check. Make sure if you are consolidating it, you choose the collection agency reporting the lowest amount. And then C&D the other.