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Private vs Federally Guaranteed Student Loans?


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So I was just smacked in the face with information that National Collegiate Trust has gotten NCO FInancial to attempt to collect on a defaulted student loan from me.


First of all, I don't even remember taking this loan. I was an irresponsible prick my first time in college and I drank way too much so my memory is not the best. However, they are telling me that I got a private loan from Charter One (I believe through the education resource institute) and the check was sent directly to me, which I cashed.


Now, this was in 11/2004. However, I also have vague memories of my father attempting to help me with this and getting a plan together in 2008. They say one payment was made 4/2008.


This is not listed in the NSLDS database. My other current loans, which I pay, are. 


How do I find out for sure if this is federally guaranteed or not?


If the last payment was made 4/2008 and it was not federally guaranteed then the SOL would be up in May of 2014, right?


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  • 2 weeks later...

Send a DV letter to them requesting validation of the debt. Request the original app, payments made etc...


Send certified mail return receipt requested.


Check the SOL in your state or state you lived in at the time the loan was given assuming it was.


Don't speak on the phone with ANYONE from the NCO regarding this debt.


See what this does and then post here. If they respond at all post here as to what they sent back.

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