Student Loan Application (FBN). Dear Opening Credits,. I read your piece about "reasonable" payments for rehabbing a defaulted student loan. I was wondering if the collection agency has the right to charge an upfront fee such as 5% to 15% in order to ... Does Rehabbing a Student Loan Require a Fee?
Direct Loan Entrance/Exit Counseling - Exit Counseling (Captions) - Department of Education 2008 - - Start Here and Go Further, with Federal Student Aid.
http://kharijohnson.com// Direct Loan Entrance/Exit Counseling - Exit Counseling (Captions)
For anyone graduating college over the past few years, you know how overwhelming student debt can be. And, if you're like most, you're banking on the new career to help clear that debt - some faster than others. A. Harrison Barnes, career coach and Hound.com founder, tells us about a new chart, courtesy of the U.S. Department of Education, that shows the repayment rates for every college, graduate school and even job training program within the U.S. The numbers were pulled from the debt loads of every single student who either dropped out or graduated college between 2004 and 2008. Read on - you might be surprised at what's what, says the Hound.com founder.
More than 90% of Cal Tech graduates were paying on their loan balances, as were those who graduated from Christian liberal arts Dordt College.
Going south, you'll discover the University of Mobile, a private Christian school located in Mobile, AL reported only about 33% of the students who owe money are making payments of any kind (and payments of $ 1 are counted in the "repayment" column). Other schools with lower repayment ratios include Grambling State and Fisk. Liberty University, recently announcing its new management system, reports a repayment ratio of 45%, says the Hound.com founder.
Ah…but things aren't always as they seem. It's important to keep in mind that those who went on to graduate school and hadn't begun making payments yet (and won't until they've completed grad school) are considered, for purposes of the poll, to be in the "no pay" column. A few deans report that students are indeed making payments - on time and every month, but are only making the minimum payments that did not cover any of the principle on their loans, but they too are being counted as non-payers. Barnes says it's important to keep perspective.
As with surveys of this magnitude, there are bound to be those who disagree with the algorithms used. Still, despite any slight imperfections or fluctuations, the big picture is clear. The bad news is there likely will no cuts to any school's tuition. Costs have been on the rise for decades and that trend is likely cemented into place. Barnes says the key to repaying student debt is to maintain consistency. Try to pay as much on the principle as possible and keep on moving forward. Recommend New Department of Education Reveal Issues
Question by : Mohela took over my loan from the Department of Education and claimed it could change the terms? I got a notice a few months ago that Mohela was taking over my student loan from the Direct Loan Servicing Center and several payments have been made with auto-debit to Mohela at the correct amount of $ 1289.78. The loan was consolidated under a single loan about 10 years ago with a 30 year term and with a fixed interest rate of 4.95% (with the .25% deduction of the auto debit included). I have all the documentation to prove it and I am sure Direct Loan Servicing Center provided Mohela with this information. I receive a letter yesterday raising my monthly payments to ~$ 11,057 a month and stating it was due to "Your terms have been re-calculated to maintain federal/program guidelines". Obviously, the new terms were not agreed upon by me and I can not afford this unbelievably high payment. I would like Mohela (loan previously with Direct Loan Servicing Center) to address this and return to the agreed upon monthly withdrawal of $ 1289.78 at the 4.95% interest rate for both loans combined as per the terms/disclosure and condition sheet that I possess demo Direct Loan Servicing Center. I do not understand why the change in the monthly payment amount without us requesting it since it was agreed upon already on a signed document between myself and Direct Loan Servicing Center. This breach of terms is not only improper but unethical and frankly not the right way to do business. If it is in error then they should have better quality (document) control. What is going on??? Contacted Mohela today and at first they were adamant that I was wrong and they could not have made a mistake. But I was not going to let this go so I told them I had documentation and they were definitely off on this for sure. I read the representative the info from my disclosure statement from Direct Loan Servicing and let them know the loan matured in 2031 not 2013 as their most recent letter stated. It looked like someone had switched the last two digits. After about an hour on the phone and going thorough a supervisor at Mohela they came back and said their was an error on their side. I asked "who made the error, Mohela or Direct Loan Servicing" the representative said she didn't know because her supervisor just gave her the info regarding the mistake and not who made it. If I hadn't pushed for a resolution then I would have walked away with a payment which was ~10x the original. In any case, they said it would be reflected on my account in 48 hours and my My maturity date will return to 2031. Lets see what happens. By the way, they said they never heard of you Will (Shaffner). Best answer for Mohela took over my loan from the Department of Education and claimed it could change the terms?:
Answer by Calvin C
all terms are in the contract no party to a contract can change anything unilaterally. Contact the fed department of education and file complaint
Answer by MOHELA
I encourage you to please contact MOHELA Customer Service at 888-866-4352 for specific assistance to your concerns so that we may help you with this further. Thanks and I will track this issue as well. Will Shaffner, Director Business Development and Governemnt Relations MOHELA
Answer by Jennifer
My wife and I received a similar notice today (2/20/12) from MOHELA. Her terms would go from $ 279 to over $ 825 per month. Her loan was consolidated as well. There is definitely something wrong with this.
Answer by Maturin
The exact same thing happened to me just this week! MOHELA took over my loan from William D. Ford Federal Loans in December and a week ago today sent me a letter saying my loan would have to be paid off in just 26 months, instead of the 7 years I had remaining. Basically they lopped off five years of my remaining loan term, unilaterally, and are requiring me to pay off the balance in only two years. The monthly payments jumped from $ 226 to over $ 600 a month! I called them that day about it and they claimed they hadn't removed years from the agreement; they claim my loan was a 15 year loan instead of a 20 year loan, and that recalculating the amount due based on that term, I would have to pay that much a month to pay the loan off in my "remaining two years." They also claimed that I had had payment "deferments" that could have caused such a big balance to accumulate. That is not true. They themselves could only cite a couple of months early on where I'd had a deferment, which would've only caused at most about $ 500 in extra balance to accumulate. I called WD Ford Federal Loans to make sure I was correct and MOHELA was wrong about my 20 year loan term. Get this-- the first lady I spoke with there claimed that I only had 8 months remaining to pay it off, not 7 years or even 26 months, and that MOHELA had actually "given me extra time!" That's preposterous. I finally reached a supervisor at Ford who looked at my case and agreed with me that I did have a twenty year loan, not 15, with them. But that was Ford, not MOHELA. Now I'm waiting to hear back from MOHELA about this. I've been waiting to hear back from them for a week as of today. I hope they do what they did with the person above who first asked this question, and find in my favor. Otherwise I'll have to get a lawyer and go after them.
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