Student Loan Number 1Posted: July 10, 2012
My first student loan is now officially out of default status!!!! (The quadruple exclamation points show how excited I am) It should never have been there in the first place but that’s a previous mistake. Except….it almost didn’t get paid for this month. I’d have been upset as I’ve worked really hard to get it out of default and didn’t want it to get placed back in default and according to the loan rehabilitator that I was working with, one missed payment would send it back into that icky status. I’ve been waiting on a statement from the company who bought it as I was told this should happen in a few weeks after it was rehabilitated and it was rehabilitated at the beginning of May. (In fact, the payment that was processed in June was considered an “overpayment”) I never received anything—and no payment was taken out of my account for June.So I gave them a few days what with the 29th being a Friday and then July 4th occurring to see if they would process my payment but still nothing! After a two-hour period where I called one company after another, I finally found out who I should contact. Keep in mind that I had to verify my address with every single phone call. I finally get in contact the company who owns the student loan and verify my current phone number and work phone number with them. The address is one from 5 years ago. They did find it funny that all the letters they sent to me were returned to them though. (*eye roll*) And then I find the payment jumped up about $110 more than was agreed on with original collector and was due in two days. Ha, funny.
So I talked to a customer service rep and was able to put it into forbearance for 6 months. I want to do the 6 months and not the year as I really am trying to pay these student loans off. I’m just not going to be able to afford this larger payment right away. So I figure if I continue to put aside the amount of money into my account that I pay this off with, I can pay on some of it as I can and work my budget to be able to afford the larger payment. Another reason I want to wait on reworking the budget is that I am still waiting on that news for the other student loans I have. I’m hoping to hear from that in a few weeks—this will give me a much better idea on how much I need to budget for.
To sum up: not a good experience with the company who bought the loan at first but they’ve redeemed themselves! My new plan is to try to pay some of the student loan (which is actually two loans but lumped togetherish) while it is forbearance. And then to find out how much the other student loans will be and get my budget worked out. I’m glad that my plan is working out so far and I’m moving in the right direction to get out of debt.