My question involves collection proceedings in the State of: South Carolina
I am 3 months away from completing the dept of ed rehabilitation program for about 11,000 in defaulted student loans. does anyone have any experience with this process. I was told be the customer service rep that after completion of the program default status will be taken of my credit report, garnishment will be stopped as well as tax lien. also, that after this period a new lender MAY purchase my loan and I will be given a new payment date and payment amount which may be SIGNIFICANTLY higher than the amount I have payed during the rehab process. I have read elsewhere that a new lender does not always pick up these loans . the rep wasn't clear on what happens if no one picks up my loan. also , whats the impact going to be on my credit score? and what significantly higher payment mean? If anyone has gone through this process I would really love to hear your experience with the aftermath of it. thanks.
I am 3 months away from completing the dept of ed rehabilitation program for about 11,000 in defaulted student loans. does anyone have any experience with this process. I was told be the customer service rep that after completion of the program default status will be taken of my credit report, garnishment will be stopped as well as tax lien. also, that after this period a new lender MAY purchase my loan and I will be given a new payment date and payment amount which may be SIGNIFICANTLY higher than the amount I have payed during the rehab process. I have read elsewhere that a new lender does not always pick up these loans . the rep wasn't clear on what happens if no one picks up my loan. also , whats the impact going to be on my credit score? and what significantly higher payment mean? If anyone has gone through this process I would really love to hear your experience with the aftermath of it. thanks.
Settling a Debt: What Happens After Rehabilitation of Defaulted Student Loans
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