Skip to main content
No. of Recommendations: 0
Thanks Folks, for the responses so far. To answer a couple of questions...Yes, these were consolidated Federal loans that I defaulted on. And no,the forgiveness for teachers program won't apply to me. It looks like I may need to get a lawyer, and great idea to anonymously inquire about payoff policies. I'm planning to act on both of those suggestions.

The Collection Agency is "General Revenue Corporation". I never rehabilitated the loan because the agency assured me that unless I did there would be no collection costs, and so I thought I could not have to pay the 18% collection costs. I was very poor at the time and was just "putting it off" with the monthly payment. Somewhere along the line they started adding 18% to each payment... I realize now how stupid I was to not keep up with all this. They sent me no statements of any kind for those years.

Although the responses have been helpful, I still would like anyone's opinion on my original two questions:
1) Why all of this does not appear on my credit reports? (I'm scared it might suddenly appear if I pay it off) and
2) Does anyone ever offer a lump sum payment less than 100% to these agencies even though it's a student loan, as it is as it says on my statement, a "purchased" loan?
Print the post  


What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.