WTF Goverment.......
-Yes. I noticed that I spelled "government" wrong in the title. Continue on.....
So as the responsible college graduate that I am (fine arts degree- explains the not-good-at-spelling thing), I logged on to my government consolidated loan homepage to make my monthly payment of ungodly amounts of money (most going to interest....:grumble: ) and it said that my balance (that teetered on the edge of $30,000 last month) is now $0.00. It was paid in full yesterday...... UM WHAT?!?
So I immediately freaked out and called customer service wondering how I managed to screw this up.... and I waited on hold... and waited on hold.... hyper ventilated.... and waited on hold some more. I finally talked to someone (after around 20 minutes) who had no idea what I was talking about... he forwarded me to someone else... who also had no idea what I was talking about and also could not even locate my loan in their system. So now I was really starting to freak out. I was forwarded to 2 more people, the last one finally telling me that the government had sold my loan to Sallie Mae 2 weeks ago :noway:
I asked why I wasn't notified of the change in lenders and they said that they government has been doing this for months now and they haven't notified anyone..........SO. I called Sallie Mae- They have no record of my loan ever being in their system. WTF...
So I now have some 30,000-odd-dollars owed in my name out in space floating around until someone can find it..... God only knows when I'll get to make this month's payment. If there are late charges involved heads are going to roll. Just sayin.
Has this happened to anyone else, since apparently the government "has been doing this for months?"
So as the responsible college graduate that I am (fine arts degree- explains the not-good-at-spelling thing), I logged on to my government consolidated loan homepage to make my monthly payment of ungodly amounts of money (most going to interest....:grumble: ) and it said that my balance (that teetered on the edge of $30,000 last month) is now $0.00. It was paid in full yesterday...... UM WHAT?!?
So I immediately freaked out and called customer service wondering how I managed to screw this up.... and I waited on hold... and waited on hold.... hyper ventilated.... and waited on hold some more. I finally talked to someone (after around 20 minutes) who had no idea what I was talking about... he forwarded me to someone else... who also had no idea what I was talking about and also could not even locate my loan in their system. So now I was really starting to freak out. I was forwarded to 2 more people, the last one finally telling me that the government had sold my loan to Sallie Mae 2 weeks ago :noway:
I asked why I wasn't notified of the change in lenders and they said that they government has been doing this for months now and they haven't notified anyone..........SO. I called Sallie Mae- They have no record of my loan ever being in their system. WTF...
So I now have some 30,000-odd-dollars owed in my name out in space floating around until someone can find it..... God only knows when I'll get to make this month's payment. If there are late charges involved heads are going to roll. Just sayin.
Has this happened to anyone else, since apparently the government "has been doing this for months?"
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Replies
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Why are you freaking out.... keep records that you tried to notify someone and go on with your day. If/when this loan shows up - then pay it. If there are late fees promptly call and explain that you should not be charged said late fees b/c you tried to make a payment and was notfied your loan had been sold. Not your problem. If it hits your credit - fax a copy of your notes and efforts to pay the loan ontime and they will have to fix it.
Take that money and go shopping!! Problem solved!!0 -
I'm not comfortable with the fact that my debts are swirling around in cyberspace somewhere, probably accruing late fees as I type. The fact that they made absolutely no attempt to communicate the fact that they're selling my debt to a private company gets under my skin a little. It doesn't seem odd to me that a person would be a little irked by the fact that thousands of dollars that they owe are being pushed around and lost (yes, I get it- you're free!........except I'm not). Living on a fixed income as a recent college graduate and paying astronomical student loans is enough for me to deal with. I like to keep my finances in check.
So that's a no on the shopping.0 -
One of my loans was sold but I thinnk I was notified, I was still in school when it happened so it wasn't a major deal since I got all the paperwork when I graduated...
I agree with the person saying to keep records.
I'd be freaking out so bad right now if I were in your shoes0 -
Yup. They sold my loans off to Mohela who increased my monthly rates AND interest. And there's nothing I could do about it. And they didn't let me know they had moved my loans. So the account I had tied to the loans -- the money wasn't being taken out. Well it's not an account I normally use. I just throw some money in there every so often and never look at it otherwise. So when they bought out my loan to Mohela, I ended up not paying for two months before I caught it. Yeah, that sucked. I had to pay 2 months back loan stuff, late fees, etc to get caught up.
F'n nightmare. I hate them.0 -
Government is misspelled in the title, in case you didn't know.0
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I'm not comfortable with the fact that my debts are swirling around in cyberspace somewhere, probably accruing late fees as I type. The fact that they made absolutely no attempt to communicate the fact that they're selling my debt to a private company gets under my skin a little. It doesn't seem odd to me that a person would be a little irked by the fact that thousands of dollars that they owe are being pushed around and lost (yes, I get it- you're free!........except I'm not). Living on a fixed income as a recent college graduate and paying astronomical student loans is enough for me to deal with. I like to keep my finances in check.
So that's a no on the shopping.
I understand your fears there. It would be just like the government to "find" your debt and expect payment with penalties for the 10 years you haven't been paying on it.
Make another call. Follow up with a letter.
Make payments to a savings account till you have a better solution or an answer.0 -
totally understand the freak out reaction.
Unfortunately this does happen all the time and you should be notified by your new lender soon. This happened to me when I was paying off student loans. Keep track of what you have done to try and pay it and such. You just probably managed to check on it in the inbetween stage of getting out of one lender's system and into another's. Know that you still have the payment to make, keep the money tucked away so you have it and stay calm. If for some reason they attempt to charge you late fees, you can usually get them reversed. Sometimes this can be a good thing as you may end up skipping this month due to the changeover and have a little extra.
It will work itself out.0 -
Why are you freaking out.... keep records that you tried to notify someone and go on with your day. If/when this loan shows up - then pay it. If there are late fees promptly call and explain that you should not be charged said late fees b/c you tried to make a payment and was notfied your loan had been sold. Not your problem. If it hits your credit - fax a copy of your notes and efforts to pay the loan ontime and they will have to fix it.
Take that money and go shopping!! Problem solved!!
Unfortunately, it doesn't work like that. You'd think it would, but it doesn't.0 -
I'm no expert in finances, especially considering I have two jobs and I'm still broke, but it sounds like some error has happened. Generally when you're put on hold in these types of situations is not because there aren't any free employees to take your call, it's because the employees are talking to each other to check their computers to see what's been going on so they can give you the most accurate information (which they didn't seem to do if they kept passing you onto someone else).
My advice? Chase this up tomorrow morning, even if it takes all day. Just make sure you haven't lost money that isn't your fault.0 -
I agree, you should have been notified. I would make sure that you keep contacting them until the issue is resolved. Don't trust them to tell you they found it. And yes, keep notes on everything!!!!0
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it may be worth keeping up to date on the politics of the student loan mess going on right now so you would be more aware of potential issues such as this.
but that is troubling, i hope it all works out for you0 -
Why are you freaking out.... keep records that you tried to notify someone and go on with your day. If/when this loan shows up - then pay it. If there are late fees promptly call and explain that you should not be charged said late fees b/c you tried to make a payment and was notfied your loan had been sold. Not your problem. If it hits your credit - fax a copy of your notes and efforts to pay the loan ontime and they will have to fix it.
Take that money and go shopping!! Problem solved!!
Unfortunately, it doesn't work like that. You'd think it would, but it doesn't.
^This.
They sold one of my loans too. Freaked me out when I got notices from the new company because I had never heard of them and I didn't think they were legit.0 -
I'd always heard that they can be sold but my original lender is Sallie Mae and they aren't too shabby if you ask me. Definitely fight a late fee if it occurs!0
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Some of mine have been sold off too. Increased interest at MOHELA as well. Not uncommon. Luckily I got notification and paperwork shortly after the sale, and it was right after my last payment so they had a good few weeks to work it out.
Buy a house, under 3% interest, buy a car, under 1%, try and get your smarts on... 6.75%
Sometimes I still log into the myed account, just to see the zero balance :laugh:0 -
Just happened to me last fall, which I only discovered because I found a random email in my Spam folder when I was trying to figure out why the loans weren't on my credit report when I was trying to buy a car ... It took about a month from when they disappeared from the .gov site to when they appeared on the purchaser's site. Hang in and don't assume you have play money -- they'll either EFT your account or want double the money next month!0
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Run a credit check on yourself to find out who you owe money to.0
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Yes, this happened to me too. There's nothing you can do about it. Keep a careful eye on your mail; you should get a statement from the new loan administrator. They have to send you a bill. Great Lakes, College Loan Corporation, ACS...those are the companies I have worked with. Good luck.0
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I hate guvermment0
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It is very common for large loans to be sold to different lenders. It is the norm for mortgages -- you may get a mortgage through one company and then they immediately sell it to another.
Make your payments as scheduled and it will be fine. Lenders do this all the time. You will be notified shortly that your loan was sold, and the new servicer will send you new payment information.0 -
Run a credit check on yourself to find out who you owe money to.
don't you get docked points for that though?0 -
This happened to me while I was in college about 16 years ago..They kept selling my loans and I would go thru the same thing you did..Hyperventilating and all..Trust me they will find there way back to you..If they just sold it it takes about 3 weeks to get into the new system and the Customer Support for Sallie Mae is not the greatest..I bet if you call back tomorrow you will possibly get someone who knows what they are talking about and may find your loan!
If not give it a few weeks and TADA it will be there..I promise!! I use to get that initial oh how lucky would I be if they just lost it and I don't have to pay back $50,000..but hell no they always find it..You won't be charged any late fees and you will get a letter soon!
Hope that eases your mind a little! Good luck with paying them back!0 -
I found out Direct Loans had sold my loan to Mohela. I got an email from Mohela regarding my interest paid so I could print it out for my taxes. No word at all from Direct Loans... yah, they suck!0
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Run a credit check on yourself to find out who you owe money to.
don't you get docked points for that though?
It's what's called as a "soft hit" to your credit. Not really a big deal.0 -
Yup. They sold my loans off to Mohela who increased my monthly rates AND interest. And there's nothing I could do about it. And they didn't let me know they had moved my loans. So the account I had tied to the loans -- the money wasn't being taken out. Well it's not an account I normally use. I just throw some money in there every so often and never look at it otherwise. So when they bought out my loan to Mohela, I ended up not paying for two months before I caught it. Yeah, that sucked. I had to pay 2 months back loan stuff, late fees, etc to get caught up.
F'n nightmare. I hate them.
I actually asked about my interest rate going up and my payments changing... I was TOLD that nothing would change. So hopefully I don't end up going through the mess you encountered when someone decides to find my loan. Did you try maintaining the rates you had before the switch by calling customer service, etc.?0 -
Run a credit check on yourself to find out who you owe money to.
don't you get docked points for that though?
NO, you can get a free credit report once per year with no penalties!0 -
They sold mine without notifying me as well about 6 months ago. I went to double check something online and saw a $0 balance and was confused. so I did like you and called and they told me where they went. The only issue I had with it, was I was told my automatic payment (which I was set up for) didn't transfer. So I filled out the paperwork again. Well, I looked at it and it took out 2 payments. So I called and asked wtf happened and they said I authorized it AND it carried over (not matching with the other guy, thanks people) and was then told to cancel the one form and it'll only take 1. I did that. Next month, no payment came out. Fan-freaking-tastic. (I was not charged a late fee, nor did it go on my credit report, especially after I had a nice chat with them) Finally I got things taken care of so now I don't have to worry about it anymore, but it was a mess for a few months there.0
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Run a credit check on yourself to find out who you owe money to.
don't you get docked points for that though?
Only if you're doing it more than once every 6 months or so. You are "allowed" to check on your credit score for free at least once a year with not "dings" for the look.0 -
Why are you freaking out.... keep records that you tried to notify someone and go on with your day. If/when this loan shows up - then pay it. If there are late fees promptly call and explain that you should not be charged said late fees b/c you tried to make a payment and was notfied your loan had been sold. Not your problem. If it hits your credit - fax a copy of your notes and efforts to pay the loan ontime and they will have to fix it.
Take that money and go shopping!! Problem solved!!
Unfortunately, it doesn't work like that. You'd think it would, but it doesn't.
wow no sense of humor and yes...it does work like that. My first student loan was sold..... couldn't find it for 3yrs..... I kept record of me calling and they removed all late fees when they finally found me (I moved about a year after the loan was sold). There was no ding to my credit and I went on paying it. I didn't owe any back payments. If you keep good records of your efforts then they will make the corrections.
But in the meantime there is no point in getting so worked up about the fact that your loan is out there. They will get it straight and it will find you again. So stop freaking about something you have little to no control over and go on with dealing with the other financial aspects.0 -
Why are you freaking out.... keep records that you tried to notify someone and go on with your day. If/when this loan shows up - then pay it. If there are late fees promptly call and explain that you should not be charged said late fees b/c you tried to make a payment and was notfied your loan had been sold. Not your problem. If it hits your credit - fax a copy of your notes and efforts to pay the loan ontime and they will have to fix it.
Take that money and go shopping!! Problem solved!!
Not your problem? Go shopping? Are you freakin' kidding me?
Don't listen to this. Stay on top of it because trying to clean up your credit after something like this is a nightmare.0 -
Yup. They sold my loans off to Mohela who increased my monthly rates AND interest. And there's nothing I could do about it. And they didn't let me know they had moved my loans. So the account I had tied to the loans -- the money wasn't being taken out. Well it's not an account I normally use. I just throw some money in there every so often and never look at it otherwise. So when they bought out my loan to Mohela, I ended up not paying for two months before I caught it. Yeah, that sucked. I had to pay 2 months back loan stuff, late fees, etc to get caught up.
F'n nightmare. I hate them.
I actually asked about my interest rate going up and my payments changing... I was TOLD that nothing would change. So hopefully I don't end up going through the mess you encountered when someone decides to find my loan. Did you try maintaining the rates you had before the switch by calling customer service, etc.?
Yup. Got told there was nothing that could be done. So they're getting more money out of me in the long run. 2$ per month in payment and .25% over the life of the loan.0
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