No one likes to receive calls about a loan, especially if you have fallen far behind. Collection calls can feel threatening, and they can make it difficult for you at work, or interrupting daily life. When this happens, it’s time to empower yourself, and find out the steps you can take to resolve this problem at a pace that’s comfortable for you.
Where Did You Get Your Loan?
Go through your paper work or contact your University if you don’t recall where you got the loan. For most in the U.S. Sallie Mae is a major loan distributor. Look for your documents or see if your college will tell you who to contact. It’s possible when speaking directly with the agency that gave you the loan to work out payment arrangements. It’s also possible to ask for a deferment of forbearance under certain conditions. If you went through Sallie Mae you can also go to their website and look for links under “postpone payments”, and you can see if your circumstances fit either option.
The Next Step: The Department of Education
If you aren’t able to get a payment plan, or and deferment or forbearance doesn’t work out, then the next step is the Department of Education. The Default Resolution Group can help with solutions. Unlike a collection agency this department has valid reasons to work with you on a reasonable payment plan. Often, they will work with you even if you have reached the default stage or your wages have been garnished.
Stop The Phone Calls
Even as you are working out the details of your payment plan you need to stop the calls that are disturbing you at work and home. Just telling them to stop will not work. You need to write the agency a letter, as sending a formal written request is necessary. Be formal in the letter and strongly request they stop calling you. Don’t use foul or causal language, and be concise. Make a copy of this letter, and keep it for your records. Send the letter to the collection agency through certified mail. When you get the receipt returned to you in the mail, hold onto it for your records with your copy of the letter. This proves they have the letter. It also means they are obligated to stop calling. If the agency tries to continue calling you or uses tactics such as calling friends or relatives to harass you, then report them to the Department of Education.
SM Law Group
Sm Law Group can help you with your student loans. If you are receiving collection phone calls or under threat of wage garnishment give us a call today for a free consultation. We will guide you through the best process for your situation.