Hi all, I defaulted on my school loans and now it is in collection. (shame on me, I know) I now have the money to pay it off in full and have contacted the Collection Agency that is handling the account but they are not as cooperative as I thought they would be. (Long story) My question is, is it "acceptable" for for me to go back to my former college financial department and pay off my delinquent loan in full w/ cash and in return they will pull my account from collection? (If so, would my CR have a listing that it was ever in collection?) I'd like do it this way if possible but I don't want to get a stupid stare from the admins at the college. Is paying my late school loan at the school even a choice? Thank you so much for any help you can provide!
Was this a government guaranteed student loan? If so, it may be more beneficial to "rehabilitate" the loan and establish a pattern of regular payments before paying off. Others may know more about this.
Re: Help Please!! Defaulted School Actually I just want to pay off this loan while I still have the money. I also need my unofficial transcript from that college, which they won't release until the account is in good standing. Rehabilitation may take a while and I need the transcript in a couple months (which I of course didn't tell the CA).
It depends if the school still owns the loan, or if they sold it to the CA....whoever owns it is who will get paid. If it was a guaranteed loan by the government, you would have to ask the guarantee agency if they took it over
