Ok, I contacted the CA concerning rehab of my Perkins loan, total of $2,400. They said I would need to pay $125 per month total. I asked her where they got that number and they said that was their guideline. I inquired about a hardship request to lower the payment and they said that was not available to me. Should I contact the institution (university) and inquire from them about an acceptable payment? In the HEA under Perkins Loans, it specifically says payments as "as determined by the institution". At $125 per month, that would be $1500 or more than half just to bring the loan out of default??? EDSI only requested $50 per month on $3700 total. Am I missing something here? Are collection agencies actions governed by the HEA guidelines? It seems to me they can just go hog wild because they have the hammer of student loans never going away, wage garnishment, etc. Am I forced to deal with CAs if my account has gone to them from the lender? Thanks to all for previous help. I would also be open to a chat night on just student loans if there is demand.
You have it right rockbottom. You should contact the person at your university who handles "perkins loans" in the financial aid office. Let them know you want to get this loan current and that you will pay the loan after it is rehabiliated. Offer them $30-60 a month. I paid $60 but they offered me $30. The collection agency has no business making a payment deal for you b/c w/ perkins loans the payments are made out to the University (or at least they should be). They should have directed you the university in the first place. You need a written agreement w/ the school also before starting this. Good luck! and dont worry!
