Hi, I have a defaulted student loan with ED that I need to attend to. The original amount was $8000 but now is $11,000 after collection fees due Financial Asset MGMT. I'll obviously go the rehab route to remove all negatives from my reports. But the question I have is how low can I request the payments to be? - my budget is already stretched thin and I don't think I can afford more than $50 mo at the moment. Thanks in advance.
Last year I rehab a loan for 2.2k and my payment with the CA was $50 a month. I think that is the lowest amount you can pay per month. Although I believe your downpayment might be higher to start the rehab(think its a % of the loan amount). Give them a call and ask. What CA is it with? Mine was with Van Ru they did everything that they said they would. BTW I put my payment on auto draft from my checking acct I didnt want to chance it not get posted and have to start the 12 month cycle over. Luckly I didnt have any problems. Glad i did it. Good Luck Lucas
