can you comment please. i have these federal unsubsedized student loans. not sallie mae or any other private lender. they are held by the us dept of ed. this is how they look on my equifax report. student loan account# ssn-001 balance $5200 opened 12/95 student loan account#xxxx-95 balance $2600 opened 9/95 student loan account#xxxx-96 balance $2600 opened 9/96 here's the delima-i went to college in '95 (first year). i took out a student loan for $2600. sophmore year, took another loan for $2600. now that i'm done with college, my loans are now due to start repayment. what i don't understand is why they combined both loans into one account and are reporting it to my credit reports ($5200). then still report each loan seperately. this makes it look as though i have three seperate loans. i've spoken with the us. dept. of ed. and i was told that "all standard subsedized & unsubsedized loans are track by one account". the big combined one. "this accounts contains all of your federal loans and is considered to be one account". i asked, then why are they listed individualy also? she basically had no answer other than to say "they ARE individual loans". when i realized she didn't know what she was talking about, i just said thank you and hung-up. now i want to ask the student loan veterans this- -first off, has this happened to you? -if so, were you given an explanation? -do you think i should just let it go. one more thing- i still have copies of the promissary note for each $2600 loan. until now, i never knew they were combined into on BIG account and given a seperate account number. for the non-student loan victims, your opinion is welcome also.
This happened to me and my GF too, Dispute as one account and explain that they are all consolidated so mark the individual loans paid and only report the one major loan.
My husband had some student loans from 1994 and 1995. they are now listed as 22 different loans. when he defaulted they were sold and now he has 44 different loans. they moved the dates the loans were opened from 1994 to 1999. We disputed and they verified. We got copies of the loans(the big lump sum ones) and mailed them in. Experian said that was not good enough because they needed it broken down. We called the usa funds and they told us they would send a breakdown of the loans but all they sent was a letter stating they did not have to send them. Basically they will just reage over and over. He has a perkins loan from the U of I from 1994. It now has a last status of 120 dates late as of 8/02. However, it has been 90+ days late 47 times. Can you say major reaging here.
picantel, my wife and I have the same problems. Our loans are from the mid 90's as well. I've had some limited success with the older loans from USLoans because they have been transferred so many times. These have been the hardest for me to get rid of. Not only that, but every time they roll up into another loan, they add a small charge to do it, which , makes it harder because they don't look like duplicates. I plan to use a validation approach I learned from this board on some of them. Since they've been sold so many times, I'm thinking they will drop off.
I TRY TO HAVE A COPY OF THE "$5200" LOAN ACCOUNT SENT TO YOU. HOPEFULLY IT WILL LIST EACH OF THE TWO "$2600" LOANS INDIVIDUALLY. MAYBE BEING ARMED WITH THAT, THE CREDIT BUREAUS WILL LIST IT HOWEVER YOU REQUEST. ANOTHER POINT IS, IF YOU'RE GOING TO BE MAKING PAYMENTS TO "ONE" ACCOUNT, REQUEST THAT ONLY THE BIG ONE IS REPORTED. BECAUSE TECHNICALLY, YOUR MAKING PAYMENT TO THAT ONE. VICE-A-VERSA IF YOU'RE MAKING PAYMENTS TO EACH INDIVIDUAL ACCOUNT. BUT DEFINITELY BEFORE YOU START REPAYING. IT MAY GET MORE DIFFICULT ONCE THEY SHOW ACTIVITY.
