So today went from BAD to WORSE in the world of student loan debt. I waited and waited to hear back from the one woman at Private Loan Lender who would possibly help me rehabilitate my loan until I finally get her on the phone and she says they cannot help me. She said the loan had been assigned to Evil Collection Agency and that I had to deal with only them. The only advice she could offer me was to apply at my bank or local credit union for a loan in the full amount. Yeah, right? Anyone know a bank willing to loan someone with bad credit $28k so they can pay off a defaulted loan with no personal/real property in their name? Good friggen luck!
So I get back on the phone with Evil Collection Agency and ask if there is any other way to get a payment program other than getting rejected from two banks by Thursday. Not only did she pretty much laugh over the phone, she also told me that they were unlikely to EVER offer me a plan since they were "willing to wait" to get the money.
I asked her what that meant and said that I will NEVER have the full amount in cash and she said "you have a job, Ms. Sallie's Niece."
I asked to speak with a manager and she gave me his voicemail. Ugh.
And now here's where I feel sorry for myself
Ok now I realize that it's no one's fault but my own that I let my loan go into default (even though I applied twice and was denied for economic hardship). But it just irks me that literally the very WEEK I resolve to get a handle on my debt (I started a BLOG for God's sake) that this hits me. I've been reading HORROR stories about the student loan collection process and I'm just a little scared about the future. But the advice I have been reading has all said to just stay on top of the creditor and they will eventually cave and work with you.
Update on my Federal Loans
So my theory that paying the $80 would stop the Default Clock and get me back into good status? Wrong! But as luck would have it, Aunt Sallie called me today and told me I was Past Due (duh) and said I would roll my past due amount into my existing loan amount if I started making regular payments. I consented and now Thank God I have avoided Default.
And a Daily Spending Report
$0.97 for mailing my resume to a potential job (cross fingers)
$1.25 for soda vending machine
$1.00 for fruit snacks at vending machine