Saying Hello To My Fellow Debtors

Introduce yourself
#1

Hi!..I’m in the same boat as other student loan borrowers. Here’s what you need to know…The Student Loan “System” was privatized in 2005 and deregulated, therefore is not subject to the FCRA.

When researching the history of the program, I was dismayed to learn that it is the only loan program that automatically attaches a criminal stigma.

According to DOE regulations, you can apply directly to the Secretary of Education for special loan payment agreements. I’m looking into that now.

Also, public colleges and universities are no different than public K-12 schools and by law, they cannot charge taxpayers anything but a nominal fee to use a taxpayer funded service. S.C. State University is the only institute that lists “Tuition: $75” and “Fees: $2397”…It’s the added “Fees” that is the discriminating factor and I’m sure those fees are waived for wealthier students.

I hope we can make progress on this, but as a former U.S. History teacher, it’s not likely to happen. Our mistake is not reading the fine print.

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#2

According to DOE regulations, you can apply directly to the Secretary of Education for special loan payment agreements. I’m looking into that now

Do you have a link with more information about this @WokeandPissed?

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#3

Here are the Borrowers Defense regulations: 34 C.F.R. § 685.206 ©, 685.222 and 34 C.F.R. §§685.206 © (1), 685.222(a)(5); U.S. Department of Education, Notice of Interpretation, 60 Fed. Reg. 37,769 (Jul. 21, 1995) and 20 U.S.C. § 1087e(h) defines the terms and conditions of loans. That’s at the link below which is where I found it.

What I want to know is why they’re cloaking lenders and making borrowes think that Servicers are just a part of the program when in fact, they’re third party debt collectors who buy charged off debt.

They’re not telling borrowers they’ve discharged their loans when in most cases they are in good standing which is how they’re enforcing assurance to pay. My last Servicer told me my loans had been discarged when I never missed a payment in 13 years. It even states in the regulations that credit reporting agencies “must report both good and bad debt statuses.”… Why would they not report bad debt statuses? They don’t want borrowers to know they discharged them and sold them to a third party debt collector.

#4

Thomas…Something else. In 2006, Sallie Mae was privatized after being sued in 2005 for putting borrower accounts into forbearance to increase the borrower’s debt…Sound familiar?

Why they won’t touch student loan debt and why it’s not regulated…Our economy is debt based. From the 2006 Treasury Report on Sallie Mae (Pg.3) linked below:

“Debt eligible to collateralize public deposits Yes
(all US Government; most State & local)”

I guess you already knew this.