Are you frustrated with collectors from the loan organization calling daily about a past due bill? Would you like to know how to cancel your student loan forever? What about removing a late loan payment from your credit report. If these strategies are something you would like to know more about, then read on, and let me disclose these powerful tips.
Tip 1 - Can I defend myself against the collectors?
If a private collection agency is used to collect the debt, and the agency violates the Fair Debt Collection Practices Act, you can sue them and use the money to pay off your debt. If you are sued, you can argue that you were eligible for a loan cancellation according to the student loan policies, but did not get it.
Tip 2 - Is there anyway I can cancel the loan?
The loan can be canceled if you are disabled and can't work, in the military, teaching in a third world country, performing community service, working as a health care professional in needy populations, or working in law enforcement. Check with your loan provider for various options. You can also have your loan interest rates lowered if you consolidate your loans or set up an automatic debit for your payment. For more information on student loans, contact the Federal Student Aid Information Center at 1-800-433-3243 or visit them at www.nslds.ed.gov or the Direct Loan Servicing Center at 1-800-848-0979.
Tip 3- Can I remove a defaulted loan from my report?
If the student loan commission reported the delinquent account, the only way to remove it is to pay off the loan in full. You can then dispute it with the creditor bureau. The credit bureau will have to verify the information with the student loan commission. Since the commission has to administer so many loans, it is very possible that the commission may not verify with the credit bureau that your loan was ever in default.
Using these tips could be very rewarding if they apply to your personal situation. Reread this article and make sure you understand the concepts before taking action. Now that you are empowered with a little more education, go out there, and improve your financial life.
Mark Clayborne is a Certified Credit Consultant with ten years of experience assisting consumers with credit issues. If you liked this article, then please sign up to read the first chapter of The Credit Repair Book/HCRS and get a Free Restore your Credit E-class at http://www.hiddencreditrepairsecrets.com This article may be freely reprinted or distributed in its entirety in any Ezine, newsletter, blog, or website. The author's name, bio and website links must remain intact and be included with every reproduction.
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