Posted on May 29, 2009 at 12:09 pm Yes...I have defaulted...and I tried really hard not to but the crooks wouldn't even accept my Affordable payment and said I had to pay way more than I could even though I qualified for Reasonable and affordable payments. I'm disabled and only work part time and was able to prove that I qualified but three time they simply ignored my paperwork. They wouldn't take what I could give, or even what I was allowed to give under their own plan and sent me to collections. now....20 plus phone calls every day. Not kidding. I don't answer. I know I owe this money. I was not trying to run from it but I have no choice now. They are already taking my income taxes and I can't even tell who the callers are because if I check the number it says it is not available. All messages are automated or just people that say Hello? Hello? And wait for me to answer. I responded to one of the collectors, Gen Rev, via mail and requested validation of the loans. They refused to send me anything for months and just kept harassing me and sending nasty letters. I sent all of my requests to them registered mail yet they refused to respond. Today I finally got a packet of papers from the Gen Rev. Along with all the grainy. unreadable copies of the promissory notes are pages that say " NYHESC Lender's Indemnity Agreement For Lost or Unsigned Promissory Note"Of course I can't understand what these mean because I'm probably not supposed to but they all have a checked box next to The original notes are defective in the following manner" ALTERED.What does this mean? Does anyone know?Telula

Posted on May 29, 2009 at 12:23 pm Sorry to hear about your situation.  My understanding is once a student loan goes to collections it's almost impossible to work something out.  Also, can you clarify your question?  From what you describe, it sounds like the records of your loan have physically deteriorated  (based on your description of what they look like) and they were altered somehow.  

Posted on May 29, 2009 at 8:37 pm  my real question is  what does this mean....." NYHESC Lender's Indemnity Agreement For Lost or Unsigned Promissory Note" The original notes are defective in the following manner" ALTERED.I have no idea what they are. I have never seen them and was never told about them. Now I have all these copies and have no idea what they are.

Posted on February 3, 2010 at 7:03 am Hi, you might want to read this: http://www2.ed.gov/offices/OSFAP/DCS/index.html

Posted on March 1, 2010 at 5:24 am Interesting topics about defaulted student loans: How to avoid defaulting on student loans/How to get financial aid before/after defaulting/ Can a student loan be settled - or -better yet - canceled?