Private Student Loan In Default!?
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Okay I will try to be short. My husband took a student loan out in 94 in Alaska as a Private student loan. We were sent a letter stating that we needed to pay immediately from a collection agency. My husband is now in the military and was gone so I called and got someone to help. She told me this loan would be rehabilitated and sent back to Alaska Student Loan people as long as we made 8 on time payments which I did. However after my husband came home the payments stopped automatically coming out of our checking account. I called them to see why and if the loan had gone back to the original creditor. I was then told by a different person the loan will not and can't be rehabilitated and will not ever go back to Alaska. The thing is that this is not on my husbands credit and his mom is not sure if she cosigned b/c this is so old. Anyway is the SOL up on this or should start paying again even though it will stay in default status. The balance is now 27,0000. What can we do?
Private Student Loan In Default!?Can your husband talk to someone at his military installation to see if his service cancels out part of the loan? I know you said it was a private student loan, but on government student loans, merit is given to borrowers who serve in the military. Good luck to you and your husband.
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