When we owe a loan for financia aid...?
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I owe a student loan, everytime I claim my taxes it gets taken away and put towards my loan which is in default, ok, that;s fine... But my question is why don't I recieve a statement informing me that this money has been applied to the loan and why can't I be sent a statement that reflects how much was applied and my balance before and after? It seems like they take my money and my loan never decreases! I don't even see a letter or a call telling me where this money goes!
When we owe a loan for financia aid...?First of all, it's VERY possible that your loan isn't decreasing even as payments are made. If you haven't been paying off your loan, chances are good that your total outstanding debt has grown so high that the tax refund barely makes a dent in the principal balance (i.e. it only covers accuring interest).
Finding out where the money goes is very simple -- you have to ask. Contact the company and ask for statements or set up an account with them online. Very often, lenders lose touch with their borrowers because the borrowers don't keep them updated with their contact information. Did you know that, when you borrowed the loan, one of the things you agreed to do (on the official, federal form that you signed) was update your address? Don't assume that they know how to contact you just because they have been granted the ability to withold your tax refund.
To find out who holds your loan, you can go to www.nslds.ed.gov (apply for a PIN if you don't have one). If you are in default, chances are that the loan doesn't belong to the same company with whom you initially borrowed. If your loan is in default, it has probably gone into collection -- meaning that it has been sold to a collections agency. On NSLDS, you will find your loan holders' contact information. Once you have this info, contact the loan holder to update your address/email information and see if there is anything else you can do to rehabilitate your loan.
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