Reselling of college loans creates fees and penalties.

My daughter had college loans through both of the universities she attended as well as Sallie Mae.

She was contacted by one of these loan consolidation companies to bring down her interest, etc.

She filled out the paperwork and everything was consolidated.

The arrangement was made that the loan company would take the payment out of her bank account every month and to send her monthly statements via email (go green).

The loan has now been resold and communications between the old loan holder and the new loan holder is lacking.

Three months after the loan was sold my daughter receives a letter telling her she is behind on her payments and she not only owes additional interest but penalties as well. What can be done in situations like this?

Her loan has now been sold a second time and the same thing has happened.

Nancy

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2 thoughts on “Reselling of college loans creates fees and penalties.”

  1. Hi Nancy,

    Are you saying the loan was sold and at that point the payments were no longer auto drafted from her bank account, or were payments drafted from her account on schedule each month after the servicer changed?

    Reply
  2. Hi Nancy,

    Are you saying the loan was sold and at that point the payments were no longer auto drafted from her bank account, or were payments drafted from her account on schedule each month after the servicer changed?

    Reply

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