Who owns my student loans?
October 10, 2007 8:18 PM   Subscribe

Who owns my student loans?

I consolidated my student loans in June of this year, and quickly became unhappy with the bank in question. After calling them up, I wrote a letter (as instructed) requesting that they halt the consolidation. I subsequently consolidated with a different company. Now I'm getting bills from both companies!

I've called both companies, but neither can tell me what to do. How can I find out who owns my loan, and get the other company to stop billing me?
posted by snickerdoodle to Work & Money (5 answers total)
You need to find out which bank paid off your original loans. That is the bank that you owe money to. It would be impossible to owe them both money, so one of them has made a serious fuckup. You can call your original lenders and see if they can help you figure out which of these two consolidators paid off your original loans when you consolidated.

Also, just a helpful note, in the future, when you request something is canceled or have any other customer service resolution that has a lot of $ on the line, make sure you get a confirmation in writing.
posted by tastybrains at 8:26 PM on October 10, 2007

I believe that you can go to your account at the "Direct Loan Servicing Center" and get a PIN and login to your account and find out which institution paid your loans. If it turns out to be the first bank I would call them and let them know that you cancelled the consolidation. Just do a google search for the quotes or find it on the DoE website.

IMHO, If you are still able to consolidate you may consider doing it with the Department of Education as they are really easy to deal with and have not been involved in the profiteering that many consolidation companies engage in doing business.

All of this assuming you live in the United States.
posted by occidental at 8:45 PM on October 10, 2007

When you sign up for a consolidation loan, there's a part of the application towards the end where you affirm that you haven't signed up for a consolidation loan with another company. I'd imagine that's there to prevent situations like this.

I'd imagine that the second loan--the one you want more--will be the one cancelled because that application violated that clause and the first one--with the company you like less--didn't.

I talked to some consolidation counselors earlier this week and apparently it's not possible to consolidate loans if there aren't any new ones (that is, consolidation has to be of two or more separate loans). There may still be a way to get one bank to assume the debt and another to pay it, though I don't know what that is.

Good luck.
posted by Tuwa at 9:28 PM on October 10, 2007

Another option is to get your credit score. The financial institutions who you own student loan money will show up there (or at least they did on mine). For instance, on mine, I see that I owed the government xyz money, now owe 0 while I owe another company xyz money.
posted by jmd82 at 6:03 AM on October 11, 2007

Thanks all! This is what I get for being more concerned about summer vacation that the gazillion dollars I owe in student loans.

For the record, the Department of Ed Direct Loan Servicer site brought me to the National Student Loan Data System, which had the info I need.
posted by snickerdoodle at 4:49 PM on October 11, 2007

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