Student loan disappeared?

[BrokeMike]

I finally got around to consolidating my federal student loans in January. Then in March the debt disappeared. The account said it was paid, but I didn't send them a $18,000 check.

Direct Loans said Sallie Mae bought it, but Sallie Mae has no clue about it right now and it's been a couple of months.

Has this happened to anybody else?

[bjl584]

My student loans have been sold twice, but they never disappeared.

You might want to check your credit report and see if the debt is still there.

[BrokeMike]

I checked it this morning. It says Direct Loans transferred it, but there are no companies that have taken ownership yet according to my report.

Odd.

I can't help but feel like I'm being scammed by the government. Obama set up the special rate for consolidated federal loans, but you only have until June. If I cannot access my loan before June, I can't qualify.

[Joan.of.the.Arch]

Sallie Mae has been a private company for years, so it is not a government scheme to keep you in higher rates.

I recommend you send a written letter right away asking for an accounting. When you do get it if there are any inconsistencies, send another written letter to insist on the correction. When loans of any kind get sold, there is opportunity for the numbers to get messed up.

[BrokeMike]

I'm mainly just worried about applying for the reduced interest rate. I don't get how Sallie Mae (a private company) was able to buy my federal loan that I consolidated with a federal agency.

[dczech09]

Obama set up the special rate for consolidated federal loans, but you only have until June. If I cannot access my loan before June, I can't qualify.

Just a quick note: Obama did not do anything. I think you mean Congress. The President does not "set" interest rates. He can only "okay" them.

[BrokeMike]

Haha lets not get political about this

[breathemusic]

On the plus side, if you do everything in your power to correct the mistake and they just lost it... well, you're one lucky sun-of-a-gun. Congrats! haha

[BrokeMike]

Haha I wish that were the case. It actually just showed up today on Sallie Mae. The kicker is, the site says that the loan payments are 79 days delinquent and I owe a few payments now.

I literally went to the site yesterday and that loan wasn't on there. I have always hated Sallie Mae

[personalfinanceohio]

you almost got lucky

[Wonga]

Yeah, well said, almost