STOP FRAUDULENT AND MISLEADING STUDENT LOAN CONSOLIDATION PROGRAMS AND END STUDENT LOAN COLLECTION HARASSMENT
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I recently consolidated two student loans under Obama's Student Loan Consolidation program, which allegedly recognized the many problems that borrowers have with student loan payments
This consolidation program was highly touted by the Obama administration as a friendly and helpful opportunity to resolve student loan issues. As an added convenience, I was promised that my payments would be combined into one payment (two loans which I could never combine before).
With all of these great promises, I was hopeful about having a financial life again instead of all of my earnings going toward rent and student loan payments.
My two prior lenders, Sallie Mae and the U.S. Dept of Education, were always helpful to me in the past and at one point even bought out my loan in order to take it over from a very nasty company called Nelnet, whose prior collection efforts were beyond inappropriate.
Sallie Mae and the U.S. Dept. of Education were always at the very least honest, respectful and very helpful with hardship forbearance approvals.
This is not the case with William D. Stafford Direct Loans, which now manages both of my prior loans under the consolidation program I was wooed into taking. After several months of making 100.00 payments, "Direct Loans" switched up on me (requesting payments in excess of 700.00/month) and is presently refusing to work with me. They don't want to hear about what I am capable of paying - this is apparently irrelevant.
I asked if I could opt out of this program since I've been misled. After all, my prior two lenders were always willing to work with me and understood my extreme circumstances and present condition of financial strain. The Representative at William D. Ford Direct Loan Program (Direct Loans), whom I spoke to, could care less and told me that I cannot go back to the way it was since I have a legal binding agreement. I guess he never heard of misrepresentation.
I don't think this is what President Obama had in mind when he offered the Obama Student Loan Consolidation program. This is an outrage.
Also, Direct Loans mailed me a forbearance application to sign after telling me via telephone that I would be approved for a forbearance based on my unique circumstances and as a formality, I would just have to sign it and send it back. I did this and received a "declined" response in the mail dated December 6, 2012.
Direct Loans is just as bad as Nelnet and I want this company to work with me as promised and to stop their lies. Better yet. put me back where I was before. They violated and continue to violate the spirit of the Obama Student Loan Consolidation Program and its intent to work with borrowers in a professional, realistic and amicable manner. It's time to stand up.
I'm one example of harassment and abuse. If you need more evidence, see this link from the House Committee on Education and the Workforce https://www.facebook.com/#!/notes/house-committee-on-education-and-the-workforce/wanted-direct-loan-program-feedback/10150808822041458 The Committee has identified problems with Direct Loans and is accepting feedback from others who have been victimized.
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