Student Loan Rehab? Is this a good deal?
I have a student loan in the amount of $6900 and was not able to pay when I was not working for a while. Now that I am working, I contacted them to make payment arrangements. They offered a student loan rehabilitation. However, according to the terms of the agreement they are charging me $1277.23 in collection charges now and will assess another 18.5% fee upon rehabilitation. Is this a fair deal or are they trying to stick it to me? What other options do I have?
They stuck it to you. They sold your debt to a collections agency who is now trying to make one hell of a profit off of you. Since your credit is already damaged just write it off but do not contact them again. They will come at you again with a better deal and even offer to settle the debt after a while.
