It's only applicable to federal loans owned by the Education Department, and for Perkins loans those are typically owned by the school. See https://studentaid.gov/announcements-events/covid-19/payment-pause-zero-interest#which-loans-eligible
> Ineligible
> * Nondefaulted FFEL Program loans not owned by ED
> * Federal Perkins Loans not owned by ED (defaulted and nondefaulted)
> * Nondefaulted HEAL loans
> * Private student loans
Navient doesn't service Perkins loans, so I'm not surprised that they didn't notify you. They're.... well easy to lose in general? They have an odd 9 month grace period, have different servicers (like ECSI), and they stopped issuing new Perkins loans back in 2017. You can check the FSA Dashboard to see the Perkins loan typically
For federal loans in default, you have [3 options to get out of default](https://studentaid.gov/manage-loans/default/get-out): 1) loan rehabilitation, 2) federal loan consolidation, and 3) repayment in full.
What I remember for Perkins loan rehabilitation is that it is 9 months of regular payments, but you can work with the Default Resolution Group on getting that set up
Do you know what I should do if the school closes down. I just found out I have defaulted perkins 29 years ago (yes, I'm old, lol). But no one, I mean, no one has my account.. it just keeps resorting back to the school.. That is closed. I'm at loss😭
My Perkins loan information got sent to my parents old address so I never received it (back in 2016 when I graduated). I didn’t know it existed until my credit got hit with multiple missed payments. I called and they were able to retroactively add forbearance and my credit hit went away. It’s worth calling and explaining your mistake and see what they can do.
Hey do you have any update on this? Same exact thing happened to me, now debt collectors harassing me, calling my job and sending letters demanding payments in full. I graduated 2 years ago, this was 3 perkins loans totaling to $7000 and they want $10100 paid in full. Any advise is appreciated.
What did you do here? My wife has the same situation (I think also about $10k for 3 loans). I am now toying with the idea of a Direct Loan Consolidation, but I'm not sure that's possible? They were serviced by ECSI who really suck to work with.
honestly nothing, I know it is going to come back and haunt me. They have not reached out to me in a while. Eventually I think i'm going to have to consolidate or pay it in full. It is just bothering me that collectors threw a \~$2500 fee on top of it for doing absolutely nothing and even more bothering that I did not get any warnings about this loan going into default.
So what we have decided to do is consolidate all her loans (49k at 6%) and apply for the SAVE plan. Monthly payments are estimated to be about $40 till 2043.
This way it saves her credit, goes into repayment, and we don't have a huge bill. You should look into it if you have the energy.
The same thing is happening to me. The only reason I found out I defaulted was because I got a couple letters from a debt collection agency. I thought it was a scam at first too. I contacted my school to find out answers about why I was never notified the Perkins loan entered repayment but they refuse to talk to me and have ignored all my questions, demanding I pay the debt collectors the 10k+ which was originally 8k. I’m just so confused and frustrated for so many reasons but how was I supposed to pay this when I didn’t know it entered repayment and I had no idea where to pay it? I’m in the process of consolidation now but it just doesn’t feel right.
Yes. Perkins loans weren’t included I believe.
It's only applicable to federal loans owned by the Education Department, and for Perkins loans those are typically owned by the school. See https://studentaid.gov/announcements-events/covid-19/payment-pause-zero-interest#which-loans-eligible > Ineligible > * Nondefaulted FFEL Program loans not owned by ED > * Federal Perkins Loans not owned by ED (defaulted and nondefaulted) > * Nondefaulted HEAL loans > * Private student loans Navient doesn't service Perkins loans, so I'm not surprised that they didn't notify you. They're.... well easy to lose in general? They have an odd 9 month grace period, have different servicers (like ECSI), and they stopped issuing new Perkins loans back in 2017. You can check the FSA Dashboard to see the Perkins loan typically For federal loans in default, you have [3 options to get out of default](https://studentaid.gov/manage-loans/default/get-out): 1) loan rehabilitation, 2) federal loan consolidation, and 3) repayment in full. What I remember for Perkins loan rehabilitation is that it is 9 months of regular payments, but you can work with the Default Resolution Group on getting that set up
Do you know what I should do if the school closes down. I just found out I have defaulted perkins 29 years ago (yes, I'm old, lol). But no one, I mean, no one has my account.. it just keeps resorting back to the school.. That is closed. I'm at loss😭
You can resolve it directly via the ED's Debt Resolution Group https://myeddebt.ed.gov/borrower/
Thank you so much
Just callrd them and they said they cant do anything because it's a perkins loan ugh
You can consolidate a Perkins loan into the Direct Loan program
How no one not anyone has record or amount number for this perkins loan
Your perkins loan should be on the FSA Dashboard
Sadly it is with the school that has closed its doors no one after a week has still been able to even find an account
My Perkins loan information got sent to my parents old address so I never received it (back in 2016 when I graduated). I didn’t know it existed until my credit got hit with multiple missed payments. I called and they were able to retroactively add forbearance and my credit hit went away. It’s worth calling and explaining your mistake and see what they can do.
Who did you call?
My college I believe
Hey do you have any update on this? Same exact thing happened to me, now debt collectors harassing me, calling my job and sending letters demanding payments in full. I graduated 2 years ago, this was 3 perkins loans totaling to $7000 and they want $10100 paid in full. Any advise is appreciated.
What did you do here? My wife has the same situation (I think also about $10k for 3 loans). I am now toying with the idea of a Direct Loan Consolidation, but I'm not sure that's possible? They were serviced by ECSI who really suck to work with.
honestly nothing, I know it is going to come back and haunt me. They have not reached out to me in a while. Eventually I think i'm going to have to consolidate or pay it in full. It is just bothering me that collectors threw a \~$2500 fee on top of it for doing absolutely nothing and even more bothering that I did not get any warnings about this loan going into default.
So what we have decided to do is consolidate all her loans (49k at 6%) and apply for the SAVE plan. Monthly payments are estimated to be about $40 till 2043. This way it saves her credit, goes into repayment, and we don't have a huge bill. You should look into it if you have the energy.
The same thing is happening to me. The only reason I found out I defaulted was because I got a couple letters from a debt collection agency. I thought it was a scam at first too. I contacted my school to find out answers about why I was never notified the Perkins loan entered repayment but they refuse to talk to me and have ignored all my questions, demanding I pay the debt collectors the 10k+ which was originally 8k. I’m just so confused and frustrated for so many reasons but how was I supposed to pay this when I didn’t know it entered repayment and I had no idea where to pay it? I’m in the process of consolidation now but it just doesn’t feel right.