I have not studied this exact case, but loans get bought and sold all the time. During the banking collapse, this worked if they had lost documentation on their end. It is not the norm, however.
I wonder if there's a major difference here because the DoE *doesn't* sell student loans around, and as far as I can tell, there's no language in the promissory note authorizing them to sell debt. So basically, you promise to pay ED and nobody else.
Yeah, because I just had a look over my own MPN and it explicitly talks about the Education Department. Nothing like "ED or any other specified agency" etc, etc. It seems like the assumption is that you're paying the loans back to the Education Department and no one else.
like, this will 100% end up going through the courts because we sign specifically to pay the ED and not the US government in general, so someone will absolutely sue to get a definitive answer to the question if it gets moved to a different department
the only master promissory note i have is for a school i attended 10 years ago. there's nothing else. is that one note like, applicable to my schooling overall no matter where i transferred to?
If you scroll down, on the right side there'll be "My Documents"
Under that, you'll have two sections with a dropdown, Completed Documents and My Correspondence. Hit the dropdown next to Completed Documents and select Master Promissory Note (MPN)
If you consolidated at any point yours may be under that heading instead. Scroll down to Activity History and there’s a drop down for “Loan Consolidation”
1/2 DoE sold my previous loans (no longer owed, but it’s not ab me) to a private corporation, which was awful. I was a scholarship/financial aid student, very frugal & careful, & hope they wouldn’t just let that happen. & we need the DoE SO much—that’s where disabled folx like me get our…
2/2 accommodations (which I needed), so we can attend, pass, & get a degree. The 70M adults who ID’ed as disabled 2 the CDC in 2024 & the 15M+ children who are disabled in the US may lose what few protections we have wrt education if this happens. #Disabilty #Education #DisabilityJustice
Yup and in the most likely scenario those services will buy the loans from the gov pennie's to the dollar and then just raise rates. It makes a lot of sense when you see all the other dr evil shit going on.
If you consolidated at any point yours may be under that heading instead. Scroll down to Activity History and there’s a drop down for “Loan Consolidation”
When I consolidated, I signed many documents and upon doing so, lost that fixed interest rate that federal loans get. Be careful.
Generally, consolidation is "opt in" , so you'd probably signed another agreement. If -that- company sells it after that, well, maybe there you have room to do this.
This is how I got rid of my masters debt it's called lack of chain of title. If your debt is bought and sold so many times they usually don't keep up on things like promissory notes and debt validation letters. I hope tons of people do this.
I'm curious to know what the process was like. I assume it wasn't just a simple "Fuck you, you don't have the promissory note so our business is concluded" lmfao
Yeah that's basically how it works. You hire a lawyer, take them to court. They don't have the money or resources to fight every single case and usually don't show up. Do hire a lawyer though I promise you they are cheaper than your student loans.
I believe, when someone attempts to collect on the debt, you have the right to say "Hey, show me the promissory note that proves you actually own this."
You can request a debt validation letter which means that they have to provide all of the original documentation such as the promissory note with original signature that's important within a certain time frame. If they don't, it means they probably didn't keep up on your paperwork.
In an audit a year or two ago I read that 98% of all loan servicers did not keep up with chain of title because they buy and sell and manage a portfolio of around 800,000 accounts on average. My loan was traded around ten the month of graduation.
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And if the Trump admin can make the move without losing everyone's promissory notes.
📌
the only master promissory note i have is for a school i attended 10 years ago. there's nothing else. is that one note like, applicable to my schooling overall no matter where i transferred to?
Mine is from 2010 from a single semester when I first started.
I see Common Forms, but I can't figure out which files are what the guy's talking about.
Under that, you'll have two sections with a dropdown, Completed Documents and My Correspondence. Hit the dropdown next to Completed Documents and select Master Promissory Note (MPN)
If you consolidated at any point yours may be under that heading instead. Scroll down to Activity History and there’s a drop down for “Loan Consolidation”
Uhh... but also, my dashboard is showing that I don't currently have any loans or grants. Which is *wrong*, right?? Or have my loans evaporated?
If you consolidated at any point yours may be under that heading instead. Scroll down to Activity History and there’s a drop down for “Loan Consolidation”
I think it’s just because I am old as hell, and the papers probably disintegrated 😂
Generally, consolidation is "opt in" , so you'd probably signed another agreement. If -that- company sells it after that, well, maybe there you have room to do this.
I also downloaded my direct and indirect loan agreements as well.
Sign me up lmao