Student loan debt is having a crushing effect on current students and graduates, whose college dreams often have turned into nightmares as they realize that the job and career for which their specific degree has prepared them is likely not worth the cost of obtaining it.
There are over one million people each year who go into default on their student loan debts. Nearly 5 million people are currently in default, representing over $88 billion in student loans.
The frequency of loan defaults, many of which are backed by federal programs, has made it necessary for the US government to create a portal for defaulting borrowers to assist them with resolving defaulted loans (grants as well) for several different government programs, including:
If you are using the MeEdDebt.gov portal to address a student loan or grant that is in default, there are a few things you should know about the seriousness of default. Hopefully this information will help you be assertive about clearing up your particular situation.
Although grants are given by federal agencies with the intention that they don’t have to be paid back by the recipients, there are several cases in which some portion or all of the grant funds DO need to be returned. In general, breaking the terms of the grant will make you responsible for paying back the grant funds your received.
The main reasons for having to return federal grant money include:
If you need to refresh your memory on the type of defaulted loan or grant you are responsible for, you can check in the National Student Loan Data System by logging in with your Federal Student Aid ID.
Although MyEdDebt.gov is most commonly used by defaulted borrowers, it functions as a comprehensive portal for people and entities connected with defaulted federal student loans or grants. These groups include: borrowers, schools, guaranty agencies, employers, private and collection agencies.
It’s important to understand that the MyEdDebt.gov portal is intended only for use by those whose defaulted loans or grants have been assigned to the US Department of Education.
This portal allows those accountable for defaulted loans or grants to register for an account using your personal information, including social security number, birthdate, first two letters of your last name, and your zip code, which should match the records associated with your default file.
After registering for an account, you can use the MeEdDebt borrower portal to view updated information about your defaulted loan, make a payment, and update your personal information. Information about various options for debt resolution, loan disputes, and how to submit complaints about loan experiences isn’t found here. You’ll find that information on the official Student Aid website instead.
The partner section of MyEdDebt.gov has tools for partners (including schools, guaranty agencies, employers, and private collection agencies) who are working with the US Department of Education to collect outstanding, defaulted loans. To access the functionality of this section of the MyEdDebt.gov website, you’ll need to request a partner pin by selecting your organization type (employer, school, or guaranty agency) and providing your name, partner id (which you should have received from the US Department of Education already), the name of the organization you represent, and your zip code. The information you submit here should match what the US DOE has on file for your organization.
Soursop leaves, known for their potential medicinal properties, have been gaining popularity in recent years…
The pineal gland, often referred to as the "third eye," is a fascinating and enigmatic…
In the world of finance and investment, understanding key financial ratios is essential for sound…
Imagine being an integral part of a patient's healthcare journey - a bridge between physicians…
In the world of investing, diversification is a cornerstone principle. This is where precious metals,…
It's for good reasons Popeye learned to love spinach, which (according to the comic) made…
View Comments
NEEDING TO SEE IF I WOULD BE ABLE TO GET ALL OF THE LOANS CONSOLIDATED
My student loans are in default and are currently in collections. I had not been working for over a year because I was getting chemo for cancer and in 2014 when I started my MSN Program I had to drop because my son had Leukemia and it was too stressful for me. I would like to complete my FNP Program and I am back working as an RN at an HBCU in Student Health but I cannot re-enter the program at Chamberlain until I get this cleared up. The collection agency who is handling this is Pioneer Credit Recovery Incorporated and the telephone number is 888-287-0317. Is there any way we can get my loans out of default so that I can further my education. I will repay my loans upon completion but I really would like to finish my FNP program because I know I would be a great asset to the Healthcare community. I'm a great RN and I deserve this. Please help. Thank you.
My student loan has been rehabiliated but the paperwork has not been updated and it has caused my efforts to purchase a home put on hold. The lender has pulled a caivir three times and still the situation persists. CAN SOMEONE PLEASE HELP ME. Thank you