Even though I filed with attorney gerneral over this one.aThey still call but reach only my answering machine.They called at 8:15 AM and 4:30 Pm on April 21st
You do NOT have to deal with these vultures; you can deal directly with the department of education. Go to this US Government website (http://www.nslds.ed.gov/nslds_SA/) and select FINANCIAL AID REVIEW. Follow the prompts and be aware that it may take a little time to actually access your records because of the PIN registration requirements.
Once logged onto the site, you can see PRECISELY what loans are in default, what the outstanding principal is, what the outstanding interest is and the total amount due and payable. DO NOT RELY ON ANY OTHER SOURCE FOR DETAILS AS TO THE PRINCIPAL AND OUTSTANDING BALANCE ON YOUR LOANS! Pioneer will often give you a much higher figure -- that higher figure includes a collection fee on top of any amount you actually owe.
If you have a defaulted student loan insured by the feds, you can also go to this website (http://www.ed.gov/offices/OSFAP/DCS/index.html) for information on what to do and other information.
As a follow-up, if your loan is defaulted and has been turned over to the Department of Education by the issuer or guarantor, you can calculate exactly (to the nearest whole month)(see, http://studentaid.ed.gov/PORTALSWebApp/students/english/repaying.jsp)and make payments DIRECTLY to the DOE by credit card or check.
From the Department of Education's student loan website, here's some direct quotes:
"How can I calculate the amount of interest on my own?
"To determine the amount of interest you will be required to pay on each month, use the following formula called the Simple Daily Interest formula:
"Simple Daily Interest Formula: Number of days since last payment x Principal Balance Outstanding x Interest Rate Factor = Interest Amount
"Practice Example: Let's say the remaining balance on your loan is $9500.00. You sent in a payment of $160.00, 32 days after your previous month's payment. Your interest rate is 8.25% (interest rate factor is .00022587).
32 (days) x $9500.00 (PBO) x .00022587 (interest rate factor)
"You would pay $68.66 toward interest and $91.34 toward the principal balance. This would leave you with a loan balance of $9408.66 after the $160.00 payment was applied.
"Interest Rate Factor
"The interest rate factor is used to calculate the amount of interest that accrues on your loan. It is determined by dividing your loan's interest rate by 365.25 (the number of days in a year). See the following table to see some examples of interest rate factors.
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"Why does the amount of interest I pay vary from month to month?
"Interest accrues on a daily basis on your loans. Factors such as: the number of days between your last payment, the interest rate, and the amount of your loan balance, determine the amount of interest that accrues each month.
"You can calculate how much will accrue on your loan by using the Simple Daily Interest Formula.
"Can I pay my defaulted student loan held by the Department by credit card?
"Absolutely. We accept American Express, Discover, Master Card and Visa as repayment options. To repay a loan by credit card, please call us at 1-800-621-3115.
"What address do I send my payments to?"
"If you have a defaulted student loan held by the U.S. Department of Education, you can mail a check or money order to the address below. If you are at all unsure about the status of your loan, or who currently holds your loan, please call us first at 1-800-621-3115 before sending in payment. You may also use Loan Locator to help you find out what lenders currently hold your loan(s).
National Payment Center
P.O. Box 4169
Greenville, TX 75403-4169
"(Please be sure to include your Social Security Number on any payment instrument that you send us)."