I am in the process of Rehabilitation of a student

I am in the process of Rehabilitation of a student loan, They are charging collection fee of 18.5%
This seems high, I just talked to them (GC services)
They said that upon rehabilitation, then my balance will be reduced closer to original debt when they received it of about $23,000, now about $41,000, THEN the collection fee of 18.5 %
will be added to balance and then once loan is purchased, i will be charged the current market interest rate(which is about 4%)
dont know what will be in a year, i have made 2 payments..... is this true?????
I must admit I am a little confused

1 Answers

Collection fees are set by law and the Higher Education Act.

Nobody knows what the interest rate will be...it changes every July 1.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

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