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Can a student loan company legally change my agreement without my consent?
I have just started graduate school and had/have four years of student loans under deferment, the original loan note states the circumstances under which deferment is granted and I do currently meet those circumstances...However, two months ago I received a letter informing me that my loans had been sold to a new creditor. After several phone calls and conversations I have been told that Wells Fargo does not offer academic deferments, only forbearances. Is this ok? I signed loan agreements with the first creditor, can a second creditor buy the loans and legally change the agreement without my knowledge or consent?
Yes, I know the difference between deferment and forbearance...it's a few thousand dollars a year. Deferment delays payments and freezes the balance, forbearance delays payments but does not freeze interest accrual.
I understand that private student loans are highly un-regulated, having searched through my original papers it just seems odd to me that the terms a loan note can just be changed without the borrower's knowledge or permission.
5 Answers
- ?Lv 71 decade agoFavorite Answer
Check your original loan agreement again. Is there anything in it that states that they can be sold to another company? The answer is probably. It probably does say something in that original loan agreement that states if your loans are sold you would be subject to any terms of the new company. So, yes... this is probably legal and exactly the reason you should be weary of private loans.
- just not thatLv 71 decade ago
the first lender didn't change the agreement... they sold the loan. Most student loans are sold upon the students graduating.... something like 95% of them or more. Your MPN said they have the right to sell the loan, and they did.
The new company will have their own terms and isn't a darn thing you can do about it... besides, deferment, forbearance, what difference does it make? either way you aren't paying on it. Just be sure you finish your degree on time so you don't run out of time before you run out of time and it's time to start paying.
- ?Lv 61 decade ago
Of course they can.
Perhaps you're confused with the term "forebearance," as it basically means the same thing as "deferment" - as they both are an agreement between the borrower (you) and the lender to DELAY payment.
Did you take basic English?
- 5 years ago
In Pennsylvania, and many other states, your pharmacist may substitute a lower costing generic drug if one exists, unless your dr states " no substitutions" on the prescription order. Legal? Yes, and done all the time. If you don't want the generic, then you would be responsible for the difference in cost.Ad the difference in cost can be substantial.
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