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Posted in Student Loans
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Question By
Thtgirlindebt

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Past due private student loan issue
I have a past due student loan. Currently it is over 500 days past due. I am being charged a $25 late fee every month that it is past due. I have tried to contact the company that it is with and ask them what I can do they tell me that they will continue to charge me the past due fees until it is paid in full the account shows open on my credit report and it shows every month that it's past due what can I do? I was not aware that they could continue to show this as open after so long.

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Sorry, but student loans remain collectable until paid in full, no matter how long it takes.

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if your initial loan request reflects a past due penalty, then they can continue to charge you until it is paid.   In fact, depending upon the language in the loan, they may be able to charge you this late payment penalty even if you start making payments as long as there is a past due amount.   You should pay off all past due amounts on this loan as quickly as possible to get the loan current and begin your timely payments thereafter.  The past payment status will remain on your account.   You could try to negotiate a pay in full amount, although, based upon their position and the late payment penalties they continue to charge, I don't feel you will find much success.

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