Chamberlain College of Nursing loan ecsi loan

[msward1987]

Hello my fellow nurses, I am a Chamberlain school of nursing alumni. I graduated 3 years ago and I was wondering did anyone ever have to take out the Chamberlain loan that is funded by ecsi? Unfortunately I had to take out this loan my last year or school because I did not have enough money to pay for school. I had been paying them but it seemed like my money was being eaten by interest. They threatened that if I did not pay off loan in 5 years that with a 480 month payment I would be penalized. They put a hold on my account to where I could not get transcripts etc... therefore I refinanced with a company that offered me a 5 percent in treat rate which is much better than 12 percent. I was wondering has anyone else had this issue and what did they do? Also this loan never showed up on my credit report which is weired it's making me wonder was this loan legit in the first place ..

[oldsockventriloquist]

You need to call a debt collection lawyer now! You need to find one in your area that specializes in student loans. Check around to find one that's reputable and reasonably priced. If you can't afford one, try a local law school. However, getting someone, like a student, who lacks experience with student debt could really hurt you in the long run. You also really should speak to a CPA, or accountant, in your area that specializes in student loan. You need to figure out if you're making the right choices and really need both experts to help you out. If financial aid counsellors are available at a local college, I might also talk to them. But, don't just keep doing what you're doing without talking to someone.

[JustBeachyNurse, LPN]

This may be a private loan not a school loan so it's not subject to the interest and collection rules as a federally backed student loan

[oldsockventriloquist]

This may be a private loan not a school loan so it's not subject to the interest and collection rules as a federally backed student loan

A good debt collection lawyer for student loans should be familiar with the laws that apply to private and public loans (you can also google student loan lawyers as a search term in your area). It's hard to imagine many lawyers that really only specialize in one loan type, like federal loans. But, it would be worth asking about when calling up law offices. The same logic applies to CPAs, or accountants (you can google local CPAs in your area). A local university financial aid office might have some (free) advice on both loan types, which I would certainly seek out. But, you really should be seeking out an expert before making any important financial decisions, like refinancing.