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I have just been told Mohela has bought my Student Loan from Direct Loans. Is this legit?

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I have just been told Mohela has bought my Student Loan from Direct Loans. Is this legit?

Postby lun43 » Tue Mar 06, 2012 10:45 pm

Unfortunately, it is. The buying and selling of loans is what caused the economic crash that the West is experiencing now - banks sold mortages - loans by any other name - to third parties, knowing all the while that these mortgages were unlikely to be repaid. Then, when the proverbial hits the fan, we all suffer. Banks do it to get their money back faster - instead of waiting maybe ten years to get 100% (plus the interest) back, they sell the loan and get back maybe 100% plus just a small percentage of the interest.
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I have just been told Mohela has bought my Student Loan from Direct Loans. Is this legit?

Postby placido90 » Tue Mar 06, 2012 10:48 pm

Sure - the govt doesn't have to wait to get repaid, and since Mohela is counting on you defaulting (or you've already defaulted) their debt-collection arm/agency is better suited toward going after you to collect.
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I have just been told Mohela has bought my Student Loan from Direct Loans. Is this legit?

Postby langley » Tue Mar 06, 2012 11:02 pm

It's happened with my mortgage twice. Banks/financial insitutions do this all the time.
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