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Student loan dispute - disputing the ownership of a loan

Sat Sep 6, 2008 01:09PM | By Tony

See more in Student Loans | Permalink | Email | Comments (0)

Student loans are possibly the worst type of debt when it comes to their discharge or forgiveness. There is no statute of limitations on student loans and even filing bankruptcy doesn't help in vast majority of cases. But what if someone steals your identity and gets a nice loan to advance his or her goals and dreams, while getting you in a fat pile of green ... student debt? You do have some remedy and it is called student loan dispute.

If your name and/or Social Security Number somehow is associated with a student loan that you never applied nor received, request a copy of the promissory note from the loan holder before possibly alleging forgery. If your name, and address, is associated with a student loan account, but the Social Security Number is different, contact your loan holder.

If only your Social Security Number is incorrectly associated with a student loan account, but not your name, mail or fax copies of the following documents to the loan holder - Social Security Card, birth certificate and either - your driver license, state identification card, U.S. passport, military identification or INS 551. If it is determined that your Social Security Number was erroneously assigned to a student loan account, your Social Security Number will be deleted from the U.S. Department of Education database, and your student loan dispute is essentially over.

If you never signed a promissory note for the loan, but the loan records show either - your Social Security Number with the different name or your name with the different Social Security Number - you must furnish a proof to U.S. Department of Education representatives, that you are not the individual identified on the loan records. You will have to show samples of your signature and photocopies of the following - your Social Security Card, your driver license or government-issued ID card, your passport or birth certificate.

If you never signed a promissory note for the loan, but the loan records show both, name and Social Security Number - to prove that the promissory note was forged, you must submit samples of your signature from around the time that the loan was made, e.g., from tax returns for that year, driver license issued at that time, cancelled checks that you wrote at that time, etc. Alternatively, you can provide proof that you did not attend the school for which the loan was made, e.g., proof that you were living, employed or enrolled in school elsewhere at that time. Lastly, if you are unable to provide such proof, you can provide a report from an independent handwriting expert to support your claim.

Wishing you a successful student loan dispute, but hope you never have to go through one.

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