I've worked for a high-needs public school for many years, and finally received notice the state would be paying off my student loan debt. Last summer, they paid $6k and they will pay the remaining $6k this summer. These are all federal loans.
The state says "Please provide us the name of ONE loan provider and ONE account number" to pay off.
The problem I'm experiencing is I just got one notice saying part of my loan was bought by anther provider...so $2000 is being moved out anytime soon to another account...
I tried fixing the above issue with consolidation, but after applying, I received notice that the provider I consolidated with will now be selling the loan to yet another provider...
I contacted the state, they just told me give current account info, and send an E-mail with a new account number if I get it consolidated...but that isn't helping much as the money seems bounding around. The state also said if I give the wrong account number, I've lost my chance for loan repayment.
In other words, my money is bouncing around, I'm trying to tie it all down, and have to give the state a single account number, don't know precisely the date the state will pay money to my account, and if I don't get the right account number, I've lost out!
I contacted one provider, they gave me a generic sounding account, run by the U.S. Department of Education in St. Louis. If I give this account # to the state, will the U.S. Department of Education be able to distribute the funds to whichever provider is holding the money?
How do I make sure my loan repayment gets paid off with all this ridiculous buying/selling of my loans going on?