student loan consolidation?

[surfergirl602]

So my hubby wants to consolidate his school loans as one has a variable interest rate and just skyrocketed to 15.230%!!! It used to be 7! Anyway, I called Sallie Mae, whom he has his other student loan with, and they no longer consolidate. His loans are in military forbearance until July, so we want to do it before we have to start paying again. Does anyone know of any reliable good companies that consolidate school loans? I'm stuck. His large interest loan is a school loan from a company, not a federal like his sallie mae. Any help would be greatly appreciated.
Thanks all!

 

[GinaBean]

I am not sure about consolidation companies, but I just this link from the college I attend. Maybe it will be helpful.

http://ibrinfo.org/what.vp.html

 

[marn913]

I used a company called nelnet to do my consolidation a couple years ago. They were true to the offer that they sent in the mail about rates. It took a while for them to process my application, but everything since then has been easy. I've never had an issue and recently signed up for automatic payments and got a 0.25% rate reduction on my loans. I can get an additional rate reduction if I make a certain number of payments on time (I think 36).

 

[tuliptwirls]

I am not sure, but you may want to call the financial aid office of the school he attended and ask for their advice.

 

[surfergirl602]

I used a company called nelnet to do my consolidation a couple years ago. They were true to the offer that they sent in the mail about rates. It took a while for them to process my application, but everything since then has been easy. I've never had an issue and recently signed up for automatic payments and got a 0.25% rate reduction on my loans. I can get an additional rate reduction if I make a certain number of payments on time (I think 36).

Funny you should mention nelnet.... I have a student loan through them! I wonder if I would be able to consolidate hubbys with mine? I do the automatic payments as well - I would forget otherwise! I do that with as many things as I can.

 

[surfergirl602]

Ugh. I just checked on the nelnet website. They no longer offer consolidating either. How aggravating this is!

 

[jmsaj]

I think alot of the places are not doing consolidation loans anymore. I have been checking for DD loans that she has with Sallie Mae. I do remember that I saw a link somewhere for Citibank and Chase that may still be consolidating.

 

[Lisa_M]

Here's a link that shows the companies that are doing private loan consolidation:
http://www.finaid.org/loans/privateconsolidation.phtml

I'm confused by your post because if those Sallie Mae loans are federal loans, they shouldn't be at 15%.

 

[surfergirl602]

Here's a link that shows the companies that are doing private loan consolidation:
http://www.finaid.org/loans/privateconsolidation.phtml

I'm confused by your post because if those Sallie Mae loans are federal loans, they shouldn't be at 15%.

one is a sallie may loan, the other is a private student loan. I wanted to consolidate the private one with the sallie mae one through sallie mae but they don't do it anymore.

 

[Lisa_M]

one is a sallie may loan, the other is a private student loan. I wanted to consolidate the private one with the sallie mae one through sallie mae but they don't do it anymore.

Sallie Mae is a lender for private and federal loans. If you have a private loan through Sallie Mae (which by the interest rate sounds like you do), you can consolidate the private loans together even though they are with different lenders.

If you have a federal loan, you do not want to consolidate it with the private loans. In federal loan consolidations, the interest rate is based on the weighted current rates of all the loans in the consoldation rounded up to the nearest 1/8 percent (or at least this is how it was a couple of years ago). The interest rate of private loan consolidation is based on your credit score. We looked into this, but the rate was higher than just taking our chances with the variable interest rate.

A couple of years ago through Sallie Mae, our rates were like 11-13% and now down to 5 or 6%. I'll have to check to see if ours went up again.

 

[erin.w]

I just consolidated my federal loans with the government. And although I don't think you can consolidate with them, you may find some helpful information on their website.

https://www.dl.ed.gov

 

[surfergirl602]

Okay. the federal loan is for just under 3k and is through sallie may. the interest is 7.22%. the other loan, which is for 23k is the one that the interest rate went way up on. It;s through education finance partners, also known as ACS I think? That's whats on the statements. It's been in military deferment for the past year now, so we haven't made any payments on it. These are the only ones we have, and it looks like we want to keep the sallie mae one right where it is? I just don't know what to do with the other one - its a private loan I think, and i want to change it to somewhere else that we can get the interest rate a lot lower. i just have no clue how to do this. Hubby is preoccupied at the moment - he isn't much help. Thanks everyone for all the info - I really appreciate it!

 

[disneymarie]

So my hubby wants to consolidate his school loans as one has a variable interest rate and just skyrocketed to 15.230%!!! It used to be 7! Anyway, I called Sallie Mae, whom he has his other student loan with, and they no longer consolidate. His loans are in military forbearance until July, so we want to do it before we have to start paying again. Does anyone know of any reliable good companies that consolidate school loans? I'm stuck. His large interest loan is a school loan from a company, not a federal like his sallie mae. Any help would be greatly appreciated.
Thanks all!

I am not sure I can put the counselor name, mod's can remove any of it. But this lady was excellant in providing service.

I just consolidated with a government program that is amazing. www.directloans.com
FEDERAL DIRECT CONSOLIDATION LOANS
William D Ford Federal Direct Loan Program. It just started with the Stimulas. Instead of all the default loans, this programs makes your loans affordable to allow them get something back.

I thought for sure it was shady, but did quite a bit of reading and had it in writting before I agreed,

There are three types of programs and I think one of the three would fit. I had mine through AES.

This program was not available until very recently!!!The gov funds just became available. My payments went from $500 a month to an affordable $69. I was behind after using my differment. They used my UC amount and the kids and figured a new rate for extended paybck for 30 years. (I am 54)

If the information can not be posted Iwill give it in a PM if anyone needs it.
I worked with Linda Hxxx at 925-454-7086
There is economic hardship which I qualify for now.
There are also, Unemployed. Working in a teacher designated shortage area, Parentala leave, working mother, etc.

Even at full rate you would need to earning a huge chuck of $$$$$$ for full amount.
Gov feels even some money repaid is better then none.

The best part is, if you have been in default it will be a pay off and the default will be removed from the top 3 reporting agencies.
A huge sigh of relief for many.
Good luck,
Dianne

 

[surfergirl602]

I am not sure I can put the counselor name, mod's can remove any of it. But this lady was excellant in providing service.

I just consolidated with a government program that is amazing. www.directloans.com
FEDERAL DIRECT CONSOLIDATION LOANS
William D Ford Federal Direct Loan Program. It just started with the Stimulas. Instead of all the default loans, this programs makes your loans affordable to allow them get something back.

I thought for sure it was shady, but did quite a bit of reading and had it in writting before I agreed,

There are three types of programs and I think one of the three would fit. I had mine through AES.

This program was not available until very recently!!!The gov funds just became available. My payments went from $500 a month to an affordable $69. I was behind after using my differment. They used my UC amount and the kids and figured a new rate for extended paybck for 30 years. (I am 54)

If the information can not be posted Iwill give it in a PM if anyone needs it.
I worked with Linda Hxxx at 925-454-7086
There is economic hardship which I qualify for now.
There are also, Unemployed. Working in a teacher designated shortage area, Parentala leave, working mother, etc.

Even at full rate you would need to earning a huge chuck of $$$$$$ for full amount.
Gov feels even some money repaid is better then none.

The best part is, if you have been in default it will be a pay off and the default will be removed from the top 3 reporting agencies.
A huge sigh of relief for many.
Good luck,
Dianne

thanks for all the info!!!!!! I will be certainly looking into this! Can you PM me some more info? about the process etc? interest rates?

 

[surfergirl602]

I don't know if this is the same place or not, but Sallie Mae referred me to a place called Direct lending. Is this the same place?

 

[corndog]

I wonder if I would be able to consolidate hubbys with mine?

AAAAAHHHH! Don't do this. There is no benefit to doing it and lots of bad things could result from doing it.

 

[disneybridetobe]

I also used Direct Loans, I've been very happy with it. You can adjust your payment date, and even adjust your payment amount. It's great.

 

[corndog]

I am not sure I can put the counselor name, mod's can remove any of it. But this lady was excellant in providing service.

I just consolidated with a government program that is amazing. www.directloans.com
FEDERAL DIRECT CONSOLIDATION LOANS
William D Ford Federal Direct Loan Program. It just started with the Stimulas. Instead of all the default loans, this programs makes your loans affordable to allow them get something back.

I thought for sure it was shady, but did quite a bit of reading and had it in writting before I agreed,

There are three types of programs and I think one of the three would fit. I had mine through AES.

This program was not available until very recently!!!The gov funds just became available. My payments went from $500 a month to an affordable $69. I was behind after using my differment. They used my UC amount and the kids and figured a new rate for extended paybck for 30 years. (I am 54)

If the information can not be posted Iwill give it in a PM if anyone needs it.
I worked with Linda Hxxx at 925-454-7086
There is economic hardship which I qualify for now.
There are also, Unemployed. Working in a teacher designated shortage area, Parentala leave, working mother, etc.

Even at full rate you would need to earning a huge chuck of $$$$$$ for full amount.
Gov feels even some money repaid is better then none.

The best part is, if you have been in default it will be a pay off and the default will be removed from the top 3 reporting agencies.
A huge sigh of relief for many.
Good luck,
Dianne

Direct Loans is not new. Also, they won't accept private loans for consolidation.

 

[DVCBELLE]

My husband works for a student loan company and here is the long and short of it...

You can not consolidate a federal loan with a private loan. That is just the way the system works.

Right now the Student loan industry is on the verge of collapse due to some major goverment regulation changes and everyone is hanging on by a thread - private consolodations do not make money and in fact are likely to lose money. Which is why sallie mae as well as everyone else under the sun quit doing them.

Unfortunately, right now there is very little to do if both loans are not federal. If they are - go to the govt site previously listed and it will walk you through the process.

If you have any questions or I can ask him questions for you, just ask here or send me a pm.

 

[surfergirl602]

AAAAAHHHH! Don't do this. There is no benefit to doing it and lots of bad things could result from doing it.

Thanks for the big red letters. This acutally isn't allowed anymore. Did some research.