student loan consolidation?

[surfergirl602]

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.

Is there a way that I can tell what type of loan it is without being on hold for two hours? lol I am not sure the type. I can't find hubby's paperwork on it.

 

[Crystal824]

My DH also has a ton of private loans to the tune of close to $100k. We were going to try to consolidate them with Sallie Mae but didn't before they stopped the private consolidation program. We are considering consolidating them with Chase, who currently has a consolidation program. We aren't doing it until after we close on our home, which is currently pending.

 

[Lisa_M]

Is there a way that I can tell what type of loan it is without being on hold for two hours? lol I am not sure the type. I can't find hubby's paperwork on it.

Does he have online access set up through Sallie Mae? If so, do the following:
log in
click on loan summary under "view your"
under program lender it will say:

Stafford-SUB (or unsub, these are the federal loans)
or
CA09-UNSUB/ (this is the private loan)

and the interest rate will be to the right.

If the other loan is variable and 15% it is a private loan.


If you don't have online access look at the bill that comes monthly.

 

[disneymarie]

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

https://www.dl.ed.gov/borrower/BorrowerWelcomePage.jsp

Surfer girl this is the contact I agency that helped somuch. I was given a 6% rate and the 30 years to repay even though after my defferment I could not afford 92% of my income for a loan payment.

The funds they received to pay off the existing loans is a new feral funded money program. Under the stimulas one thing was the amount of default on the loans. In this program with out being penalized with high interest or high payments the gov. is getting at least some payments now.

I lost sleep, they had taken my income tax refund, on the verge of losing my disability check over the decision of returning to school.
This timely program saved me from gloom and doom.

I am glad the web address was poste for you to read. Give them a call and I hope that you also have favorable results.
My last student loan was a small amount and paid off in three years. This one I ran into trouble when I was unable to work full time due to the disabilities.

At least this program unsterstands issues like that and helps. So far I can't say anything negative. I also will have the auto take out. But after medicare and this payment I will have only $400 a month and some part time work to live on. DH employer closed up and the UC is just enough for the mortgage and cobra.
We will never be able to retire.