For anyone considering consolidation but waiting for the t-bill to see what happens to rates - I applied with Sallie Mae 4/14 to consolidate 3 loans. The new loan was supposed to be disbursed 4/25. Checked status today and it was 7/04! So I called to see what was up and they are holding their pending loans to see what happens with the rate in June. If they go up, I keep the rate I have now, if they go down, my rate goes down. Just thought it might be of interest. And, while I'm on the subject...I just rehabilitated these loans in March. Does anyone know when USA Funds gets around to updating with the bureaus? I'm expecting a decent sized jump in score and the suspense is about to kill me. Thanks! I don't post often but I read read read, thanks to all of you who share your experiences, it really helps
I was told by a servicing company for student loans that you cannot consolidate unless your loans were in repayment status. Has anyone consolidated deferred student loans?
I consolidated all of my loans (about 8 in total). I was in repayment with three of the loans and the other loans were in deferment. I went through Great Lakes Educational Loan Services (mygreatlakes.com) and they have been really helpful. I reconsolidated to a fixed 4.25%.
tc your loans were in default until March? I'm asking because I started repaying my loans (one about two years ago, and my other in Nov) and am wondering is that what rehabilitation is? And if so I can apply to have them consolidated now!?
alright just went to the sallie mae site, got my answer. I love the internet. You may also be interested in participating in the loan rehabilitation program. After you have made 12 consecutive monthly payments that are both reasonable and affordable, we will agree to reinsure the loan. You will then be eligible to have the loan purchased by a lending institution. Once a loan is rehabilitated, it will be taken out of default, the credit bureau reports made by the servicing agency will be deleted, you will be able to repay the loan over a 9 year period, and you will again be eligible for additional Title IV student financial aid funds. Please call us 1-800-621-3115 for additional information on the loan rehabilitation program.
