Since the consolidation craze is over this board has become somewhat quiet, so I figured I'd post a bit about my situation to spruce it up. Sorry about the length of this post, if you aren't interested in the details go to the ::Current:: part :) ::Recap::I am December '04 grad and began thinking about consolidation around Novemember. I initially chose a company called Education Loan Comapny, because their incentives were 25 basis points more competitive than other companies and they assured me the wouldn't sell my loan. So I applied with them and the initial consolidation request was denyed by US Bank due to a standard single lender rule. Next I called US Bank and at my request they accepted ELC's consolidation application. ELC asked me if I wanted to wait until the end of my grace period to make payments, to which I replied of course. So I'm thinking everything is great until I have to call back in July because I got a letter from Sallie Mae the new holder of my loans. It appeared ELC decided to hold off on the payoff for my loans with US bank until right before I was to start making payments myself. US Bank in their normal business fashion sold my loans to Sallie Mae a few months after I graduated. So after a lot of time on the phone with US Bank and ELC, I was assured ELC would be able to get the loans from Sallie Mae and that it would be taken care of by mid July.::Current::Ok so when I call back around mid July I am told that one of my LVC's has expired (no kidding since I applied 6 months ago) and they had to resend it to Sallie Mae... 10 days later, (time Sallie Mae has to send back the LVC) I am told Sallie Mae has requested a copy of my orginal application and it could take until Aug 29th to get that done with. When I mentioned to ELC that I owe a payment to Sallie Mae in a week they suggested I take a deferment.So, my question to you all...Do you know of legit ways for me to avoid this payment until this works itself out. I would really like to avoid paying Sallie Mae as it just complicates matters more and I really just don't like their company in general. The suggestion that I ask for deferment doesn't really work because I don't not officially qualify for any. When I mentioned that to ELC they said, "sometimes you have to fudge". Worse comes to worse I will make the payment, but I was hoping some of the creative minds in here might have some advice.At any point this discussion should be better than the Buying/Selling a home board. :)Scott
I used to love the Buying/Selling a Home board too. Ack.Can you qualify for forebearance? Interest would continue to accrue, but you wouldn't have to pay them. -b-
So, my question to you all...Do you know of legit ways for me to avoid this payment until this works itself out. I would really like to avoid paying Sallie Mae as it just complicates matters more and I really just don't like their company in general. The suggestion that I ask for deferment doesn't really work because I don't not officially qualify for any. When I mentioned that to ELC they said, "sometimes you have to fudge". Worse comes to worse I will make the payment, but I was hoping some of the creative minds in here might have some advice.Enroll in a nearby community college?
I am still somewhat confused on what I need to qualify for forbearance. If there is any qualification that must be met I'm pretty sure I don't, my only reason for not paying the Bill is that I'd rather not give Sallie Mae a dime of interest. As far community college, it is a solutions but A. I wouldn't be degree seeking B. it would cost more than the interest Sallie Mae will make off this one payment C. I work full time, so it would be a pain. It looks like I'm just gonna suck it up and make one payment to Sallie Mae.The thing that frustrates me is just the level of service I'm getting from my prospective new lender. Every time I call (once a week usually) I get the standard any day now answer at first. Then when I rattle off all the activities on my account they actually do a lil work and tell me probably the end of the month. I've started asking them to email me summaries of all of our conversations so I have a record. At first they complied, but now they tell me they personally don't have access but will have someone else do it, which of course doesn't get done.And what am I to do? Cancel my application and consolidation at post july 1st rates? No Thank You. So I'm just stuck and resigned to vent my frustration on here. :)Scott
Scott,I am not sure what the qualifications are for forebearance. They are usually much more relaxed than deferment. You should call Sallie and find out. Though, this might involve more than one call. -b-
While we're talking about this-- What is the difference between forbearance and deferment?-Darlin1
It is my understanding that deferment has stricter qualification requirements but when granted you will not be charged interest on subsidized loans. Forbearance just allows you to make no or smaller payments while still accruing normal interest.
As far community college, it is a solutions but A. I wouldn't be degree seekingI think you only need to be degree seeking to get ADDITIONAL loans, not to postpone existing ones.jmc
Deferment - all you need to do is matriculate at a local community college as at least a helf time student. It's easy.
Scott - I'm a little late to this ... so... Sallie Mae used to have the requirements for forebearance and deferment listed on their website. You may have to hunt for them. Worse comes to worse you could always go for a hardship deferment and say you have medical bill or something to pay. I don't know of them ever checking up on any hardship excuse. If you can't find it online ...you may have to download and print their deferment or forbearance forms. all the requirements are listed on the form.Lady I, still plugging away at that 25 year mark.
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