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I just got off the phone with my current lender and my consolidation lender. 22 days after it was requested, AES returned the Loan Value Certificate (LVC) and it processed by my consolidation lender today. The consolidator will cut checks next week and my loans should be paid off, combined, and consolidated in about 2 weeks.

Woo-hoo! My payment next week will be my last to AES on my Staffords!

Can't wait to be able to actually SAVE UP appreciable amounts of money for the first time in, oh, 9 years!
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What is your story about again? Low-rate consolidation or extending the time out farther?

Why are you saving money for the first time in 9 years?
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Can't wait to be able to actually SAVE UP appreciable amounts of money for the first time in, oh, 9 years!

Woo Hoo, Blugld!

If you really have a problem with having too much money saved, you can always send some _my_ way. ;)


congrats!


Lady I.
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What is your story about again? Low-rate consolidation or extending the time out farther?

Both. I get to lock in at 4.25% on $58K+ of loans.

Why are you saving money for the first time in 9 years?

My consolidation's going to save me over $900 a month in payments which I can then save and invest ($1600+ / mo. ---> $300+ / mo.) As for the 9+ years part, it's composed of 3 years of law school, about a year of studying for and taking Bar exams while working part-time, 2+ years working at a low-paying mill firm that resulted in my loans going into default, and 3+ years working at a better (though still low) paying firm which has allowed me to rehabilitate my loans and bay my bills with rather little left over each month.

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An update:

Just checked online - my AES Federal loans are now paid in full. My account actually now shows a $1500+ credit balance - which will be forwarded to my conslidation lender for application to my loan balance - since the consolidation payments arrived the day before my regular payment did (had to keep making my payments until the consolidation was complete). So, that part of my AES relationship is over (they still service private loans, though).

Now I just have to wait for the new payment coupons to arrive from my new lender and start saving $$$! Unlike some of the experiences of others, I have to say this consolidation has been a relatively painless experience.
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