Student Loans question

[weirdichi]

I have a chance to consolidate my loans, but there are two options.

A. Special Direct Consolidation Loans - serviced by Sallie Mae
B. Traditional Direct Loan Consolidation - serviced by the US Dept of Edu

What're the experiences you've had with a service provider other than the Dept of Edu?

I'm just wanting some experiences before I mail off papers. Thanks in advance.

 

[ViviTheMage]

I skipped the whole consolidation thing, if I keep mine where it is at, I get a 5% return to the origination amount after 30 payments...better then the .25% change.

 

[ElFenix]

edu department forgets to run off statements for me sometimes. dunno why that is.

didn't have a bad experience with sallie when i had a loan with them.

 

[Corporate Thug]

whichever give you the lower rate. The dept of edu also has some loan forgiveness programs....not sure if that bitch Sallie does

 

[IGemini]

I never had to consolidate since my loans were from one source.

But speaking strictly to the providers, my loan is through the DoE and I never had any troubles. Their paperless system works well enough, get one monthly email notice for the bill like anything else, never had to deal with anybody since I made payments on time. Their loan deferment is pretty good.

I've heard at least three people I know complain about Sallie Mae management, including my brother's loan. Payments made sometimes got marked as delinquent, and even though it's on a paperless cycle, somehow they manage send out one mailed monthly statement per year. A yearly would make more sense.

 

[ViviTheMage]

whichever give you the lower rate. The dept of edu also has some loan forgiveness programs....not sure if that bitch Sallie does

If you become a teacher or civil servant ... like a cop/firefighter.

 

[Corporate Thug]

I never had to consolidate since my loans were from one source.

But speaking strictly to the providers, my loan is through the DoE and I never had any troubles. Their paperless system works well enough, get one monthly email notice for the bill like anything else, never had to deal with anybody since I made payments on time. Their loan deferment is pretty good.

I've heard at least three people I know complain about Sallie Mae management, including my brother's loan. Payments made sometimes got marked as delinquent, and even though it's on a paperless cycle, somehow they manage send out one mailed monthly statement per year. A yearly would make more sense.

yeah I've had no problems at all w/ DOE

 

[RearAdmiral]

If you become a teacher or civil servant ... like a cop/firefighter.

After like 10 years though right? That's how it was for mine.

 

[alkemyst]

all are about the same.

I was with Direct and now with another company. My rate is only 3% though 🙂

 

[Corporate Thug]

all are about the same.

I was with Direct and now with another company. My rate is only 3% though 🙂

Alky, which company did u go with? I thought once you consolidate w direct, you're stuck with them??

 

[weirdichi]

So how'd you get the 3% rate?

 

[ViviTheMage]

After like 10 years though right? That's how it was for mine.

yup

 

[Gunslinger08]

My loans were federal (not private) and I consolidated after graduating. I was with one company and they sold my loans to another private serving company. I haven't had any issues. The rate is low enough that I don't really care to pay it off early.

 

[Gunslinger08]

After like 10 years though right? That's how it was for mine.

I need to look into this for my wife. Something I just found says 5 years.