Subsidized and Unsubsidized loans combined?

[belleama]

I have a consolidation loan that was being serviced by sallie mae but I just recieved a letter saying that AES will be the new servicer. I thought no big deal and repayment would start after my defferment was up. Well I just got an alert from myfico that says there is a new account, this is Educaid. But instead of showing it as two loans as it was under sallie mae it is being shown as one loan (the balance is the sum of the original two). I thought that subs and unsubs loans could not be combined. Is this something new or is it something I should call Wachovia/Educaid about? Or do I try to track down AES and ask them whats going on?

 

Edited: add the TL says Educaid not AES.

Edited July 11, 2005 by belleama

[LynnInMN]

Did you officially consolidate??? I know some student think they consolidate because the lender gives them one payment for many loans. This is not a true consolidation.

 

Subs and unsubs can be consolidated. When consolidated you no longer have sub or unsub loan...you have a consolidated loan. It is a brand new loan with a new title and new interest rate.

[belleama]

Yes I fully consolidated. I make one payment for the loans. The first time I conslidated Citibank told me it was still two loans even though there is one payment because the unsubsidized portion could not be consolidated with the subsidized portion because the Feds pick up the interest during defferments. They wouldn't be able to if it were really one loan. I called Educaid. They don't know what happened. Now I'm thinking that Citibank really already paid this account off. Dang I hate this crap. I'll probably call Citibank too to find out how much was consolidated into the new loan last year.

 

This is not fun.

[TxQuiltGirl]

Did you receive some paperwork for the consolidation? That might show what's going on. On the Educaid loan, is the balance equivalent to the two previous balances?

 

ETA: Are you out of school already, or are you still taking classes?

Edited July 11, 2005 by TxQuiltGirl

[belleama]

I really thought all of the educaid loans were consolidated over to Citibank last sept. I got all my consolidation paperwork from Citibank, it looked good. Then I started getting bills from sallie mae. At first I just thought they hadn't gotten payment yet. Then I found out that those two loans, for whatever reason, did not get consolidated with the others. I was told that I couldn't reconsolidate these into my other loans because they existed at the time that my consolidation was done and would have to pay on these seperately. I said fine not a big deal since it is a small amount. Now Wachovia/educaid has changed servicers and they are calling their portion a "consolidation loan." I'm trying to figure out who they supposedly consolidated with since Citibank has all the other loans but not these two that they hid under the blanket to keep them from moving on over to citibank.

 

I really hate Educaid really really badly. This is why I wanted to consolidate away from them in the first place. They cancelled my original loans because "they found out I was no longer a student." Do you want to know how that happened?

 

Well I was going to school full time with AIU. Then I was thinking about getting into real estate, maybe investing or being a part time agent. So I took the non credit principals and practices at NCC (norwalk community college), paid cash and hated the class. Mean while when the class is over NCC "updates" whatever education database system there is saying that I was no longer a student. Well DUH it was non credit, it was one class, it was not a degree program. Anyway Educaid decides to cancel my loans and not pay my school AIU because I am no longer a student. AIU finally called me and told me that they had not gotten paid. I call educaid to find out what's going on they tell me I'm no longer a student. This is when I find out about the stupid NCC thing. I really can't believe that Educaid cancelled my loans because some school they never paid and I never registered as a full time student said I wasn't a student. I'm mean really how hard is it to make a phone call or figure out that something doesn't add up, hey belleama is no longer a student at NCC but lets check with AIU (the guys we are actually paying) before cancelling the loans and throwing them into repayment.

 

Sorry for the vent

 

Oh TX yes I am starting school again on Sunday. I am not going to take this Educaid thing out of repayment though because I have tuition reimbursement and I really really hate Educaid.