Student Loan coming up to be paid in January.

[KJV]

I have about 20,000 in student loans with Wells Fargo. I have to start paying in January. Who should I consolidate with? I see there are some great rates out there.

[Edoras]

I honestly don't think that it matters all that much who you go with, as people have had good and bad experiences with all of them. Only thing I would suggest is that you really work at making those payments. These seem to do the most damage to peoples credit reports as they are the most difficult to get rid of.

 

I just consolidate with Sallie Mae (as big a pain as any out there). This was for SM and DOE loans. I only went with SM as I like their site more. My wife has a consolidate loan through Suntrust, they have treated her very well.

[Edoras]

Apparently I can't spell consolidated

[fla-tan]

KJV

 

If all of your loans are with Wells Fargo, you will most likely not be able to consolidate with anyone except either Wells Fargo or Direct Loans. There is a regulation that states (and I will paraphrase it here). If all your loans are with a single servicer and there is only one lender, they are not required to release your loans for consolidation. Wells Fargo normally does not release when they are a single lender. Most though will release to Direct Loans.

 

 

fla-tan

[KJV]

That is exactly what Wells Fargo is telling me, they will not release my loans. 2.875 is the interest rate. I have other offers for lower. I think its ridiculous.

[fla-tan]

KJV

 

Actually, 2.875% is the LOWEST FEDERAL RATE THERE IS.. Any lower rate is created through incentives or inducements. Again, I suggest that you ask Wells Fargo if they will release to Direct Loans, otherwise then consolidate with Wells Fargo to keep your grace rate.

 

 

fla-tan

[KJV]

Thanks for the advice. I was wondering about the incentives because I am getting bombed in the mail with them. Thanks much!