Sallie Mae and consolidation

[cleaningitup]

I am in the process of consolidating my student loans through the Student Loan People. I have four loans with the Student Loan People ($11,000) and one loan with Sallie Mae ($500). I received this email from Sallie Mae today...

 

 

Dear Borrower,

 

I am writing to make you aware that we have received a letter verifying that you would like to consolidate your student loans with another lender.

 

Before consolidating with another lender, we would like to offer you a special enhanced benefit should you decide to consolidate your student loans with Sallie Mae®.

 

Also, due to recent regulatory and legislative changes in the federal student loan program that are taking effect between March 31st and July 1st, you may not be able to complete your loan consolidation with the other lender or receive the benefits you were offered.

 

To learn more about these legislative changes and Sallie Mae's special enhanced benefit, please call us immediately at 1-800-891-1386. A five minute phone call could save you hundreds, even thousands of dollars.

 

 

Thank you,

 

Anthony Marichal

Director, Loan Consolidation

 

What regulatory and legislative changes would make me not be able to consolidate with the Student Loan People? OR is Sallie Mae just trying really hard to get me to consolidate through them?

 

Thanks!!!

Cleaningitup

[LynnInMN]

I am in the process of consolidating my student loans through the Student Loan People. I have four loans with the Student Loan People ($11,000) and one loan with Sallie Mae ($500). I received this email from Sallie Mae today...

 

 

Dear Borrower,

 

I am writing to make you aware that we have received a letter verifying that you would like to consolidate your student loans with another lender.

 

Before consolidating with another lender, we would like to offer you a special enhanced benefit should you decide to consolidate your student loans with Sallie Mae®.

 

Also, due to recent regulatory and legislative changes in the federal student loan program that are taking effect between March 31st and July 1st, you may not be able to complete your loan consolidation with the other lender or receive the benefits you were offered.

 

To learn more about these legislative changes and Sallie Mae's special enhanced benefit, please call us immediately at 1-800-891-1386. A five minute phone call could save you hundreds, even thousands of dollars.

 

 

Thank you,

 

Anthony Marichal

Director, Loan Consolidation

 

What regulatory and legislative changes would make me not be able to consolidate with the Student Loan People? OR is Sallie Mae just trying really hard to get me to consolidate through them?

 

Thanks!!!

Cleaningitup

 

It should not be a problem for you since you have multiple lenders. Post March 31, the Feds tightened up the single lender rule, which people where taking advantage of. FFELP loans where being consolidated with Direct Loans and then flipped back to FFELP. It is a reinsurance nightmare!! You have multiple lenders so you should be ok.

[cleaningitup]

Thank you for your reply! I thought that the email was just a "form" email that they send to everyone consolidating but I just thought that I would check for sure before I got in over my head.