Finally!

[macuser]

Posted here before. Long story short.

 

Two SLs defaulted. One, not really. Pd in full but somehow ended up in the guarantor batch and hell of a time trying to get it straightened out. Anyway, the sum was small (relatively speaking), only abt $800 when it supposedly defaulted ... not going into that here and now, but it does happen. I settled this one for 1000 and pd it for the second time.

 

The other did default, due to my ignorance. I hit a rough patch and being uneducated abt credit, I pd in full tens of thousands of debt and shoulda pd these guys and let my sears card default but did it the other way around. Live and learn. lol.

 

Okay, so finally convinced these guys to do a rehab on my terms. Signed the rehab agreement papers today and making "income sensitive" pmts for the next nine months.

 

Is there anything I should know and anything I should be doing over the next nine months while I make timely pmts in regards to looking to do a consolidation at the end of it?

[macuser]

anyone?

[TxQuiltGirl]

The only advice I have is that you should be SURE that your loan is picked up by a lender before doing anything. If you want to define frustration, look for ziggy's posts on what happened to her.

[ziggypop]

The only advice I have is that you should be SURE that your loan is picked up by a lender before doing anything. If you want to define frustration, look for ziggy's posts on what happened to her.

 

 

I'll second Quilty's advice!!!! Make ABSOLUTELY sure of this, even though that means that you will most likely end up paying 1-2 more payments after your 9th payment (most people do because it can take a while to get this part finished and it can't even start until after your 9th payment).

 

Good luck!!

[macuser]

The only advice I have is that you should be SURE that your loan is picked up by a lender before doing anything. If you want to define frustration, look for ziggy's posts on what happened to her.

 

 

I'll second Quilty's advice!!!! Make ABSOLUTELY sure of this, even though that means that you will most likely end up paying 1-2 more payments after your 9th payment (most people do because it can take a while to get this part finished and it can't even start until after your 9th payment).

 

Good luck!!

Thanks for the heads up. Do I find the lender, or do they? Should I be shopping, and if so, for what? I have income sensitive pmts now, so hoping for same then. A few extra pmts past the 9 months won't be the end of the world, but of course I'd like to be done with it and move on to the next step.

 

Just not sure what my part is in the next step.

[TxQuiltGirl]

They will sell it. As soon as they do, you will want to do a deferment request and then try to consolidate with Direct if you want to keep the income contingent repayment.

[macuser]

They will sell it. As soon as they do, you will want to do a deferment request and then try to consolidate with Direct if you want to keep the income contingent repayment.

thanks, tex. at least this gives me an idea of what i should be doing so, with any luck, i can stay on top of things when the time comes.

 

you say "try to consolidate with Direct" - is there any reason i shouldn't be able to?

[paco]

IM also nearing the end of the 9 month rehab period. They tell me that the loan will go back to the guarantor which in this case is Great Lakes Higher Education. They will probably have some kind of servicer... do i stick with them or look to move the loan elsewhere?

[LynnInMN]

IM also nearing the end of the 9 month rehab period. They tell me that the loan will go back to the guarantor which in this case is Great Lakes Higher Education. They will probably have some kind of servicer... do i stick with them or look to move the loan elsewhere?

 

 

When it comes to rehab, you do not have a choice as to who will service it.

[paco]

can i even consolidate it with a Wells Fargo education loan i also have? if so under who?

[macuser]

IM also nearing the end of the 9 month rehab period. They tell me that the loan will go back to the guarantor which in this case is Great Lakes Higher Education. They will probably have some kind of servicer... do i stick with them or look to move the loan elsewhere?

 

 

When it comes to rehab, you do not have a choice as to who will service it.

I think paco is talking abt consolidating, post rehab. says "nearing the end of the 9 month rehab period" ...

[paco]

yes after rehab can i consolidate with another company?

[ziggypop]

Yes. After rehab, you can consolidate with whoever you want. Just note that only DOE offers an income contingent payment plan. Other lenders may offer income "sensitive" plans, but those are only temporary and at the end of the day, you'll still have to pay them in full. With the DOE, if the income contingent payments are less than what it would take to pay off the loan in full in 25 years, they will write off the remaining amount, although you'll have to pay taxes on that amount then as income. It may not be an issue for you and DOE does not have as good of incentives (interest rate reductions, cash back, etc.), but if the payments will be an issue otherwise, it's something to remember.

 

Good luck!!