Student Loans & Smelly Sally

[tatersalad]

Hello!

 

I have been reading here for a month. This is my first post. Hi

 

I have Sallie loans, a bunch $155k, most are sub/unsub. Private Loans...I think 3 are SIG Loans and 1 Tuition Answer, which I know the rate will be 8-9% on those SIGs. In fact I think the Tuition will be 12-14%. The others are being consolidated with Sallie, and suposed to be done by Dec. So, an Associates, Bachelors and MBA, now I wonder if it was even worth it. The UNIV was way too expensive.

 

Well....

 

After reading as much as my eyes can take, which is hard but that is a whole different story.

I learned on here to consolidate with Direct and then transfer to UHEAA. I have had problems with Sallie, basically with the CSR, just the other day, I was transferred twice to 2 people that couldn't speak English. So, I know how the rest of you feel. Reading on here how Sallie should be avoided at all costs... I have applied to consolidate with Direct Loans on 11/17/06. Do I need to call Sallie to cancel their consolidation or will Direct handle that? Also, I am not in repayment now, will be very very soon, just finished the MBA. UHEAA, when I searched online for them, I looks like you have to live in Utah? Is that correct?

 

If anyone has any advice, please do, I appreciate it!

[LynnInMN]

Hello!

 

I have been reading here for a month. This is my first post. Hi

 

I have Sallie loans, a bunch $155k, most are sub/unsub. Private Loans...I think 3 are SIG Loans and 1 Tuition Answer, which I know the rate will be 8-9% on those SIGs. In fact I think the Tuition will be 12-14%. The others are being consolidated with Sallie, and suposed to be done by Dec. So, an Associates, Bachelors and MBA, now I wonder if it was even worth it. The UNIV was way too expensive.

 

Well....

 

After reading as much as my eyes can take, which is hard but that is a whole different story.

I learned on here to consolidate with Direct and then transfer to UHEAA.

 

No you can't...that loophole was closed. You cannot take a FFELP loan to a Direct Loan and then back to a FFELP loan.

 

 

I have had problems with Sallie, basically with the CSR, just the other day, I was transferred twice to 2 people that couldn't speak English. So, I know how the rest of you feel. Reading on here how Sallie should be avoided at all costs... I have applied to consolidate with Direct Loans on 11/17/06. Do I need to call Sallie to cancel their consolidation or will Direct handle that?

 

I would suggest you call SM asap. Technically you are only suppose to have one consolidation application pending at any time. If you SM consolidates first, you would be stuck with SM. DL would not be party to this.

 

Also, I am not in repayment now, will be very very soon, just finished the MBA. UHEAA, when I searched online for them, I looks like you have to live in Utah? Is that correct?

 

If anyone has any advice, please do, I appreciate it!

[tatersalad]

Hello!

 

I have been reading here for a month. This is my first post. Hi

 

I have Sallie loans, a bunch $155k, most are sub/unsub. Private Loans...I think 3 are SIG Loans and 1 Tuition Answer, which I know the rate will be 8-9% on those SIGs. In fact I think the Tuition will be 12-14%. The others are being consolidated with Sallie, and suposed to be done by Dec. So, an Associates, Bachelors and MBA, now I wonder if it was even worth it. The UNIV was way too expensive.

 

Well....

 

After reading as much as my eyes can take, which is hard but that is a whole different story.

I learned on here to consolidate with Direct and then transfer to UHEAA.

 

No you can't...that loophole was closed. You cannot take a FFELP loan to a Direct Loan and then back to a FFELP loan.

 

 

I have had problems with Sallie, basically with the CSR, just the other day, I was transferred twice to 2 people that couldn't speak English. So, I know how the rest of you feel. Reading on here how Sallie should be avoided at all costs... I have applied to consolidate with Direct Loans on 11/17/06. Do I need to call Sallie to cancel their consolidation or will Direct handle that?

 

I would suggest you call SM asap. Technically you are only suppose to have one consolidation application pending at any time. If you SM consolidates first, you would be stuck with SM. DL would not be party to this.

 

Also, I am not in repayment now, will be very very soon, just finished the MBA. UHEAA, when I searched online for them, I looks like you have to live in Utah? Is that correct?

 

If anyone has any advice, please do, I appreciate it!

 

 

Hello Lynn,

 

Thank you for the post.

 

Ohh...

 

So, should I still go to Direct, even though I can't go to UHEAA after that? Or stay with Sallie? That is if I called Sallie and was able to cancel. Will they allow me to cancel the consolidation?

 

Thank you!

[LynnInMN]

Hello!

 

I have been reading here for a month. This is my first post. Hi

 

I have Sallie loans, a bunch $155k, most are sub/unsub. Private Loans...I think 3 are SIG Loans and 1 Tuition Answer, which I know the rate will be 8-9% on those SIGs. In fact I think the Tuition will be 12-14%. The others are being consolidated with Sallie, and suposed to be done by Dec. So, an Associates, Bachelors and MBA, now I wonder if it was even worth it. The UNIV was way too expensive.

 

Well....

 

After reading as much as my eyes can take, which is hard but that is a whole different story.

I learned on here to consolidate with Direct and then transfer to UHEAA.

 

No you can't...that loophole was closed. You cannot take a FFELP loan to a Direct Loan and then back to a FFELP loan.

 

 

I have had problems with Sallie, basically with the CSR, just the other day, I was transferred twice to 2 people that couldn't speak English. So, I know how the rest of you feel. Reading on here how Sallie should be avoided at all costs... I have applied to consolidate with Direct Loans on 11/17/06. Do I need to call Sallie to cancel their consolidation or will Direct handle that?

 

I would suggest you call SM asap. Technically you are only suppose to have one consolidation application pending at any time. If you SM consolidates first, you would be stuck with SM. DL would not be party to this.

 

Also, I am not in repayment now, will be very very soon, just finished the MBA. UHEAA, when I searched online for them, I looks like you have to live in Utah? Is that correct?

 

If anyone has any advice, please do, I appreciate it!

 

 

Hello Lynn,

 

Thank you for the post.

 

Ohh...

 

So, should I still go to Direct, even though I can't go to UHEAA after that? Or stay with Sallie? That is if I called Sallie and was able to cancel. Will they allow me to cancel the consolidation?

 

Thank you!

 

With a loan balance the size of yours, Direct Loans is the only logical place to consolidate. $155k payments are going to basically be the size of a mortgage payment. Only DL offers income constingent repayments and loan write off after a number of years.

 

Yes you can call and cancel a consolidation,

[tatersalad]

Hello!

 

I have been reading here for a month. This is my first post. Hi

 

I have Sallie loans, a bunch $155k, most are sub/unsub. Private Loans...I think 3 are SIG Loans and 1 Tuition Answer, which I know the rate will be 8-9% on those SIGs. In fact I think the Tuition will be 12-14%. The others are being consolidated with Sallie, and suposed to be done by Dec. So, an Associates, Bachelors and MBA, now I wonder if it was even worth it. The UNIV was way too expensive.

 

Well....

 

After reading as much as my eyes can take, which is hard but that is a whole different story.

I learned on here to consolidate with Direct and then transfer to UHEAA.

 

No you can't...that loophole was closed. You cannot take a FFELP loan to a Direct Loan and then back to a FFELP loan.

 

 

I have had problems with Sallie, basically with the CSR, just the other day, I was transferred twice to 2 people that couldn't speak English. So, I know how the rest of you feel. Reading on here how Sallie should be avoided at all costs... I have applied to consolidate with Direct Loans on 11/17/06. Do I need to call Sallie to cancel their consolidation or will Direct handle that?

 

I would suggest you call SM asap. Technically you are only suppose to have one consolidation application pending at any time. If you SM consolidates first, you would be stuck with SM. DL would not be party to this.

 

Also, I am not in repayment now, will be very very soon, just finished the MBA. UHEAA, when I searched online for them, I looks like you have to live in Utah? Is that correct?

 

If anyone has any advice, please do, I appreciate it!

 

 

Hello Lynn,

 

Thank you for the post.

 

Ohh...

 

So, should I still go to Direct, even though I can't go to UHEAA after that? Or stay with Sallie? That is if I called Sallie and was able to cancel. Will they allow me to cancel the consolidation?

 

Thank you!

 

 

 

The loans I have are :

UNSUBSIDIZED Stafford

SUBSIDIZED Stafford

UNSUBSIDIZED Signature Student

UNSUBSIDIZED Tuition Answer

[LynnInMN]

The loans I have are :

UNSUBSIDIZED Stafford

SUBSIDIZED Stafford

UNSUBSIDIZED Signature Student

UNSUBSIDIZED Tuition Answer

 

Only your stafford loans can be consolidated thru DL or any other government program. Private loans like you signature and tuition loans are not eligible for federal consolidation.

[tatersalad]

 

With a loan balance the size of yours, Direct Loans is the only logical place to consolidate. $155k payments are going to basically be the size of a mortgage payment. Only DL offers income constingent repayments and loan write off after a number of years.

 

Yes you can call and cancel a consolidation,

 

 

Yes, super sized payments I know, scares the heck out of me too. Guess it will be Ramen noodles for me until I'm 60. There goes buying a house out the window. Write off after a number of years??

 

Thank you ! :-)

[tatersalad]

The loans I have are :

UNSUBSIDIZED Stafford

SUBSIDIZED Stafford

UNSUBSIDIZED Signature Student

UNSUBSIDIZED Tuition Answer

 

Only your stafford loans can be consolidated thru DL or any other government program. Private loans like you signature and tuition loans are not eligible for federal consolidation.

 

 

They don't tell you that when they offer them. Unless I missed something.

Nothing can be done with Private loans? Those rates are horrible.

[Cynic]

Hello!

 

I have been reading here for a month. This is my first post. Hi

 

I have Sallie loans, a bunch $155k, most are sub/unsub. Private Loans...I think 3 are SIG Loans and 1 Tuition Answer, which I know the rate will be 8-9% on those SIGs. In fact I think the Tuition will be 12-14%. The others are being consolidated with Sallie, and suposed to be done by Dec. So, an Associates, Bachelors and MBA, now I wonder if it was even worth it. The UNIV was way too expensive.

 

Well....

 

After reading as much as my eyes can take, which is hard but that is a whole different story.

I learned on here to consolidate with Direct and then transfer to UHEAA. I have had problems with Sallie, basically with the CSR, just the other day, I was transferred twice to 2 people that couldn't speak English. So, I know how the rest of you feel. Reading on here how Sallie should be avoided at all costs... I have applied to consolidate with Direct Loans on 11/17/06. Do I need to call Sallie to cancel their consolidation or will Direct handle that? Also, I am not in repayment now, will be very very soon, just finished the MBA. UHEAA, when I searched online for them, I looks like you have to live in Utah? Is that correct?

 

If anyone has any advice, please do, I appreciate it!

 

You need to cancel your consolidation with SLMA IMMEDIATELY and IN WRITING. Failure to do so may result in your loans being consolidated whether you like it or not. They should have a cancellation form you can print on their website. Lets hope it's not too late.

[tatersalad]

Hello!

 

I have been reading here for a month. This is my first post. Hi

 

I have Sallie loans, a bunch $155k, most are sub/unsub. Private Loans...I think 3 are SIG Loans and 1 Tuition Answer, which I know the rate will be 8-9% on those SIGs. In fact I think the Tuition will be 12-14%. The others are being consolidated with Sallie, and suposed to be done by Dec. So, an Associates, Bachelors and MBA, now I wonder if it was even worth it. The UNIV was way too expensive.

 

Well....

 

After reading as much as my eyes can take, which is hard but that is a whole different story.

I learned on here to consolidate with Direct and then transfer to UHEAA. I have had problems with Sallie, basically with the CSR, just the other day, I was transferred twice to 2 people that couldn't speak English. So, I know how the rest of you feel. Reading on here how Sallie should be avoided at all costs... I have applied to consolidate with Direct Loans on 11/17/06. Do I need to call Sallie to cancel their consolidation or will Direct handle that? Also, I am not in repayment now, will be very very soon, just finished the MBA. UHEAA, when I searched online for them, I looks like you have to live in Utah? Is that correct?

 

If anyone has any advice, please do, I appreciate it!

 

You need to cancel your consolidation with SLMA IMMEDIATELY and IN WRITING. Failure to do so may result in your loans being consolidated whether you like it or not. They should have a cancellation form you can print on their website. Lets hope it's not too late.

 

Hello, thank you for the help.

 

I called yesterday, figured they would not be there, but I tried anyway...just in case.

I looked at my loans online on the Sallie website, and the cosolidation says it will completed Dec 1st. I didn't see a cancellation form though. I will look again. Does anyone have a link or such for that form? I'll dig through the website again, but thanks for the help on "in writing", because I didn't even think of that...just figured a phone call and they will terminate it. LOL Silly me

I'm hoping to pay the private loans off, just have to get the money up from somewhere. Would love to have the private loans gone, Sallie out of my life, and the income sensitive plan with Direct. That would help my stress level.

[tatersalad]

Just an update..

 

I called SM this morning and I was transferred 8 times, 4 of those times, once again a non speaking and "I can't hear you" CSR. I think that is part of the SM scam, to have them say they can't hear you. I was practically sreaming in the phone, and still they could not hear me....LOL

 

Anyway, they put a note on my account to cancel, said it goes to processing from there and that processing will probably call me in a week to see if I really wanted to cancel. I said, trust me, I do, they really don't need them to call me. I asked for a telephone number for processing, they told me that processing does not have one. Yeah right, they are cut off from the outside world...not believing that. But, so be it. This was after she just said " they will call you in a week"...ROTFLMAO

 

I asked about a cancellation form, since SM website does not have one. They said they don't have one nor could they email me a confirmation of todays phone call. I then asked for a fax number and faxed in a letter of what I requested and what was done today.

 

Uggg

 

Hope this works out ok. I can't wait to be free of them

[tatersalad]

Direct is so FAST

 

 

 

As of today, November 22, 2006, your combined app/P-note application is in cert status. Your loan consolidation application/promissory note was received on November 17, 2006. We sent a request to your current lenders on November 20, 2006 for the exact payoff amount of your loans. When we receive a response, we will mail you a loan statement indicating loans ready for payoff.

If you need further assistance, please use one of the resources provided below

 

[LynnInMN]

Direct is so FAST

 

 

 

As of today, November 22, 2006, your combined app/P-note application is in cert status. Your loan consolidation application/promissory note was received on November 17, 2006. We sent a request to your current lenders on November 20, 2006 for the exact payoff amount of your loans. When we receive a response, we will mail you a loan statement indicating loans ready for payoff.

If you need further assistance, please use one of the resources provided below

 

 

 

The only problem I foresee is that the SM consolidation may have already gone thru the certification process. Although you are cancelling the SM, there can only be one cerfitication on file at any given time. So there could be delays due to prior certs.

[tatersalad]

I know, I really hope this runs smoothly. SM has my request and noted it, plus my fax.

But as you said, will it still show as processing in SM.

 

Thank you & happy thanksgiving!

[tatersalad]

Happy Saturday!!!!!!

 

 

I am doing the happy dance

 

Received a letter from Sallie Mae today. My loan cosolidation has been cancelled, per my request.

 

A letter on actual Sallie Mae letterhead. Now, they can't possibly be in the way for Direct

to finish up the consolidation on their end!! Yay!!!!!

 

 

Happy December everyone!

[joekool]

I have a question on this topic... I have 3 different loans all of which I believe can be consolidated federally. If I were to pay off any of these loans in one lump sum, they would let me do it for much less than what I owe. I was wondering if the consolidation comany gets it for the same lesser amount, and if that passes on as a benifet to me. If that is the case would'nt I want to consolidate with a company that doesnt hold me loan? The reason I ask is because I was going to go thru direct loans, but my biggest loan is with them, so I was just wondering if perhaps I should go thru someone else to get that lump sum pay off advantage. I must get about 10 calls a night from companys wanting to consolidate my loans.

[LynnInMN]

I have a question on this topic... I have 3 different loans all of which I believe can be consolidated federally. If I were to pay off any of these loans in one lump sum, they would let me do it for much less than what I owe. I was wondering if the consolidation comany gets it for the same lesser amount, and if that passes on as a benifet to me. If that is the case would'nt I want to consolidate with a company that doesnt hold me loan? The reason I ask is because I was going to go thru direct loans, but my biggest loan is with them, so I was just wondering if perhaps I should go thru someone else to get that lump sum pay off advantage. I must get about 10 calls a night from companys wanting to consolidate my loans.

 

If your loans are current, the answer is no. The lenders are "guaranteed" 100% of the funds and they won't take a loss. However if your loans are in default, they generally will write off all of the collection fees which basically puts you right back to the principal and interest balance. In some cases, older defaults will write off some of the interest. Of course you get a 1099 for anything written off.