Once you consolidate

[brazen]

can you consolidate again with another lender if the lender you went with originally sucks?

[LynnInMN]

can you consolidate again with another lender if the lender you went with originally sucks?

 

 

Who is the lender??

 

Unfortunately, you cannnot switch lenders just because you dont like them.

[brazen]

It is through NelNet.

I am extremely unhappy with the way my consolidation was handled and now they are misling me on the interest rate. After I had it in writing I would get the pre-July 2006 rates. Nothing they promised me is turning out to be true.

I guess I could take out a personal loan to pay them off, but I am sure the interest rate on that would be higher...sigh.

[ignoranceIsn'tBliss]

It is through NelNet.

I am extremely unhappy with the way my consolidation was handled and now they are misling me on the interest rate. After I had it in writing I would get the pre-July 2006 rates. Nothing they promised me is turning out to be true.

I guess I could take out a personal loan to pay them off, but I am sure the interest rate on that would be higher...sigh.

 

Once you have been consolidated, you can't switch lenders. You have to have a non consolidated loan in order to do a consolidation. If you really want to get away from them, go back to school and get a new fed loan. Then you can do a new consolidation.

[Cynic]

What specifically do you have in writing?

 

When did you apply to consolidate?

[brazen]

I applied on 5/23/06 to consolidate.

 

Due to a glitch in NelNets system it was stopped/hung up at the pending disbursement phase.

 

I kept waiting and waiting. I finally called at the beginning of November, and they said it was their error, the supervisor ended up putting thru my app again for me on 11/02/06.

 

She then wrote me and said they would still honor the pre July rates since I had originally submitted it before the deadline. I kept the letter and the email from them as proof. The consolidation was disbursed on Friday at a less than stellar rate.

 

Ignorance- I am headed back to school in March as a matter of fact, but I was trying to avoid any more loans if at all possible....sigh.

[Cynic]

OK they should be able to change it to pre-July rates. If it reached the pending disbursement phase and just didn't finalize your app would have been substantially complete before the deadline. Again, knowing the loans you consolidated, and their pre-July rates, is what is needed to determine the correct rate. I'm assuming you kept a copy of your original application?

[brazen]

OK they should be able to change it to pre-July rates. If it reached the pending disbursement phase and just didn't finalize your app would have been substantially complete before the deadline. Again, knowing the loans you consolidated, and their pre-July rates, is what is needed to determine the correct rate. I'm assuming you kept a copy of your original application?

 

Yep sure did. I am a stickler about paperwork on stuff like that.

[Cynic]

Great, take your listed loans (type, balance, interest rate, etc) and plug them into the calculator.

 

https://loanconsolidation.ed.gov/loancalc/s...startCalculator

 

Assuming what you listed on the app matches what your lenders verified on the LVC, the calculator should give you a good idea of what your interest rate should be.

[brazen]

Thanks~!