I can't find info on consolidation...please help

[etfilmjunkie]

Many of my friends that just graduated and immediately consolidated their loans have been dropped by their consolidator and their loans have jumped as high as 480%.

 

I decided to go to school at age 21 because my parents only had enough money to pay my bills and tuition for three years. By the time I was a senior I was 25 and way below the poverty level so I got all I needed from the government and FAFSA loans.

 

My friend started school at 18 and her parents made too much to get a FAFSA package like mine but not enough to pay for college. She worked, took out loans from five different private lenders, and the chump change FAFSA gave her. She knew she would have to consolidate but her respective payment was supposed to be $120 a month (she graduated in May and did not differ) and now it’s just over $500.

 

How did this happen?

 

Why didn’t the national media tell us this was coming?

 

What do we do now?

[LynnInMN]

Many of my friends that just graduated and immediately consolidated their loans have been dropped by their consolidator and their loans have jumped as high as 480%.

 

 

I decided to go to school at age 21 because my parents only had enough money to pay my bills and tuition for three years. By the time I was a senior I was 25 and way below the poverty level so I got all I needed from the government and FAFSA loans.

 

My friend started school at 18 and her parents made too much to get a FAFSA package like mine but not enough to pay for college. She worked, took out loans from five different private lenders, and the chump change FAFSA gave her. She knew she would have to consolidate but her respective payment was supposed to be $120 a month (she graduated in May and did not differ) and now it’s just over $500.

 

How did this happen?

 

Why didn’t the national media tell us this was coming?

 

What do we do now?

[LynnInMN]

Many of my friends that just graduated and immediately consolidated their loans have been dropped by their consolidator and their loans have jumped as high as 480%.

 

 

I decided to go to school at age 21 because my parents only had enough money to pay my bills and tuition for three years. By the time I was a senior I was 25 and way below the poverty level so I got all I needed from the government and FAFSA loans.

 

My friend started school at 18 and her parents made too much to get a FAFSA package like mine but not enough to pay for college. She worked, took out loans from five different private lenders, and the chump change FAFSA gave her. She knew she would have to consolidate but her respective payment was supposed to be $120 a month (she graduated in May and did not differ) and now it’s just over $500.

 

How did this happen?

 

Why didn’t the national media tell us this was coming?

 

What do we do now?

 

Sounds like your friends borrowed private funds plus some federal as well. Without knowing how much she borrowed, it is hard to say what payments would and should have been. However private consolidations were never a "guaranteed" things. They are credit based and interest rates vary. There are still private loan consolidators out there....http://www.finaid.org/loans/privateconsolidation.phtml

[RyanLynch]

Here is the number I was given to consolidate student loans:

 

Dept. of Education :

 

1800 433 3243

[nwbroke]

Many of my friends that just graduated and immediately consolidated their loans have been dropped by their consolidator and their loans have jumped as high as 480%.

 

I decided to go to school at age 21 because my parents only had enough money to pay my bills and tuition for three years. By the time I was a senior I was 25 and way below the poverty level so I got all I needed from the government and FAFSA loans.

 

My friend started school at 18 and her parents made too much to get a FAFSA package like mine but not enough to pay for college. She worked, took out loans from five different private lenders, and the chump change FAFSA gave her. She knew she would have to consolidate but her respective payment was supposed to be $120 a month (she graduated in May and did not differ) and now it’s just over $500.

 

How did this happen?

 

Why didn’t the national media tell us this was coming?

 

What do we do now?

 

 

I've never heard of a FAFSA loan. How can I get one?

[krzywon]

FAFSA is a form, not a loan. It's the form you fill out before you can take out federally backed loans, specifically Stafford and Parent Plus loans.

 

I'm guessing OP meant Stafford loans.

[InfamousNY]

i highly doubt someones interest went up to 480%.