Unable to Consolidate SM Loans

[jeslyn]

I have several loans out with Sallie Mae that are currently in forbearance- initially supposed to be up for repayment in August.

 

I filed BK CH 7 this past March.

 

I *thought* I would be able to consolidate while in BK. I *thought* wrong! POO!

 

You cannot consolidate your loans while your BK case is still active.

 

However, I did learn that it extended my forbearance and that now my loans aren't scheduled to begin repayment until April, 2006! Who knew??

 

In order to be able to consolidate your loans with Sallie Mae, I will need to send in my BK discharge papers and then they will work with me.

 

Dang it! Had I only known, I would have consolidated BEFORE I filed!!

 

Just thought I would let everyone know this Important Info!

[Cheech]

Jeslyn,

 

Thank you so much for sharing that info. That's a question that gets asked often and it's nice to have some solid information.

 

If this stupid work project is ever done and I get time to finish up the FAQ page, I'll add this to it (with your permission of course).

[jeslyn]

Of course! I searched and searched for the answers and only wish it had been available to me on the boards!

[Cheech]

Well - your searching will definitely pay off for the next person who comes along. I guess that's how we all benefit here from each other - we each contribute our knowledge and the information we gain and share. At least this board is available as a place to share that knowledge. It's so hard to find anywhere that has lots of info on student loan repayment/rehab/defaults.

 

I really appreciate all your efforts and even more, appreciate that you continue to share with us. Hey, that makes you a *vet* now... hehehe.

[jeslyn]

Hardly a vet Still got a long way to go for that...

 

I did mention to the reps how frustrating it was trying to figure this out for the lack of information available. Both of the folks I talked to agreed, saying it's hard to make it black and white since "everyone's situation is unique". This is what they both said. No kidding!