I applied for Consolidation with Citi back in May. I figure since they had all my loans except one it would be easy.They also offered a rate as low as 1.7% or somthing ridiculously low with on time payments, autopay,etc. Three months later- "We are still processing, locating,etc." A few days ago I get a letter- "All your loans are "'in school' -we cant do it until you get them changed, blah blah." At this point I'm not even going to bother. Until I get my statement. My interest only payment on an unsubsidized loan went up about 400% and is due in 15 days, when its usually 30.
So I call them up to get it done. Turns out its all heldup because Direct has one loan marked "in school".. its been like a year and a half since I was at least half time. I havent heard from Direct in like 7 years. Luckily Citi has their number. So I call Direct and it turns out their loan IS NOT in school and is in fact "in grace" with a payment due 11/28. So I guess if something isnt done fast I will owe my Int payment on the 11/13 and then ALL My Citi loans PLUS Direct on the 11/28 too. Now I am going to try to call citi back tonight. I hate using the phone.
Full Version: Found out why conslidation was taking so long(5+mo
What's the difference? All my loans are currently showing, "deferred-in-school status" and I've been able to consolidate my loans.
I don't see how that should be a factor in the ability to consolidate loans...*shrugs* I dunno though.
I don't see how that should be a factor in the ability to consolidate loans...*shrugs* I dunno though.
WHo knows, the letter says thats the federal consolidation rule. Now they say it should be done by December 24th. That will make the consolidation process for me take over 7 months.
I believe you can do an in-school consolidation only when you consolidate with the company that already owns/services your loans. So if you have loans through Nelnet, you could not consolidate with Sallie Mae while in school, but Nelnet should be able to do it.
Its a moot point since you are no longer in school, but I thought it worth mentioning.
Hope it works out for you, it does seem to be taking a ridiculously long time.
Its a moot point since you are no longer in school, but I thought it worth mentioning.
Hope it works out for you, it does seem to be taking a ridiculously long time.
QUOTE(threeve @ Oct 27 2005, 06:47 PM)
I believe you can do an in-school consolidation only when you consolidate with the company that already owns/services your loans. So if you have loans through Nelnet, you could not consolidate with Sallie Mae while in school, but Nelnet should be able to do it.
Its a moot point since you are no longer in school, but I thought it worth mentioning.
Hope it works out for you, it does seem to be taking a ridiculously long time.
Its a moot point since you are no longer in school, but I thought it worth mentioning.
Hope it works out for you, it does seem to be taking a ridiculously long time.
Ahhhh, I see. When I consolidated, I was dealing with the single lender rule anyway, so that's probably the deal.
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