If anyone consolidated what rate did you get?

I just consol my NelNet loans, and they promised the pre July rate in writing, since it was a technical error on their part that they didn't complete it. Then I check this morning, and the rate says 6.625 fixed. I know the pre July rates were lower than that, anyone remember what they were?

Thanks a ton!

Your interest is based on a weighted average of what your loans were currently at. Do you know what your interest rate was??

It was 3.7, and it was an in school consolidation.

Then you need to be calling Nelnet.

Thats what I thought, thanks Lynn.

I recall something about 4.7 rate, but I can't find it anywhere.

Pre July 06 rates are complicated.

If the loans were in a "deferment" status the interest rate would be .6% lower than the regular rate due to a now obsolete practice of charging a lower "government" rate in deferment. The lender was not required to charge the borrower the lower government rate on unsubsidized loans while in deferment, but could if they chose to.

The DE website has a list of interest rate changes for various loan types.

You have not supplied enough information for me to have any idea what you interest rate should be...would need each loan type, loan status at time of consol app, balance for each loan, etc.

I emailed the supervisor I have been in contact with, she emailed me back and they are researching it.

Still I elected to go graduated with them, and the supervisor said they were on the graduated schedule, but the payment seems a bit high for that.

Next Due Date 03/17/2007 Original Principal Balance $11,683.94
Monthly payment amount $103.34 Capitalized Interest $0.00
Past Due Amount $0.00 Late Fees $0.00
Total amount Due $0.00 Accrued Interest $4.22
Total Amount Outstanding $11,688.18

ask them if the loan was in a "substantially completed" ,as per DOE instructions for status, status prior to July 1st. I don't work consolidation anymore, but that was the criteria IIRC for granting the pre july rates.

That monthly payment amount indicates a level plan where you make the same payment each month for 15 years. If they now have you on a graduated plan the initial monthly payments will be much lower, eventually becoming significantly higher. If they changed it to graduated you will get a new disclosure statement in the mail with a schedule of payments starting around $70 a month.

They fixed the payment issue as of this morning, now hopefully they will take care of the interest rate soon too. Thanks everyone for your help.

Hi guys.

Just un update, got the email from the supervisor yesterday at NelNet, they are reducing the interest rate as promised. 4.7....

I don't know why it was not done the first time, maybe they were hoping to get one over, I am glad I caught it.

Thanks everyone for all your help!!!

Probably just an honest mistake. They had to resubmit your app and push it through due to a technical issue somewhere, didn't they? In that case they had to manually research your app and apply a manual interest rate deduction, have someone higher up approve it, and make very good documentation as to why.

When my student loans finished rehab they were transfered to NelNet and I absolutely hated them. I have since consolidated with SallieMae. My consolidation was submitted on the last day of the deadline for july 06 and were not completed until November. I always wondered why it took so long, but my interest rate previously with NelNet was in the 6% range and after July it was raised to 7.125% and once my consolidation went through its not at 5.125%!

In school was something like 4.9 but I don't know about outta school (probably 5.2ish or something?)