Does anyone have any advice as to how I should start exploring this possibility, if it is one? I have seriously never dealt with a worse company than this. I have hesitated on looking for someone to buy my loans up until now because my interest rate is so low, but I have gotten to the point that I would actually pay higher interest somewhere else - within reason of course - just to get away from Sallie Mae.
I know that right now I am pretty emotional about it and I know that this isn't the best way to make a decision, so I plan on calming down and awaiting your responses. Thanks!
Full Version: Can I get my loans away from Sallie Mae?
That depends. Are they federal loans or private? Sallie Mae offers both. If they're federal, you can easily get them away from SM. Your best option would be to consolidate through Direct Loans. If they're private, your choices are much more limited. The market for private consolidation loans has pretty much dried up in the past couple years. But if you do some research, you can probably find a few companies still doing them. I believe Chase is one of them. Consolidating a private loan will require credit approval, while consolidating a federal loan through Direct would not.
Ugh, unfortunately they are private but I thank you for the info!
QUOTE (Saria @ Nov 16 2009, 07:34 PM) 
That depends. Are they federal loans or private? Sallie Mae offers both. If they're federal, you can easily get them away from SM. Your best option would be to consolidate through Direct Loans. If they're private, your choices are much more limited. The market for private consolidation loans has pretty much dried up in the past couple years. But if you do some research, you can probably find a few companies still doing them. I believe Chase is one of them. Consolidating a private loan will require credit approval, while consolidating a federal loan through Direct would not.
So if i DID choose Consolidation vs Rehabilitation (Just to get them away from NJ HESAA, same principle, i feel fortunate i got the info i need to do so on the phone) then DirectLoan would basically just -add- it to my existing Payment, so i reall AM making "One" Monthly Payment, yes? I believe it would still fall off 7 years from DOFD, yes?
Also... Why does AES/SLMA -AND- NJ HESAA show on my Credit Report? NJ HESSA is the Guarantor, AES/SLAM the Servicer.. so would Rehabbing remove -Both-?
Im kind of Disenfranchised with NJ HESAA myself.. wondering if i should just COnsolidate to Pay them, The TLs will update to Paid, will they not? And then it will be the Waiting Game...
True or False?
QUOTE (Joseph C @ Nov 18 2009, 12:32 PM)
QUOTE (Saria @ Nov 16 2009, 07:34 PM)
That depends. Are they federal loans or private? Sallie Mae offers both. If they're federal, you can easily get them away from SM. Your best option would be to consolidate through Direct Loans. If they're private, your choices are much more limited. The market for private consolidation loans has pretty much dried up in the past couple years. But if you do some research, you can probably find a few companies still doing them. I believe Chase is one of them. Consolidating a private loan will require credit approval, while consolidating a federal loan through Direct would not.
So if i DID choose Consolidation vs Rehabilitation (Just to get them away from NJ HESAA, same principle, i feel fortunate i got the info i need to do so on the phone) then DirectLoan would basically just -add- it to my existing Payment, so i reall AM making "One" Monthly Payment, yes? I believe it would still fall off 7 years from DOFD, yes?
Also... Why does AES/SLMA -AND- NJ HESAA show on my Credit Report? NJ HESSA is the Guarantor, AES/SLAM the Servicer.. so would Rehabbing remove -Both-?
Im kind of Disenfranchised with NJ HESAA myself.. wondering if i should just COnsolidate to Pay them, The TLs will update to Paid, will they not? And then it will be the Waiting Game...
True or False?
In rehab, only the guarantor is removed....the servicer remains. For consolidation, both negative tradelines remain.
QUOTE (Joseph C @ Nov 18 2009, 11:32 AM)
QUOTE (Saria @ Nov 16 2009, 07:34 PM)
That depends. Are they federal loans or private? Sallie Mae offers both. If they're federal, you can easily get them away from SM. Your best option would be to consolidate through Direct Loans. If they're private, your choices are much more limited. The market for private consolidation loans has pretty much dried up in the past couple years. But if you do some research, you can probably find a few companies still doing them. I believe Chase is one of them. Consolidating a private loan will require credit approval, while consolidating a federal loan through Direct would not.
So if i DID choose Consolidation vs Rehabilitation (Just to get them away from NJ HESAA, same principle, i feel fortunate i got the info i need to do so on the phone) then DirectLoan would basically just -add- it to my existing Payment, so i reall AM making "One" Monthly Payment, yes? I believe it would still fall off 7 years from DOFD, yes?
Also... Why does AES/SLMA -AND- NJ HESAA show on my Credit Report? NJ HESSA is the Guarantor, AES/SLAM the Servicer.. so would Rehabbing remove -Both-?
Im kind of Disenfranchised with NJ HESAA myself.. wondering if i should just COnsolidate to Pay them, The TLs will update to Paid, will they not? And then it will be the Waiting Game...
True or False?
Very nice thread hijack there. I appreciate it.
QUOTE (cbehnen9 @ Nov 22 2009, 08:37 PM)
QUOTE (Joseph C @ Nov 18 2009, 11:32 AM)
QUOTE (Saria @ Nov 16 2009, 07:34 PM)
That depends. Are they federal loans or private? Sallie Mae offers both. If they're federal, you can easily get them away from SM. Your best option would be to consolidate through Direct Loans. If they're private, your choices are much more limited. The market for private consolidation loans has pretty much dried up in the past couple years. But if you do some research, you can probably find a few companies still doing them. I believe Chase is one of them. Consolidating a private loan will require credit approval, while consolidating a federal loan through Direct would not.
So if i DID choose Consolidation vs Rehabilitation (Just to get them away from NJ HESAA, same principle, i feel fortunate i got the info i need to do so on the phone) then DirectLoan would basically just -add- it to my existing Payment, so i reall AM making "One" Monthly Payment, yes? I believe it would still fall off 7 years from DOFD, yes?
Also... Why does AES/SLMA -AND- NJ HESAA show on my Credit Report? NJ HESSA is the Guarantor, AES/SLAM the Servicer.. so would Rehabbing remove -Both-?
Im kind of Disenfranchised with NJ HESAA myself.. wondering if i should just COnsolidate to Pay them, The TLs will update to Paid, will they not? And then it will be the Waiting Game...
True or False?
Very nice thread hijack there. I appreciate it.
Sorry your thread got hijacked. Joseph has a form of autism, and sometimes does things like this.
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