I'm hoping anyone can give me some insight on my Student Loan situation.
I have about 50k in Student Loans. (between 1993-1997)
5K with Sallie Mae
45K Federal Loans
++++++++++++++++++++++++++++
I consolidated them (when I had no idea what I was doing) in 2000.
I have made minimal payments on them (2k) and continue to defer. I have not been able to afford the payments. My credit is not bad, but my score is VERY LOW because the balances are so high and I haven't been paying them. (That's what lenders have told me) I have 7 pages of "account closed due to transfer or refinance." ... all of the loan holders are on my credit report. And I want that off.
Sallie Mae has me @ 90 past due in 2005 (ugh, I didn't know my deferment was up)
I've been told by a number of consolidators that I don't qualify for a lower rate because I consolidated in 2000. My current rate is 7.625% Federal 4.5% Sallie.
What can / should I do? How can I turn this ship around? I can only afford $200 per month on these loans. It just doesn't seem like I'm ever going to get good credit with these loans over my head.
Full Version: Student Loans - in over my head (help)
new0602,
You mention "...continue to defer." Are you currently in school?
You mention "...continue to defer." Are you currently in school?
QUOTE(new0602 @ Mar 1 2005, 01:34 PM)
I'm hoping anyone can give me some insight on my Student Loan situation.
I have about 50k in Student Loans. (between 1993-1997)
5K with Sallie Mae
45K Federal Loans
++++++++++++++++++++++++++++
I consolidated them (when I had no idea what I was doing) in 2000.
I have made minimal payments on them (2k) and continue to defer. I have not been able to afford the payments. My credit is not bad, but my score is VERY LOW because the balances are so high and I haven't been paying them. (That's what lenders have told me) I have 7 pages of "account closed due to transfer or refinance." ... all of the loan holders are on my credit report. And I want that off.
Sallie Mae has me @ 90 past due in 2005 (ugh, I didn't know my deferment was up)
I've been told by a number of consolidators that I don't qualify for a lower rate because I consolidated in 2000. My current rate is 7.625% Federal 4.5% Sallie.
What can / should I do? How can I turn this ship around? I can only afford $200 per month on these loans. It just doesn't seem like I'm ever going to get good credit with these loans over my head.
I have about 50k in Student Loans. (between 1993-1997)
5K with Sallie Mae
45K Federal Loans
++++++++++++++++++++++++++++
I consolidated them (when I had no idea what I was doing) in 2000.
I have made minimal payments on them (2k) and continue to defer. I have not been able to afford the payments. My credit is not bad, but my score is VERY LOW because the balances are so high and I haven't been paying them. (That's what lenders have told me) I have 7 pages of "account closed due to transfer or refinance." ... all of the loan holders are on my credit report. And I want that off.
Sallie Mae has me @ 90 past due in 2005 (ugh, I didn't know my deferment was up)
I've been told by a number of consolidators that I don't qualify for a lower rate because I consolidated in 2000. My current rate is 7.625% Federal 4.5% Sallie.
What can / should I do? How can I turn this ship around? I can only afford $200 per month on these loans. It just doesn't seem like I'm ever going to get good credit with these loans over my head.
no, I'm not currently in school
QUOTE(new0602 @ Mar 2 2005, 12:11 PM)
no, I'm not currently in school
new0602,
Does the following apply to you?
QUOTE(Borrower Services - Who is Eligible?)
Borrowers that are out of school are eligible to consolidate if they:
1. - include at least one Direct Loan
OR
2. - include at least one FFEL
AND
- have been unable to obtain a Federal Consolidation Loan with a FFEL consolidation lender or have been unable to obtain a Federal Consolidation Loan with income-sensitive repayment terms acceptable to them.
1. - include at least one Direct Loan
OR
2. - include at least one FFEL
AND
- have been unable to obtain a Federal Consolidation Loan with a FFEL consolidation lender or have been unable to obtain a Federal Consolidation Loan with income-sensitive repayment terms acceptable to them.
Source: http://loanconsolidation.ed.gov/borrower/beligible.shtml
This is a "lo-fi" version of our main content. To view the full version with more information, formatting and images, please click here.