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Posted: Fri Jun 13, 2008 1:27 pm Subject: Student Loan Consolidation - consecutive monthly payments |
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I an planning on going back to school but I am in default on a previous student loan in the amount of $4,259.77. DCS has my loan and I called them about getting out of default so I can go back to school. They offered me a consolidation plan saying if I make 3 consecutive monthly payments Of $50.00 I will be out of default and will be able to receive student aid again. Will consolidation get me out of default and will it only take me 3 months and not 6 or so like I have heard of before? Or are they just feeding me a line of BS just to get my money? I have never dealt with credit collectors before but I know that they are not the most honest companies out there and I am uneasy about trusting them.
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titan_90

Joined: 13 Jun 2008
Posts: 1
Debtcc Points: 40
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Posted: Fri Jun 13, 2008 2:27 pm Subject: |
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Soaplady, where are you? You are the student loan Queen and Wizard. I hope you drop by soon, Titan 90 really needs your help.
Luke
_________________ "It only takes a second to do something that you will regret for the rest of your life."
All the Best,
Luke
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Lukeskywalker


Joined: 19 May 2007
Posts: 1832
Debtcc Points: 15890
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Posted: Fri Jun 13, 2008 9:33 pm Subject: |
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The six months of payments is referring to rehab. With consolidation, simply entering into repayment and doing the consolidation application and having the consolidation fund WILL get you out of default and eligible for FA again. Consolidation usually takes about 60 days.
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SOAPLADY
Moderator

Joined: 07 Feb 2007
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Posted: Sat Jun 14, 2008 5:29 am Subject: |
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Your the best Soaplady
_________________ "It only takes a second to do something that you will regret for the rest of your life."
All the Best,
Luke
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Lukeskywalker


Joined: 19 May 2007
Posts: 1832
Debtcc Points: 15890
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Posted: Tue Aug 19, 2008 8:13 pm Subject: |
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Can you apply for a student loan consolidation thru any bank or do you go thru how you got the loan from. also how does it work do you need a credit check or anything. I am currently on a defrement but I would like to get the intrest lowered would a consolidation help this. Thanks
Jody
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jodymarie1979

Joined: 04 Aug 2008
Posts: 20
Debtcc Points: 167
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Posted: Wed Aug 20, 2008 9:32 am Subject: |
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Jodymarie....what type of loan do you have and what is the interest rate?
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SOAPLADY
Moderator

Joined: 07 Feb 2007
Posts: 743
Debtcc Points: 12085
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Posted: Thu Aug 21, 2008 4:32 am Subject: |
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If you have private loans, you definately will get a credit check if you want to consolidate.
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drjonah

Joined: 22 Feb 2007
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Posted: Thu Aug 21, 2008 9:04 am Subject: |
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These are definately not private loans....no consolidation loan program as the OP describes is available for private defaults.
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SOAPLADY
Moderator

Joined: 07 Feb 2007
Posts: 743
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