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Confused about consolidation

Date: Wed, 11/03/2010 - 12:41
Submitted by joeysfreebies on Wed, 11/03/2010 - 12:41
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I have 4 defaulted student loans that amount to $9000, I want to consolidate but I read that I have to have one loan with payments being made. I have asked the collection agency if I could pay $50 a month for 3 months in order to do the consolidation, but they say no they want $150.00. But the ICR says I would roughly qualify for $30.00 payments. is there anything I can do?


Who should I send the payment to? NCO or the Department of Education?
While filling out the application I had put in the NCO address and account number but i am confused as to what to put for income, it is the gross amount correct? I just want to make sure I fill it out correct the first time, because the gross amount and our agi differs by a couple thousand because of my husband's 401K.


Submitted by joeysfreebies on Wed, 11/03/2010 - 14:23

joeysfreebies

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Oops, I also meant to ask where do you put in the collection costs, becuase from what I have read those have to be included in with the consolidation loan. I have a breakdown of everything, the interest that has accrued, the collection fees, interest rate, and principle, but I don't see where to add in the collection costs.
Thanks


Submitted by joeysfreebies on Wed, 11/03/2010 - 14:41

joeysfreebies

( Posts: 3 | Credits: )