student loan consolidation
Date: Fri, 10/29/2010 - 13:38
We have tried to consolidate a student loan debt with Wells Fargo but denied because of income to debt ration. We have about $70,000, most of unsecured student loan debt. Unable to make all payments due to lack of a good paying job, thanks to the economy. Is there a way to consolidate to reduce payments in order to be able to pay these debts until a good paying job comes along?
Wells is about the only company left that will do a student loan
Wells is about the only company left that will do a student loan consolidation. If you are talking debt management plans, student loans are not eligible for that type of program. Anything less than your regular monthly payment will cause your loan to default per the your promissory note.
have you called the lender and explained the situation to them.
have you called the lender and explained the situation to them. Some lenders will work out other arrangememnts
No, private loan lenders will not make other arrangements other
No, private loan lenders will not make other arrangements other than very temporary forbearances which you would have to pay for.