Reconsolidation
Date: Fri, 09/03/2010 - 12:22
I would love your advice on this: I had used up my deferments & forebearance & was having a difficult time paying my loans. A rep from the loan holder, AES, suggested I reconsolidate with Direct Loans.
While in the process of reconsolidation, my loan defaulted. But AES didn't notify me or Direct Loans.
Here's how it went down. I was getting daily phone calls and weekly mail from AES about my loans. I called and told them I was reconsolidating. The rep at AES said to ignore their correspondence since it would take a few months for the reconsolidation to go through. I kept getting bills, but NO notice of default.
I continued to pay $35/month, all I could afford. My reconsolidation went through mid June. I called Direct Loans to make my first payment in August and they said they didn't have my loan. AES returned the money in July. There was no notification to me or Direct Loans about the default or why the money was returned.
I received notification from AES in August that my loan was in default. I just called Direct Loans to ask what I can do and they told me I can reconsolidate again. Ugh.
I am now filling out paperwork with Direct Loans to "add a loan"...basically starting the process all over again, but this time with an additional $5,125 in default fees.
Do I have ANY other options, or do I need to bite the proverbial bullet, reconsolidate AGAIN with Direct Loans and pay the additional $5,125?
Thank you!!!
Fed Up
While in the process of reconsolidation, my loan defaulted. But AES didn't notify me or Direct Loans.
Here's how it went down. I was getting daily phone calls and weekly mail from AES about my loans. I called and told them I was reconsolidating. The rep at AES said to ignore their correspondence since it would take a few months for the reconsolidation to go through. I kept getting bills, but NO notice of default.
I continued to pay $35/month, all I could afford. My reconsolidation went through mid June. I called Direct Loans to make my first payment in August and they said they didn't have my loan. AES returned the money in July. There was no notification to me or Direct Loans about the default or why the money was returned.
I received notification from AES in August that my loan was in default. I just called Direct Loans to ask what I can do and they told me I can reconsolidate again. Ugh.
I am now filling out paperwork with Direct Loans to "add a loan"...basically starting the process all over again, but this time with an additional $5,125 in default fees.
Do I have ANY other options, or do I need to bite the proverbial bullet, reconsolidate AGAIN with Direct Loans and pay the additional $5,125?
Thank you!!!
Fed Up
If your payment was not the correct payment, that would have put
If your payment was not the correct payment, that would have put you past due.
The daily calls and weekly mail would have been a good indication that your loan was in jeopardy.
