I have just applied for loan consolidation of my 9
Date: Mon, 04/04/2011 - 19:34
I have just applied for loan consolidation of my 90,000 in Sallie Mae loans through http://loanconsolidation.ed.gov.
My monthly payments are 1,100 and it is a major burden.
I'm a month behind on some of my loan payments. I spoke with the help line at http://loanconsolidation.ed.gov and was told that as long as my loans were not in default it would not be a problem.
I have two questions.
1. Since it takes 2-3 months for the consolidation to be approved, would it hurt me if I just didnt make any payments during that time frame. (you have to be 270 days behind to be in default).
2. If the consilodation is approved and I wish to return to school at a later time and get another sallie mae loan, would they deny me if I was a few months behind in my payments when the current loans were approved for consolidation ?
Thank you in advance.
My monthly payments are 1,100 and it is a major burden.
I'm a month behind on some of my loan payments. I spoke with the help line at http://loanconsolidation.ed.gov and was told that as long as my loans were not in default it would not be a problem.
I have two questions.
1. Since it takes 2-3 months for the consolidation to be approved, would it hurt me if I just didnt make any payments during that time frame. (you have to be 270 days behind to be in default).
2. If the consilodation is approved and I wish to return to school at a later time and get another sallie mae loan, would they deny me if I was a few months behind in my payments when the current loans were approved for consolidation ?
Thank you in advance.
If you go delinquent on your student loans, the creditor has the
If you go delinquent on your student loans, the creditor has the rights to report the late payments to the credit bureaus which will have a negative affect on your credit report. It will be better if you could pay off the consolidated debt before applying for another Sallie Mae loan.
Ask for a deferment/forebearance instead of going late. Are you
Ask for a deferment/forebearance instead of going late.
Are you sure these are federal loans??? Your payment is a 10 year repayment term.....usually the term is lengthed out for loans of your size.
