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Started By
Message
loan consolidation
Posted on 10/27/08 at 8:07 am
Posted on 10/27/08 at 8:07 am
I searched here for this topic, but didn't find anything.
Could anyone explain to me why I can't consolidate my student loans at this time?
Chase says that they can only do private loans and not federal loans. I really want to do this for a lower interest rate, but also to get everything onto one payment. I have two federal loans through Sallie Mae and one private loan through Chase. Although I can see on Sallie Mae's site that one of those loans is backed by Chase also.
Could anyone explain to me why I can't consolidate my student loans at this time?
Chase says that they can only do private loans and not federal loans. I really want to do this for a lower interest rate, but also to get everything onto one payment. I have two federal loans through Sallie Mae and one private loan through Chase. Although I can see on Sallie Mae's site that one of those loans is backed by Chase also.
2
Posted on 10/27/08 at 8:49 am to seawolf06
quote:
Could anyone explain to me why I can't consolidate my student loans at this time?
You have to be out of school and done with taking loans from my understanding. I had to wait until I got my undergrad degree to consolidate my undergrad loans. I'll probably consolidate my grad school loans once I'm done here too.
quote:
Chase says that they can only do private loans and not federal loans.
This may just be a Chase thing, or they may only offer private loans that are federally backed, that way they have security while also being able to tack on more of their own fees. I dunno. Goto Sallie Mae or Nellie Mae's websites, and they can give you more specifics.
Posted on 10/27/08 at 9:25 am to Yah Mo Be There
quote:
You have to be out of school and done with taking loans from my understanding.
That isn't true. I consolidated two loans I had a few years ago while I was still in school because the interest rate dropped a couple points. I did that through Sallie Mae and now they aren't doing consolidations either.
quote:
Goto Sallie Mae or Nellie Mae's websites, and they can give you more specifics.
I tried Sallie Mae's site already and got the same result. They don't give any specifics about why.
Posted on 10/27/08 at 9:30 am to seawolf06
quote:
quote:
You have to be out of school and done with taking loans from my understanding.
That isn't true. I consolidated two loans I had a few years ago while I was still in school because the interest rate dropped a couple points. I did that through Sallie Mae and now they aren't doing consolidations either.
quote:
Goto Sallie Mae or Nellie Mae's websites, and they can give you more specifics.
I tried Sallie Mae's site already and got the same result. They don't give any specifics about why.
then.
Posted on 10/27/08 at 9:34 am to seawolf06
dont worry about consolidating.
years back all you had to do to not worry about having to repay was continue to take 1 class a semester for the rest of your life and borrow the money. if a fed loan, it does not have to be repaid until you quit going to school.
years back all you had to do to not worry about having to repay was continue to take 1 class a semester for the rest of your life and borrow the money. if a fed loan, it does not have to be repaid until you quit going to school.
Posted on 10/27/08 at 10:30 am to crazycajun08
Pretty sure you can only consolidate student loans once/life
Posted on 10/27/08 at 10:45 am to crazycajun08
At first I wanted to consolidate to take advantage of low interest rates like I did the first time. Now it's just frustrating to keep up with 3 different payments that I have to make. I know it wouldn't make any sense to get a private loan to pay them all off because it would be at a higher rate. I just know that they aren't considering consolidating any student loans for anyone under any circumstances and was wondering why.
I've never heard the once in a lifetime deal.
I've never heard the once in a lifetime deal.
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