Loan Consolidation Gripe - Saab General Bulletin Board - Saabnet.com
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Loan Consolidation Gripe
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Posted by NickR (more from NickR) on Fri, 23 Sep 2005 06:36:42 Share Post by Email
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Well, back in June or July or whenever I decided to consolidate my $40,000 student loans to Bentley College for my master's degree. I went to studentloan.com, found a good program, and consolidated that whole amount for 20 years at 2.77% interest and it drops to 1.77 after a year of good payments. Great!

Then, today, check my credit report and raelize that my old student lender is still listed. I call up Citi for the status of my student loan consolidation, and they tell me that the request was sent to ACS (the current lender) in August and they have no response yet.

So, I call ACS. Turns out, they won't give my loan over to Citi. Because there is some legal deal where if ALL of your student loans are with one lender, they don't need to transfer anything. ACS offers to consolidate my loans for me... at 7%!!!

Here I am, expecting I have this great 1.7% student loan repayment plan, and it turns out to be 7%. That's just ridiculous. Do I have any options here, or grievance? I had no idea about this "rule" that if you have one lender they aren't required to transfer your loan to another lender for consolidation.

Damnit!

posted by 63.116.22...

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