USA Student Loans

I just graduated from college, and like many American students, I have a few thousands dollars worth of loans. Because this is a game forum, I think I can safely assume that many people here are similar in age, and perhaps someone has already done this.

My question: Does anyone here have any experiences with loan consolidation? As far as I can tell, there is no difference whatsoever between say SallieMae and Educational Direct. I do have a few more months until I must consolidate, but I would like to get this taken care of soon because I will be starting on the road to retirement in a few weeks.

Thank you for your help. I know this is rather esoteric, but maybe I can find a little help.

Azi

Theres a program called the William D Ford where the federal government actually buys back all your loans, consolidates them, and sets you up on an income contingent plan. They will do this if you can prove to them that you are getting hosed by lenders, in which case I was getting hosed by 3 seperate ones. Funny thing is when they were about to buy back the loans all 3 lending agencies tried desperately to get me to stay with them, and even offered me better terms than I was getting from the WDF, but I told them to all eat shizzle.

Essentially what happened is I had 3 loans, a state, a federal and a personal to help pay for school. The state lender sold the loan to another lender around the same time I was moving, and my payments to the fromer lender weren't getting to the new bank, and the new banks mailings were being forwarded but tossed in the trash by me because I assumed they were credit card mailings (I get about 24 CC mailings a week). Suddenly I was delinquint, and the state loan owner said I owed them the entire balance at once. Being a smart ass, I sent them a check for 6 thousand dollars post dated for 2008. This dilinquincy caused the other two lenders to raise my interest rates because they now said I was a credit risk. (each of these loans had been sold once too)

I went from making three 150 dollar payments a month to one bank telling me I owed them 6000+insane late fees+12%interest, one bank raising my interest from 2.5% to 16% and raising my minimum payment to 275 per month, and the third raising my interest from 3% to 10% and raising min payment to 240 per month. This happened over the course of 3 months, it torpedoed my credit score, and none of the money I was paying to these companies was bringing down the principle. The state loan went from 6000 to almost 7200 thanks to late fees.

I attempted to use Consumer Credit Counseling, and while I was in the process of setting up some sort of workable solution the Depratment of Treasury actually contacted me, lol I almost threw that mail away as well I'm glad I opened it. Apparently something about my situation stood out, or consumer credit let them know about me, I don't know. I just knmow that I never initiated any contact with them.

So, WDF bought my loans, I got locked into 3% interest, I pay 275 a month but can go as low as 100 if I wanted, and they allow for sporadic 6 month deferements if you can prove hardship

Check it out, it may be easier than using your bank

I'm still in the process of recieving my Stafford Loans, and FAFSA... just 1 more year and I'll finally get my PEL grants! Hurray!:laugh4: