BamaTanya Posted October 5, 2011 Share Posted October 5, 2011 I've been in grad school for a while and I've taken out several Stafford loans. There was a term or so when I dropped back and the loan became due. And then I registered for another term and took out a new loan. Here's the thing: now I'm working on my research project and, while I still am registered, I'm below half-time and the loans are due. LoanS. One is to Sallie Mae and another is to MyFedLoan. I think the federal gov't changed something during my process and they're not serviced by the same agency. They're paid to different places and account numbers and due different times of the month. I sure wish they were together. For simplification. And to possibly lower the total monthly payment. Can I consolidate when my accounts are split up like this? Which agency do I contact? Does consolidation cost more $$$ in fees? tia Quote Link to comment Share on other sites More sharing options...
Unicorn. Posted October 5, 2011 Share Posted October 5, 2011 Consolidating dh's loans was the worst thing we ever did. The interest rates go up over time, and once you consolidate, the interest rates are based on the earliest loan. So your new loan gets added to your previous loan, but instead of paying say, 9% on the original, and 7% on the newer, you then are paying 9% on both. Be glad that your 2nd loan isn't through Sallie Mae. They are horrible, and lied to us when we consolidated, costing us quite a lot of money. Quote Link to comment Share on other sites More sharing options...
Amy in NH Posted October 5, 2011 Share Posted October 5, 2011 Income Based Repayment Quote Link to comment Share on other sites More sharing options...
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