Problems with consolidating student loans How to have free sex chat on my ipod
Some of the biggest problems I see involve loans that were either erroneously included or excluded from a consolidation (even though the borrower completed the application correctly).
This can lead to problems down the road – including default.
When your consolidation loan is about to be issued, you should receive a “Summary Letter” that provides a table with all of the loans that are being included in the consolidation. All loans that you want to be included in the consolidation should be listed there.
Federal student loan consolidation through the Direct loan program can be great for borrowers, but be vigilant, and don’t assume it will necessarily be smooth sailing.
In that same summary letter, your consolidating loan servicer should also tell you what the estimated consolidation loan balance is going to be.
It’s not uncommon for the loan balance to be a bit higher than expected.
This month, I’m wrapping up two cases that involved major federal student loan consolidation errors by the U. These errors were massive, complex, and entirely the borrower’s fault.
of Education and an assortment of student loan guaranty agencies, servicers, and debt collectors.