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Debt Relief – Insolvency – Bankruptcy Information » Student Loan Help » Best student loan consolidation. Mine after 5 months just turned me down!?

Best student loan consolidation. Mine after 5 months just turned me down!?

I used education direct in may and all was well, recieved notification they had received loans and payments to those loan holders then all of a sudden they said no, and that payments had been returned just last Thursday(long after july deadline to lock in good interest rates! Now what do I do?)


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3 Responses to "Best student loan consolidation. Mine after 5 months just turned me down!?"

  1. payingcollege says:
    Unfortunately, a lot of shady characters have entered the student loan consolidation market. It’s good to check out the reputation of a consolidation company before you apply with them.

    Sallie Mae is the oldest and largest consolidator of student loans. They have a lot of good info and a calculator that shows you what your payments will be with the different repayment options at

  2. FinAidGrrl says:
    Be thankful that your consolidation with this company didn’t go through. There are many reputable lenders out there who offer Federal Consolidation Loans — but I do not count Educational Direct among them. They employ a lot of trickery in their direct marketing; I always hope my students have nothing to do with them…

    For your own edification, have you asked why they turned you down? Remember: Federal consolidation loans require no credit check — so no consolidation lender should have turned you down for credit reasons. There are plenty of companies that trick their borrowers into obtaining private consolidation loans. You *don’t* want this — the rates are not set by the federal government and, being private, the loans typically offer none of the protection & benefits of the federal program.

    First, go to and make sure that your loans weren’t, in fact, consolidated. Use this website to determine who holds your loans at this moment (things change — it may not be the same lender that held them 5 months ago). Once you have this information, pick a new lender with whom to consolidate. Sallie Mae and Citibank are the #1 and #2 student loan lenders, respectively. Either one would be a fine choice. They’re well-established companies that offer competitive benefits and are technologically advanced.

    If you’re interested in doing some more research, check out this list of Top 50 Lenders: (note that Educational Direct is no where on this list).

  3. Kevin A says:
    Check out: They have good information on student loans, refinancing and loan consolidation.

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