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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 http://www.salliemae.com/after_graduation/manage_your_loans/consolidate_student_loans/student_loan_consolidation.htm

  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 http://www.nslds.ed.gov 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: http://finaid.org/loans/biglenders.phtml (note that Educational Direct is no where on this list).

  3. Kevin A says:
    Check out: http://loanconsolidation1.blogspot.com They have good information on student loans, refinancing and loan consolidation.

    http://loanconsolidation1.blogspot.com

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