Consolidation Loan

Direct loans : Federal Direct Consolidation Loan : instructions for promissory note endorser addendum (SuDoc ED 1.2:C 76/8/999)

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consolidation loan

Direct loans : Federal Direct Consolidation Loan : instructions for promissory note endorser addendum (SuDoc ED 1.2:C 76/8/999)

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How Does Payday Loan Debt Consolidation Work?

http://www.endpaydayloandebt.net Before I get into explaining how does payday loan debt consolidation work I really need to mention this. Before you jump int…
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consolidation loan question by Kevin M: Trying to be supportive BF: How can my GF find out about all her student loans, and a consolidation option?
My girlfriend just graduated and is stressing out about her loans. I don’t know much about the details of her loan situation, and she isn’t 100% positive about it either. She has a number of loans (let’s say 7) out:
2 Federal Stafford loans
2 Great Lakes Loans
3 Michigan Mi-Loans

Now, looking at Sallie Mae’s loan consolidation application I don’t see an option for “Great Lakes” or “Mi-Loan”, only Stafford loans. So does that mean that a company such as Sally Mae can’t/won’t consolidate these “mi-loan” and “great lakes” loans?

If not, how should she go about consolidating her loans?

Also, on the “Great Lakes” website along with the two loans she has, there are two other loans for 2750 each that say, “Not yet disbursed”. Disbursed = payed out or distributed, so I assume that this means she perhaps applied for the loan, but never actually took the loan?

Thanks for any help, sorry for being totally ignorent. I was spoiled (and then got a great paying coop!).

consolidation loan best answer:

Answer by Brian
Sallie Mae will not consolidate loans if they are federal (student) and private together. What will end up happening is they will do two consolidations. (one for private and one for federal stafford) Who better to answer that but Sallie Mae…have her contact them and they can tell her in a matter of minutes what they can or cannot do. 1-888-2SALLIE (888-272-5543)

As far as for the rest of the question…here goes.

First off, she needs to go to a website to access all of her federal loan information.
www.nslds.ed.gov

This website is the U.S. Department of Education’s database of students federal student loans. When she logs in…she will be asked for a pin number. If she doesn’t know it, go to the FAQ section and follow the instructions on how to obtain one. DO NOT GIVE IT OUT TO ANYONE!! NOT EVEN TO FINANCIAL AID!!

Secondly, if Sallie Mae is her lender and she wants to stay with themthrough consolidation…she needs to get the facts. 1-800-448-3533 / www.smartloan.com

This will give her the information she needs on consolidation. She needs to make sure that one of the questions she asks is:
I want to consolidate my loans so I only have to make one payment a month but I do not want to lose any of my grace period. When is the best time for me to start the process of consolidation?

If Sallie Mae says no to consolidating the other loans…ask them if they can “combine them.” Unless she would rather make 3-4 payments a month depending on how much they consolidate.

Keep in mind also that if she has a bank account and has an automatic withdrawal…she may be able to reduce her interest rate. I would have her ask Sallie Mae for details.

Not yet Disbursed. You are correct, the monies have not been sent to the school on her behalf yet. She needs to contact the school to find out if it has now been done or if they do not need it. Sometimes, the data on the databases does not get updated right away. The best way to find out is to ask her financial aid office. There may even be a final balance that the school is awaiting the funds to cover it. This is called a late disbursement. Best person to answer that is financial aid.