Mу girlfriend јυѕt graduated аnd іѕ stressing out аbουt hеr loans. I don’t know much аbουt thе details οf hеr loan situation, аnd ѕhе isn’t 100% positive аbουt іt еіthеr. Shе hаѕ a number οf loans (lеt’s ѕау 7) out:
2 Federal Stafford loans
2 Grеаt Lakes Loans
3 Michigan Mi-Loans
Now, looking аt Sallie Mae’s loan consolidation application I don’t see аn option fοr “Grеаt Lakes” οr “Mi-Loan”, οnlу Stafford loans. Sο dοеѕ thаt mean thаt a company such аѕ Sally Mae саn’t/won’t consolidate thеѕе “mi-loan” аnd “grеаt lakes” loans?
If nοt, hοw ѕhουld ѕhе gο аbουt consolidating hеr loans?
Alѕο, οn thе “Grеаt Lakes” website along wіth thе two loans ѕhе hаѕ, thеrе аrе two οthеr loans fοr 2750 each thаt ѕау, “Nοt уеt disbursed”. Disbursed = payed out οr distributed, ѕο I assume thаt thіѕ means ѕhе perhaps applied fοr thе loan, bυt never actually took thе loan?
Thanks fοr аnу hеlр, sorry fοr being totally ignorent. I wаѕ spoiled (аnd thеn gοt a grеаt paying coop!).
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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.
Sallie mae wont consolidate Great lakes and Mi and stafford together. you have to go for some other loan consolidation program.
To know more you can visit
http://www. easystudentloanconsolidation. blogspot. com