Friday, January 26th, 2007...11:11 pm
The Private Loan Consolidation Begins
We have recently received word that we are approved for a private loan consolidation with Wells Fargo. We will be filing the paperwork very soon and I am anxious to see how Sallie Mae handles this latest request for consolidation. I will be posting the ongoing status of the private loan consolidation as well as the federal loan consolidation. You can check the status of either by choosing the Federal Loans or the Private Loans category.
One great part of the private loan consolidation with Wells Fargo is that you can choose to have up to 2 co signers which can help you overcome the debt to income ratio restriction which we had run into on prior occasions.
Stay tuned later this week for Open Letters to the CEOs of American Education Services and Sallie Mae regarding our federal loans.
2 Comments
January 30th, 2007 at 10:55 pm
Hi Josh,
Great site. I will link it from my own blog. I am also dealing with Sallie Mae’s horrible bureaucracy - I hope the recent elections my change things, as Sallie Mae were one of the largest contrbutors to the powerful Republican congressman John Bohner.
I have also been trying to consolidate, have dealt with aggressive and incompetent collection tactics, and received inaccurate or out-and-out false information from Sallie Mae. On the phone a few days ago, a Sallie Mae representative told me that she had information about MY loan that I could not access myself because I “wouldn’t know how to handle the information.” Never mind that it’s my debt.
I think that Sallie Mae combines the worst of unaccountable government bureaucracy with the worst of rapacious corporate greed, and I really hope that Congress investigates them. I’ve complained to my representatives and the Federal Student Loan Ombudsman, and haven’t seen results yet (though Senator Clinton’s office was very good about responding to my concerns, at least), but maybe giving the issue more press might help. Any other burned bloggers out there?
Best,
Jason
June 24th, 2007 at 8:50 pm
I am currently in the process of dealing with the ol’ tyrant Sallie Mae. I am trying to apply for a forbearance and they want me to pay them a $50 processing fee. what the #&@! That is whay I am applying for forbearance! Is there any way I can re-consolidate with another company?
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