| Author |
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Mike
Guest
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| Posted: Wed Dec 29, 2004 10:44 pm
Post subject: Defaulted Wells Fargo CollegiateŽ Loan and Key Bank Alterna |
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Im trying to consolidate all the defaulted students loans I have out
there. I got a copy of my credit report and put all the lenders on my
Direct Loans application. Five of my loans were consolidated. I thought
I was done, but now Im recieving calls from other lenders that I kind
of just forgot about. It seems that some of the loans, ie Wells Fargo
Collegiate and Key Bank Alternative loans were not federally backed.
Does this mean that I can not consolidate them? If I can, how do I go
about doing that? Can anyone suggest how to find a lawyer in my area
that deals with student loans? I recently filled for bankruptcy. But
this lawyer seems to not deal with student loans. After the bancruptcy
goes through Ild like to get another lawyer to help with my loan
problems.
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Steve Blank
Guest
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| Posted: Wed Dec 29, 2004 11:47 pm
Post subject: Re: Defaulted Wells Fargo CollegiateŽ Loan and Key Bank Al |
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Mike wrote:
| Quote: | Im trying to consolidate all the defaulted students loans I have out
there. I got a copy of my credit report and put all the lenders on my
Direct Loans application. Five of my loans were consolidated. I thought
I was done, but now Im recieving calls from other lenders that I kind
of just forgot about. It seems that some of the loans, ie Wells Fargo
Collegiate and Key Bank Alternative loans were not federally backed.
Does this mean that I can not consolidate them?
|
Correct. The federal consolidation applies only to federally backed loans.
"Consolidation" of the private loans would simply be a refinancing, like
with a mortgage, but that involves a credit check and since you have
financial problems I doubt that any lender would want to do this.
| Quote: | If I can, how do I go
about doing that? Can anyone suggest how to find a lawyer in my area
that deals with student loans? I recently filled for bankruptcy. But
this lawyer seems to not deal with student loans.
|
Federal student loans cannot normally be discharged in bankruptcy. The
private loans probably can.
| Quote: | After the bancruptcy
goes through Ild like to get another lawyer to help with my loan
problems.
|
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Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761 |
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Mike
Guest
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| Posted: Thu Dec 30, 2004 6:35 am
Post subject: Re: Defaulted Wells Fargo CollegiateŽ Loan and Key Bank Alte |
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Thank you for your help. So is there no company that will buy out the
loan from the original lenders ie. Wells Fargo and Key bank? There are
companies that will consolidate credit card debt even though the person
in debt has bad credit. Is there no such company for student loans?
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