Guest
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| Posted: Mon Feb 28, 2005 4:19 am
Post subject: student loan consolidation process |
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Hi,
I want to consolidate some Staffords, both unsubsidized and subsidized,
and a Perkins loan. Everything is with Sallie Mae right now, so I
believe that under the one lender rule that I have to consolidate with
them. My questions:
1) Is that correct that I have to go with Sallie Mae?
2) Would the interest be the same with any loan consolidation company -
that is based on the Federal Prime Rate which for my loans from 19995
to 1997 would be 4.17?
3) Sallie Mae will immediately give me a .25 discount for direct repay
but then they start the loan at a rate of 4.25 instead of 4.17 and I
can't figure out why. The loan rep I spoke to had no explanation. I
could call again, but does anyone else know what the reason might be?
Thanks for any advice.
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Steve Blank
Guest
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| Posted: Mon Feb 28, 2005 8:19 am
Post subject: Re: student loan consolidation process |
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anoninqns@earthlink.net wrote:
| Quote: | Hi,
I want to consolidate some Staffords, both unsubsidized and subsidized,
and a Perkins loan. Everything is with Sallie Mae right now, so I
believe that under the one lender rule that I have to consolidate with
them. My questions:
1) Is that correct that I have to go with Sallie Mae?
|
Single lender rule means that they have the first right to
consolidation. If they choose not to, then you are free to go wherever
you want.
| Quote: |
2) Would the interest be the same with any loan consolidation company -
that is based on the Federal Prime Rate which for my loans from 19995
to 1997 would be 4.17?
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Interest rate will be the same with any lender based on the rules when
you took out the loans.
| Quote: |
3) Sallie Mae will immediately give me a .25 discount for direct repay
but then they start the loan at a rate of 4.25 instead of 4.17 and I
can't figure out why. The loan rep I spoke to had no explanation. I
could call again, but does anyone else know what the reason might be?
|
When you consolidate the rate is rounded up to the nearest 1/8th of a
percent. 4.17 will round up to 4.25%.
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761
| Quote: |
Thanks for any advice.
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