Loan Consolidation through direct loan vs. Salliemae

CRL said:

Once my application is processed then I can apply for Deferment. So I will start paying for the $100,000 loan for 6 months until deferment goes through.

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Don't worry about that. You can claim economic hardship in the meantime. Just one phone call.

Im not usually one to do this.. but I just consolidated with graduateleverage.com and they got me 2.875% for all my federal loans including the ones I took this yr (im an m4). After 36 payments your rate becomes 1.875... honestly I dont see the downside..

Oh and I consolidated last yr and they just re-consolidated my loans..

plus the biggest benefit is you get back your 6 month grace period for the federal loans which you may know you lost if/when you consolidate!! Sweet!

Just apply for Economic Hardship for your first 3 yrs of consolidated loans (based on your current income--zero) while you're in grace on the last one. Then, when you consolidate the whole thing together in 6 months you get a "refreshed" 3 yrs of economic hardship. It feels like you're beating the system, but apparently it's legal.

When you re"consolidate" you are subject to the newer rates which will be higher than the current 4.7% which already isnt super cheap.. Look for another 1.5%...

EctopicFetus said:

Im not usually one to do this.. but I just consolidated with graduateleverage.com and they got me 2.875% for all my federal loans including the ones I took this yr (im an m4). After 36 payments your rate becomes 1.875... honestly I dont see the downside..

Oh and I consolidated last yr and they just re-consolidated my loans..

plus the biggest benefit is you get back your 6 month grace period for the federal loans which you may know you lost if/when you consolidate!! Sweet!

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EctopicFetus, what bank is your new 2.875% loan from?

I did it thru graduateleverage.com i think they work with USbank.. sweet deal..

EctopicFetus said:

I did it thru graduateleverage.com i think they work with USbank.. sweet deal..

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Nice. I got a ton of warnings from my schools FA dept about GL. They were all worried that the loans weren't from a known sourse and that they might not be reliable. Thinking about it now that seems like a load of horse ****. GL just batches student loans, covers them with a huge loan at better rates and splits the difference. Essentially GL is your servicing company instead of Salliemae. Seems to make sense to me. I have the same loans at half a point more than you. Bummer.


EDIT: I just checked it. My rate is only .315 of a point more than yours. I can live with that.

CRL said:

My question is how did you hear about this service? I am just worried if they are still going to around after 25 years? I have a lot of loans, it is scary but this sounds like a great deal.

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Did you ask them what happens to your loan if they go belly up? They probably have an answer for that question. I'm sure lots of people must ask them. It would be interesting to hear what they say.

CRL said:

As long as you application is submitted prior to June 30, 2006 your interest is lock at 3.5% even you have them processed later.

I just called Graduate Leverage right now. it sounds great. Is there any trick to it? They told me the same thing, final interest at 2.875% and after 36 payments (it can be non-consecutives say if you experience economic hardship or back to school, you can apply for deferment) the interest will be 1.875% for a 30 year plan; still able to retain grace period and apply for deferment.

My question is how did you hear about this service? I am just worried if they are still going to around after 25 years? I have a lot of loans, it is scary but this sounds like a great deal.

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The FA dept of our school brought in these guys... Honestly it seems to good to be true but I asked every question I could... i consolidated 200K with them...

BTW what tends to happen with loans is that they might get sold.. which is fine.. it doesnt change the deal you get. It is like a renter, if someone buys the house from the previous owner the new owner is bound by the original contract.

Bottom line is it doesnt matter if they are around in 25 years. Good luck..

Having consolidated with salliemae last year, I can't recommend them. They royally screwed up my paperwork during the application process, robbed me of my grace period, and I spent hours on the phone arguing my way up the hierarchy before I got anyone to agree to give me the grace period back. I applied in May, right after graduation, and just got it straightened out last month. Plus, the consolidation offices are open only 9-5 M-F, which makes them a pain to reach on an intern schedule.

CRL said:

Yes I did, they told me they have been around since 1986. They do not own our loan, they are a servicing agency for a company (she did mentioned the name of the company but I forgot, I will let you know once I receive a suggestion e-mail from them) but they have been around a lot longer than the direct loan services. .

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Last year, around this time there was a good long post about GL. They have not been around since 1986 (that is my understanding). The company's business plan grew out of a school project that the founders completed as MBA students at Harvard. Use google and the SDN search function to find more.

A few more things, the consoldation loan that I signed this yr stipulates that the lender Student Assistance Foundation cannot sell the loan for the life of the loan (http://www.safmt.org/SAFHOME/). As I understand it, they also agree to take on the remaining loans you have for school at 2.875% - which for me means next year when everyone else is paying ~6.25%, I'll be consolidating the sum total of all my educational loans at the ridiculous rate of 2.875% - 1.25% (borrower bene's) = 1.625% I'll gladly pay that rate for 30 yrs 👍

I consolidated all of my loans last month with GL and have had no problems with them. As stated above, the lender cannot sell your loans to another company and you get to retain your grace period. GL also offered to help me fill out my deferment applications when it comes time to do so in november. if you still have concerns about the lender, you can look them up at this link to get an idea of how they stack up.

That said, I saw a report on 60 minutes about Sallie Mae and their some of their dubious business practices, check out the transcript here .

HTH

djipopo said:

That said, I saw a report on 60 minutes about Sallie Mae and their some of their dubious business practices, check out the transcript here .

HTH

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That's very interesting. I would not have consolidated with SM if I had known more about them. An important factor in my decision was the advice given to me by my school's financial aid dept. I'm not impressed to learn who's interest they were acting in.

Anyone know if GL is any more "forgiving" of borrowers who go into default through no fault of their own (like the graduate in the article who was wiped out by the california earthquake who recieved aid from FEMA and the red cross but still had sallie may putting the heavy squeeze on them or people who become disabled and have sallie may garnishing their disability allowance). Would GL act any differently? By law it doesn't have to, thanks to Sallie May's lobbying.

PatrickBateman said:

That's very interesting. I would not have consolidated with SM if I had known more about them. An important factor in my decision was the advice given to me by my school's financial aid dept. I'm not impressed to learn who's interest they were acting in.

Anyone know if GL is any more "forgiving" of borrowers who go into default through no fault of their own (like the graduate in the article who was wiped out by the california earthquake who recieved aid from FEMA and the red cross but still had sallie may putting the heavy squeeze on them or people who become disabled and have sallie may garnishing their disability allowance). Would GL act any differently? By law it doesn't have to, thanks to Sallie May's lobbying.

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OK, just for the record, you are not consolidating with GL. The mechanism works as such - GL takes your name and according to the company now some 20,000 other grads (law, medicine, engineering, etc.). They then approach lenders (US Bank, Bank One, KHEAA, Great Lakes, Brazos, etc. - the people who actually make the loan) and say "hey, we have 20,000 students (representing a great deal of low risk / solid return loans - since each student may have $50,000 - $200,000 worth of loans) who if you agree to the following list of benefits (1.25% decrease for timely and electronic payments, no sale clause for the life of the loan, 6 mos grace period, deferment ability, etc.) we will agree to **recommend** you (the banker) to them (the student with low risk / solid return loans).

We (GL) will also act as an **intermediary** to facilitate the transaction. Also, in the contractual agreement is a stipulation that said banker will pay a portion of the margin (read, subsidy) given by the federal gov't (that swampy land in Washington, D.C. where double-speaking, career politicians go to "serve the people") normally to the banker, usually 1-2% to Graduate Leverage.

The whole notion behind this is that students who have made it this far in school have been shown to have an extremely low default rate (read, when you as a student tell the bank, "Hey bank, go F-yourself, I ain't payin' my freakin' loans). They also have a very high level of debt burden, therefore, the amount of interest that they pay even at 2.875% is much higher than student who have much lower amts of debt burden. Many times these students also have a much higher risk of default since the cat who went to a trade school for 1 semester and decided he didn't want to be an electrician will often times not pay back his loans since "he didn't get a degree and the schooling isn't helping me".

This is the kind of stuff that you learn from reading fine print. 👍

2.875 you cant go wrong...

My experience with Sallie Mae has been awful. I had my first year loans with them and decided to consolidate with another company. It took 10 months, dozens of phone calls, several emails, three faxed letters to have loans put into early repayment, and a bunch more of the same from my new lender.

Sallie Mae was okay taking my money, but they were absolutely devious when I decided to do something different. Horrible customer service, "not getting" confirmed faxes, refusal to let me talk to someone in charge in the consolidation department, refusal to work with my new lenders. I would call weekly, and get a different customer service guy (they won't let you speak to a representative assigned to your case, so you always get somebody new), which meant going thru the whole process again. It honestly felt like they were stalling on purpose so they could keep my loan. I finally told them that I would be getting a lawyer if my loan was not put into early repayment, and the next thing you know, my "lost faxes" get found. I know two other people from my school with similar experiences, one of whom has been (and is still) fighting them for over a year.

You might get a good deal from these guys, but just be aware that this company can be very, very difficult to work with.

Dr. J? said:

OK, just for the record, you are not consolidating with GL. The mechanism works as such - GL takes your name and according to the company now some 20,000 other grads (law, medicine, engineering, etc.). They then approach lenders (US Bank, Bank One, KHEAA, Great Lakes, Brazos, etc. - the people who actually make the loan) and say "hey, we have 20,000 students (representing a great deal of low risk / solid return loans - since each student may have $50,000 - $200,000 worth of loans) who if you agree to the following list of benefits (1.25% decrease for timely and electronic payments, no sale clause for the life of the loan, 6 mos grace period, deferment ability, etc.) we will agree to **recommend** you (the banker) to them (the student with low risk / solid return loans).

We (GL) will also act as an **intermediary** to facilitate the transaction. Also, in the contractual agreement is a stipulation that said banker will pay a portion of the margin (read, subsidy) given by the federal gov't (that swampy land in Washington, D.C. where double-speaking, career politicians go to "serve the people") normally to the banker, usually 1-2% to Graduate Leverage.

The whole notion behind this is that students who have made it this far in school have been shown to have an extremely low default rate (read, when you as a student tell the bank, "Hey bank, go F-yourself, I ain't payin' my freakin' loans). They also have a very high level of debt burden, therefore, the amount of interest that they pay even at 2.875% is much higher than student who have much lower amts of debt burden. Many times these students also have a much higher risk of default since the cat who went to a trade school for 1 semester and decided he didn't want to be an electrician will often times not pay back his loans since "he didn't get a degree and the schooling isn't helping me".

This is the kind of stuff that you learn from reading fine print. 👍

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So what you're saying is that you broker the deal but that you don't service the loan. Once the contract is in place the borrower never deals with GL again? Rather they deal directly with the lending bank. The bank sends them their bills, reminders etc. And if they go into default that's between the bank and them - nothing to do with GL.

So GL does give good rates. No doubt about that. And Sallie Mae is uses shister tactics. But getting back to the issues discussed in the CBS article/transcript and the anecdotes given in this thread (seperate issue from the rate) is there any reason to believe that USBank or any of the other Banks that GL works with would be any easier to deal with than Sallie Mae? Probably not.

In any case if I were to do it again I'd go through GL and save myself a third of a point.

This is a great thread. Thanks for the info.

CRL said:

Do you guys feel comfortable of taking the risk and consolidate with private companies such as Sallimae and GL? Is there any one consolidating with just direct loan because it is safest?


So as of now, I am debating btwn GL vs. Direct loan. I figure if I am going to take the risk then I will go with a company that offers me a better deal. Any advise? Is the risk worth taking? I know I have to do more calculations on my own. Part of me just want to decide and consolidate already.

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I don't understand what risk you're talking about. I don't think there is anything risky about having GL broker a deal for you (although you might want to do some research on the bank they OR direct loan hooks you up with). I'd go with the lower rate. It seems that GL just uses bulk buying to get you a lower rate (along with a piece of the action for themselves). There's not really anything risky about that.

PatrickBateman said:

I don't understand what risk you're talking about. I don't think there is anything risky about having GL broker a deal for you (although you might want to do some research on the bank they OR direct loan hooks you up with). I'd go with the lower rate. It seems that GL just uses bulk buying to get you a lower rate (along with a piece of the action for themselves). There's not really anything risky about that.

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Now you have it. Hence the name "Graduate Leverage".

I have no connection with GL and its founders whatsoever. I was actually made aware of them last year in April by reading SDN. Reason why I know about how this all works is that I did my homework before signing on the dotted line.

In my experience (and this is all I can speak to), GL has had excellent customer service. I have called numerous times during my two consolidations with them and have had great experiences. For example, initially very leary of the whole set-up I called the company looking for answers to my questions. Who are they? How does the mechanism work? How do they make their money? etc. One of the founders sat on the phone with me for 28 mins (I was purposefully timing). Each time I've called the phone has rung only once (actually the last time it freakily didin't even ring before someone came on) - I have never been put on hold for a day and a half. I also had some questions this year about what was shown on my NSLDS (the feds website that includes a record of every student loan you've ever taken out - just google it) and how it didn't jive with what I thought I had out. I talked to an assistant and she walked me through the discrepancy - which stemmed from outdated info the G had. She told me that GL would send a letter to all of my current lenders to assure that the amts I would be consolidating would be up to date and not in excess of what I actually owed my current lenders. I was able to successfully cross ck this info w/ each of my current lenders.

For more info, search SDN for a link to one of GL's video presentations. It was at the Univ of Maryland's Med School website. About an hour long - it really helped educate me on the current status of student loans.

If anyone else has info about their Fin Aid Office being tied to a certain lender I think many of us would be interested to hear this. My fin aid office was very lukewarm to GL at our school and I can't exactly understand why b/c of the considerable savings to students using it.

I consolidated all of my dental school loans through Sallie Mae about 1.5 years ago (after I graduated). Does anyone know if it's possible to move those consolidated loans from Sallie Mae to one of the companies being discussed above?

I can't say I'm really pleased with their service. To do anything usually seems to be a pain. I honestly am not even sure about what my loan percent is but I doubt it's as low as the discussions here.

Dr. J? said:

I have no connection with GL and its founders whatsoever. I was actually made aware of them last year in April by reading SDN. Reason why I know about how this all works is that I did my homework before signing on the dotted line.

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Dr. J? said:

We (GL) will also act as an **intermediary** to facilitate the transaction. Also, in the contractual agreement is a stipulation that said banker will pay a portion of the margin (read, subsidy) given by the federal gov't (that swampy land in Washington, D.C. where double-speaking, career politicians go to "serve the people") normally to the banker, usually 1-2% to Graduate Leverage.

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Was this a typo, then? Or were you quoting from somewhere else? 😕

Yes, it was a typo.

griffin04 said:

I consolidated all of my dental school loans through Sallie Mae about 1.5 years ago (after I graduated). Does anyone know if it's possible to move those consolidated loans from Sallie Mae to one of the companies being discussed above?

I can't say I'm really pleased with their service. To do anything usually seems to be a pain. I honestly am not even sure about what my loan percent is but I doubt it's as low as the discussions here.

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I would just call them and ask. I think you would be able to but I am just guessing..

Excellent thread. graduateleverage has been super to deal with... i went with them after reading this thread.

Just for info... for those of you who consolidated LAST year, and are looking to consolidate again (to include the loans accrued since last summer... for me, about 38K), graduateleverage has put together a pretty nice package.

You can consolidate this years' loans into last years package, paying last years' rates! (yay!)

with the e payments and once i've done 36 months of ontime payments, i'll be down to 1.875% At that rate, i'll take the full 30 years to pay them off... that's nearly free money, and ANY investment i put money into is going to pay better than that.

👍 👍 👍 VERY happy with this graduateleverage "group deal" !!! 👍 👍 👍

have to agree about GL. excellent customer service.

Broken Ankles said:

have to agree about GL. excellent customer service.

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Absolutely. I called, talked to a guy with no difficult-to-understand accent, who spoke clearly, quickly, and TOTALLY knew what he was talking about. He had an answer for every question, backed it up with email, and on top of that, had access to the best rates around.

I honestly don't know why anyone would go with any other service.

Loved GL, unfortunately, they can't help me since my loans are pretty much OWNED by sallie mae 🙄 bahstahds!

I don't suppose GL can "re-consolidate" a loan that's already been consolidated through SM?? Can they?

Von Hohenheim said:

I don't suppose GL can "re-consolidate" a loan that's already been consolidated through SM?? Can they?

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That was essentially my question too. I'm gonna try to make some phone calls tomorrow and find out.

I went to the Graduate Leverage website, entered my info and received the following info from them today:



1.) Our Negotiated Consolidation Deal & Potential Savings

John, we are pleased to report that over 20,000 graduate students have entered our system for an in-school consolidation recommendation this year. This increase in numbers has strengthened our collective bargaining and as a result we have improved upon our negotiated rate incentives. The details of these terms are listed in section two, but we wanted to take a moment to highlight the opportunity we have negotiated. If you proceed with our recommendation your consolidation will be processed by Student Assistance Foundation (SAF). SAF is a non-profit state agency which has originated more than $2 billion in federal student loans. SAF has been in business since 1980 and through its non-profit status has been able to provide students with superior loan terms. All loans will be originated by US Bank and funded by Brazos Higher Ed.

The primary reason we selected this lender and servicer was based on their willingness to offer the greatest rate discount. In addition to the standard 1% rate reduction for timely payments, they will lock-in all new loans at your previous year’s consolidation rate. Therefore the loans you took out this year will be reduced from 4.7% to 2.875%. This deal presents significant savings and is unique to borrowers using our service. Lastly, in addition to the rate incentive, SAF will give you the ability to preserve your grace period by placing your loans into forbearance and paying all subsidized interest. This removes the one previous drawback to completing an in-school consolidation.

In order to demonstrate the savings applicable to you we have calculated the interest you would pay both with our deal and the deal offered by Sallie Mae. You can see that with your debt portfolio you could expect to save $16,623.86. As we mentioned, we were not able to identify a better deal in the marketplace. If you would like to compare the benefit to that of a different lender, please feel free to call us and we will model this interest comparison as well.

Lastly, we have compiled your federal loan information and presented all loans we believe you should consolidate below. If you proceed with the application this information will be pre-populated.

Loans We Recommend You Consolidate Balance: $XXXXX.00

Loans We Recommend You Consolidate Weighted Rate: 3.875%

Repayment Rate with Adjustments: 2.875%

Consolidated Rate with Benefits: 1.875%

* You will receive a 1% Interest Rate reduction after 36 timely payments and new loans will be consolidated at last year's rate.


2.) Loan Terms

New Loan Rate Reduction: Lender will consolidate all new 4.7% loans at borrower’s previous consolidation rate (2.875% for most). This is not a timely payment incentive and therefore it cannot be lost in the future. The only requirement is the borrower must set up electronic payment processing and be in repayment. All loans will accrue at the federal statutory rate until the loans enter repayment.

Perkins Rate Reduction: All Perkins loans consolidated will be reduced to your prevailing Stafford rate. This will result in significant interest savings as Perkins loans are fixed at 5.0%.

1% Rate Reduction for Timely Payments: In addition to the new loan rate reduction, all loans will be reduced a further 1% after 36 timely payments. You should note that this incentive is based on timely payments (and not consecutive payments), and therefore deferment and forbearance do not affect the incentive.

Grace Period Retention: Borrowers will retain their full six month grace period and the appropriate interest subsidy on their loans.

True Rate Reduction: Once your incentive is attained, your monthly payment will be reduced commensurately. Most lenders maintain the same monthly payment which results in a shorter loan term. By lowering the payment you will be able to use the excess funds for other purposes.

Loan Sale Restriction Side Letter: Lender has agreed to forgo the option to sell loans consolidated through our service. We think this is particularly important to ensure accountability and loan terms.

Borrower Benefit Assurance: The lender agreed to legally restrict its ability to change any rate incentive achieved.

Borrower Benefit Contract: SAF has also agreed to legally restrict its ability to change any rate incentive achieved. Given this, you will have legal recourse if your rate incentive were removed. You can view the agreement for both terms at the following link: Borrower Benefit http://www.graduateleverage.com/saf_prevconsol.pdf

Ultimately, the goal was to remove the risks associated with consolidation, while retaining the ability to lock in one of the lowest possible rates. If you have any questions on the specifics of these terms please feel free to reach us at 888-350-8488.


3.) Completing the Application and Viewing Information

Your consolidation information is available by clicking "Continue To Application" below, and we have pre-populated the application with all your Federal loan information. You may now proceed and complete the application via Electronic Signature, or instead elect to return to the application at a more convenient time. Whether you select our recommended lender or not, be sure to complete the application process within the next few weeks to ensure you can lock in the pre-July rate. If you have any questions on the application, or would like someone to walk you through the process, please call 1-888-350-8488.

4.) Other Debt Management Issues

Monthly Payment
In an effort to reduce borrowers’ overall costs we will help individuals obtain the lowest monthly payment for their student loans. This frees up extra cash to pay down higher yielding loans or other expenses. This can be reduced by selecting graduated payments or adding any private student loans to your application. While private loans cannot be included with your federal consolidation, they will be factored in determining the term of your loan (i.e. could allow you to extend from 25 to 30yr loan).

Mortgage Application Support
If you plan on purchasing a home in the near future we can provide assistance to ensure that your mortgage broker/lender factors your student loan payments accurately. Simply call the Graduate Leverage toll free management number at 888-350-8488 and we can explain the process.

PLUS Loan Selection
With the introduction of the new Federal PLUS loan on July 1st, 2006, students who are currently borrowing private loans stand to save significantly by switching to a PLUS loan. We are currently evaluating the lender PLUS offerings and will send an update with the best offering in early Summer

CRL said:

During Grace period and deferment, our unsubstized interest will accumulate at 3.5% interest or weighted average of 2 loans. Once we start our first payment then the new rate is 2.875%.

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That's not so great. You got screwed. I guess GL doesn't come up trumps every time.

CRL said:

They also are in the process of sending me information on the percentage of interest and pricipal paid per montly payments. Which I can not get a straight answer from Salliemae and they did not seem to understand what I was talking about.

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That info is on the Sallie Mae website under FAQ's. The sallie mae phone monkey's don't tend to be too knowleable but the website pretty much tells it all. That's a stark contrast to GL who by all accounts here are great on the phone but their website is cheap and fly-by-nite, almost shady seeming. Looking back on it I should have looked past the website. Generally I like to learn as much about an offer before talking to a sales/customer service person. Anyway GL seems OK but I wouldn't necessarily take their first offer. Especially if they wanted me to accrue interest at the crappy 3.5% rate. I wonder if you waited a few days/weeks if you would have been batched with a more favorable loan like the USBank loan mentioned above.

CRL said:

Your unsub. loan will accrue interest during deferment. 3.5% is weighted average of my 2 loans. Do you get a better deal with Salliemae during deferment period? I know they knock out 0.25% right away with electronic payments but I believe that only starts once you start your 1st payment follow by 1% reduction after 24 months of consecutive payments. One thing about Salliemae that may be better than GL is you get 1% rebate of your entire loan after 3 consecutive payments which is over $1000 for me. I guess I can take this check and put it into Roth or something.

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Sallie mae offers you 3.25% from right now forward including interest. I had assumed that GL was getting people loans at 2.875% from right now forward. Paying interest at 3.5 is a little less good. But the issue you bring up about the 1% rebate through SM is something many people seem to be overlooking. (3.25-2.875)=.375%. Divide that by 100 and multiply by a loan amount of, say, 240,000 and you get 900. It seems that the SM rebate more than covers the difference (especially if you pay the interest as it accrues, which is not a bad idea - it's tax deductable)

Also I see a lot of people here comparing the Sallie Mae's customer service with that of GL. That's apples and oranges. GL doesn't service your loan. In a few days you'll be finished with them. Your long term relationship is with the bank they match you up with. If that bank's customer service is about average for a bank then it won't be any better than SM.


As for what the "saving money through borrowing at a rate lower than inflation" notion that GL trumps on their website and elsewhere. Remember that this is true only if you aggressively invest every cent that you would have used to pay off loans, in investments that do beat inflation. Otherwise you aren't "saving". You're just accumulating debt.

Dr. J? said:

Yes, it was a typo.

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Eh, I don't think that was a "typo". More like a slip. I think we got GL in da house.

I wouldn't go with Sallie Mae if you can - they just botched my loan consolidation twice...and weren't very helpful to fix it.

yawninglots said:

I wouldn't go with Sallie Mae if you can - they just botched my loan consolidation twice...and weren't very helpful to fix it.

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Can you give any details?

According to an email I just received from theLoanster.com and subsequent research. The single lender rule will be gone as of the end of the week.

Votes on the Emergency Supplemental Appropriations bill, H.R. 4939 are expected in the House on Monday and the Senate on Tuesday; the bill is expected to pass and be signed by the President before the end of the week. The repeal of the Single Holder Rule, which is on P. 18 of the Conference Report, will take effect for all applications received on or after that date.

Everyone can now get great borrower benefits.


By the way, as I have discussed on other boards, theLoanster offers better benefits than GL-They offer them immediately-and their affiliationwith bigger institutions (AES,USBank)bodes well for the safety of the deal. (as opposed to Brazos and Montana)

magicrat said:

According to an email I just received from theLoanster.com and subsequent research. The single lender rule will be gone as of the end of the week.

Votes on the Emergency Supplemental Appropriations bill, H.R. 4939 are expected in the House on Monday and the Senate on Tuesday; the bill is expected to pass and be signed by the President before the end of the week. The repeal of the Single Holder Rule, which is on P. 18 of the Conference Report, will take effect for all applications received on or after that date.

Everyone can now get great borrower benefits.


By the way, as I have discussed on other boards, theLoanster offers better benefits than GL-They offer them immediately-and their affiliationwith bigger institutions (AES,USBank)bodes well for the safety of the deal. (as opposed to Brazos and Montana)

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What rates and terms is the loanster offering?

Sebastian. said:

Eh, I don't think that was a "typo". More like a slip. I think we got GL in da house.

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For whatever it is worth, I have absolutely no connections with GL at all - besides having used them to consolidate last year and this year.

this is an awesome thread. you guys are great!!! 😎

i've got a bunch of sallie mae loans, and i have to agree that it's been a b*tch dealing with them. they seem to always screw things up, and if i don't keep vigilant about checkin in on them, they try to hose me.

by the way, is it possible to consolidate my subsidized loans but still continue to stay in deferment?

thanks! 🙂

Qtip96 said:

this is an awesome thread. you guys are great!!! 😎

i've got a bunch of sallie mae loans, and i have to agree that it's been a b*tch dealing with them. they seem to always screw things up, and if i don't keep vigilant about checkin in on them, they try to hose me.

by the way, is it possible to consolidate my subsidized loans but still continue to stay in deferment?

thanks! 🙂

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I still maintained my deferment ability going with GL. I'm not sure if this is the case with other lenders. If it is true that the single-lender rule is about to end, I think this will open up a great deal more competition amongst lenders. This will prove to be a very beneficial thing to those of us with student loans. If you want to get up to speed on consolidation game I would check out GL's website or google one of their presentations. I know U of Maryland had one up on their med school site. I learned a lot from their presentations.