best consolidation found!

[nyeyes]

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After much research, the company w/ the best perks is Education Loan Company (elcloans.com). They offer .5% dec. w/ auto debit, & 1% dec. after 24 on time payments. This beats most companies (sally mae, etc..)which offer .25% w/ auto debit, & 1% after 36 payments. I called them & visited thier web site, & things sound & look legit. Just wondering if anyone has worked w/ them, heard of them, or knows anything about this. Please post.

 

[southerndoc]

Keep in mind that loans are bought and sold just like mortgages. So you may end up having your loan purchased by Sallie Mae in the future. Not sure how that affects your rewards. Also, make sure there is no language in there that states that the company can change the rewards at any time. Many use attractive packages like this to lure you in, and then they change the rules when you go into repayment.

 

[nyeyes]

I asked the rep the very same ?, to which he asnwered "the loan is never sold, we have never sold a loan, & if the loan is sold we give u in writing that u will keep the interest reduction benefits for the life of the loan"..

 

[Fermi]

Keep in mind that loans are bought and sold just like mortgages.

I'm not sure if this is relevant to student loans, but when I was looking at mortgages, lenders showed me some kind of formal statement that discloses what percentage of their mortgages are sold off after closing. Perhaps you could get a similar statement from the banks which handle your student loans.

 

[Andrew_Doan]

Closing. Duplicate thread. One in financial aid forum will remain open.