Consolidation scam:

[junkyarddoc]

Be careful with your consolidation application, because i have experienced scam. I applied to S@**** M** for loan consolidation this year. Before they get your account, the rep will say it takes about 4-6 wks to process the acccount, plus the rep will tell you SM will back rate you after the consolidation is done.

When I called them after 8 weeks, still they have not touch my application due to the high volume of applicants. The rep on the phone said within the contract there is no statement said the process will take 4-6 weeks but the SM trains their rep to say that in order to get your business account. Once you applied they take their time to process the application. Now the interest rate has gone up and i am suffereing almost 2x the interest rate while waiting for the paper work process.

i argue with the rep and want to get compensation for this waiting-time-high interest- rate period. Well, now they all denied my request and still, i have no way to know when my application will be process. If it took another 3-4 month to process, it will be really bad.

SM did not take its verbal promise seriously. I is not my fault that they did not hired enough personnels to work for the high volume of applicants.

Be careful when you applied for the consolidation, think twice before you go for SM. Be careful with those small details that big corp will hide from you just to get your account. I hope anyone have a better luck than I did. 😡

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[MyBeauTulane]

Be careful with your consolidation application, because i have experienced scam. I applied to S@**** M** for loan consolidation this year. Before they get your account, the rep will say it takes about 4-6 wks to process the acccount, plus the rep will tell you SM will back rate you after the consolidation is done.

When I called them after 8 weeks, still they have not touch my application due to the high volume of applicants. The rep on the phone said within the contract there is no statement said the process will take 4-6 weeks but the SM trains their rep to say that in order to get your business account. Once you applied they take their time to process the application. Now the interest rate has gone up and i am suffereing almost 2x the interest rate while waiting for the paper work process.

i argue with the rep and want to get compensation for this waiting-time-high interest- rate period. Well, now they all denied my request and still, i have no way to know when my application will be process. If it took another 3-4 month to process, it will be really bad.

SM did not take its verbal promise seriously. I is not my fault that they did not hired enough personnels to work for the high volume of applicants.

Be careful when you applied for the consolidation, think twice before you go for SM. Be careful with those small details that big corp will hide from you just to get your account. I hope anyone have a better luck than I did. 😡

i guess your a fmg ?

 

[mshheaddoc]

All my loans were consolidated no problem? I was informed direct and sallie mae (both of which I had undergrad loans) were the best institutions for federal loans. If you even sent your application in by 7/1 they will honor the locked rate. I know quite a few people who consolidated their federal loans (post-bacc and med school) all without no complaint through direct, sallie mae, and nelnet.

If you were consolidating your private loans they will not "lock" a rate like with federal loans. Nor can you consolidate private and federal loans. Just a note.

Sorry your having such a hard time with it.