Educational Direct nonsense

[davidgayz]

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I had to voice this somewhere, maybe I can help someone here out. I consolidated through Educational Direct and a couple months before my loan went into repayment I get a call asking if I want to go into repayment early. Of course I said no, why would anyone want to do that. So the guy lays out the deal for me, "your gonna have to start paying them in November anyway, but if you make the decision to consolidate early we'll give you a $2000 dollar incentive and on top of that by the time the paperwork goes through it will be almost November anyway." So it sounds suspicious but I take the deal and the other day I get a repayment book (a bill) from a different company. Confused I call to find out my loan has been sold and any incentives offered by the previous lender are null and void. So maybe I don't understand the consolidation process but basically what educational direct did was figure out they needed to get rid of my loan for whatever reason and proceed to make me whatever absurd offer they needed to, knowing they would never have to honor it.

 

[tootoo30]

I had to voice this somewhere, maybe I can help someone here out. I consolidated through Educational Direct and a couple months before my loan went into repayment I get a call asking if I want to go into repayment early. Of course I said no, why would anyone want to do that. So the guy lays out the deal for me, "your gonna have to start paying them in November anyway, but if you make the decision to consolidate early we'll give you a $2000 dollar incentive and on top of that by the time the paperwork goes through it will be almost November anyway." So it sounds suspicious but I take the deal and the other day I get a repayment book (a bill) from a different company. Confused I call to find out my loan has been sold and any incentives offered by the previous lender are null and void. So maybe I don't understand the consolidation process but basically what educational direct did was figure out they needed to get rid of my loan for whatever reason and proceed to make me whatever absurd offer they needed to, knowing they would never have to honor it.

Dag that's messed up! That's whey I plan on taking classes until I'm 65 years old 😀 by then they will have to take their payment out my social security check!

 

[andrewattheU]

ya educational direct is bad news they hound people trying to get their loans then screw them over big time

 

[Farmercyst]

Moved to FA, probably get better advice in here.

 

[Doctor Bagel]

That's pretty horrible and just reinforces the notion that these people pushing all these consolidation deals on you aren't always the most ethical. My understanding is that if another lender buys the loans, they're still obligated to the contract you had with the prior lender, so if you were promised $2k, you should get that. Do you have anything in writing about this deal? My one worry is that some con artist phone salesperson offered you something they didn't really have the authority to offer.

Anyway, all I can say is fight it as much as you can. It is absolutely not correct that a purchaser of a loan can just get rid of deals offered to you by the previous lender.