"one lender rule"

[ediddly]

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can someone please explain the one lender rule to me? i took out stafford federal subsidized, unsubsidized, and plus loans with citibank and they told me i would lose the grace period if i consolidated now. so i put in an application w/sallie mae to consolidate the federal loans. will it be rejected under this one lender rule? please help, thank you!

oh and if anybody has experience with them, the lower interest rate is locked as soon as the appication is submitted, correct? they wouldn't just "accidentally" delay processing of my app till like july 2 would they?

 

[tinkerbelle]

can someone please explain the one lender rule to me? i took out stafford federal subsidized, unsubsidized, and plus loans with citibank and they told me i would lose the grace period if i consolidated now. so i put in an application w/sallie mae to consolidate the federal loans. will it be rejected under this one lender rule? please help, thank you!

oh and if anybody has experience with them, the lower interest rate is locked as soon as the appication is submitted, correct? they wouldn't just "accidentally" delay processing of my app till like july 2 would they?

congress just got rid of the one lender rule... so now you can consolidate with anybody you want 🙂

You will still lose your grace period if you consolidate though (but it's worth it since you'll be getting a nice low rate).

As long as you get your stuff in by june 30th, most lenders will give you the low rate... but it wouldn't hurt to call and make sure. Just curious, why are you consolidating with SM? Most of us consolidated with Graduate Leverage or North Star. You should see if these lenders will give you a better interest rate.

 

[ediddly]

congress just got rid of the one lender rule... so now you can consolidate with anybody you want 🙂

You will still lose your grace period if you consolidate though (but it's worth it since you'll be getting a nice low rate).

As long as you get your stuff in by june 30th, most lenders will give you the low rate... but it wouldn't hurt to call and make sure. Just curious, why are you consolidating with SM? Most of us consolidated with Graduate Leverage or North Star. You should see if these lenders will give you a better interest rate.

Thanks for responding so quickly, I really appreciate it. I'm a little ignorant on the subject as you may be able to tell. I guess I've been a bit caught up w/dental school and haven't really educated myself. My application has been submitted though already, but is probably not done processing, is there anything I can do at this point? Thanks again!

 

[tinkerbelle]

Thanks for responding so quickly, I really appreciate it. I'm a little ignorant on the subject as you may be able to tell. I guess I've been a bit caught up w/dental school and haven't really educated myself. My application has been submitted though already, but is probably not done processing, is there anything I can do at this point? Thanks again!

What exactly do you want to do? Do you want to stay with Sallie Mae? Or did you want to consolidate with a completely different lender? Usually it takes forever for leders to process your application.... so chances are you can cancel your application right now if you wanted to. But if you do decide to change lenders, do it quickly. You don't have much time left.

What interest rate are you getting with Sallie Mae?

 

[ediddly]

What exactly do you want to do? Do you want to stay with Sallie Mae? Or did you want to consolidate with a completely different lender? Usually it takes forever for leders to process your application.... so chances are you can cancel your application right now if you wanted to. But if you do decide to change lenders, do it quickly. You don't have much time left.

What interest rate are you getting with Sallie Mae?

Unless I am mistaken, I should be getting an interest rate of 4.7% with SM (if they are just locking in the current interest rate on my loans). I would like to sign on with the lender that has the best combination of low interest rate and reliability. If this means sticking with SM, great, but I would switch if necessary

 

[tinkerbelle]

Unless I am mistaken, I should be getting an interest rate of 4.7% with SM (if they are just locking in the current interest rate on my loans). I would like to sign on with the lender that has the best combination of low interest rate and reliability. If this means sticking with SM, great, but I would switch if necessary

Hmm. I think your interest rate sucks (sorry). I'd definitely recommend checking out Northstar or Graduate Leverage. These places deduct a certain percentage off your interest rate if you make your loan payments on time. I believe my interest rate with GL is something like 2.85%. I'm not sure if you'll get the same rate, but it's worth checking out.