Student loans
Speaking of Student loans, I figured I'd do a separate post for this.
Right now I have to pay $215 a month on student loans, from two different loan management companies. That's about $100 per company, and too much for me to easily handle without eventually going broke. Last month I paid nearly $400 because I was behind on payments.
Problem is, they won't consolidate easily.
See, originally loans were of the Family Federal Loan Program type, a loan with a bank as the loaner, a guaranteer (usually the Department of Education), and a servicer like Sallie Mae. But in 2009 the federal government decided to get rid of that loan type to a new type called a Direct Loan. In this loan, the US government is both the bank and guaranteer.
The loans I have with Sallie Mae are the old FFLP loans. The loans I have with the other company, My Great Lakes, are the Direct Loan type. It's like putting a square in a star socket. They don't want to consolidate.
The federal government is offering a special consolidation, but it only applies to the FFLP loans, IE the loans from only one of my loan managers. My whole purpose of consolidating was to combine the loans from the two companies under one company, so I can't use that consolidation program.
Instead, I have to look at regular consolidation, if I can, to see if that will work. Or see if I can just get my loan payments reduced.
Right now I have to pay $215 a month on student loans, from two different loan management companies. That's about $100 per company, and too much for me to easily handle without eventually going broke. Last month I paid nearly $400 because I was behind on payments.
Problem is, they won't consolidate easily.
See, originally loans were of the Family Federal Loan Program type, a loan with a bank as the loaner, a guaranteer (usually the Department of Education), and a servicer like Sallie Mae. But in 2009 the federal government decided to get rid of that loan type to a new type called a Direct Loan. In this loan, the US government is both the bank and guaranteer.
The loans I have with Sallie Mae are the old FFLP loans. The loans I have with the other company, My Great Lakes, are the Direct Loan type. It's like putting a square in a star socket. They don't want to consolidate.
The federal government is offering a special consolidation, but it only applies to the FFLP loans, IE the loans from only one of my loan managers. My whole purpose of consolidating was to combine the loans from the two companies under one company, so I can't use that consolidation program.
Instead, I have to look at regular consolidation, if I can, to see if that will work. Or see if I can just get my loan payments reduced.