Support from The Lansing State Journal
Bruce Umpstead of the Lansing State Journal (Lansing, MI) wrote a great column in January about how the one-time consolidation rule has affected he and his wife. The article even name checks CollegeLoanAssistanceAct.org. Thanks for the help Bruce!
Comments
thanks for the story. I have a stupid question though, how do we post original items on this board rather just responding to a post?
Posted by: Mary | February 16, 2004 08:35 PM
I'm working on setting up a message board here. It will take me a little time as programming is not my forte... but it will happen sometime soon.
Posted by: liz | February 17, 2004 12:39 AM
The general comment area has been launched ... it may change, but check it out under February 17, 2004 and you should be all set.
Posted by: Gerry | February 17, 2004 12:54 PM
I have a question/comment for anyone out there. I just spoke to "College Loan Corp", who sent me a letter. They are saying i should try and take my current 1990 consolidated loan from Sallie mae, to DOE, and then I can get a new loan with College Loan Corp, at 8.25%. This would become a new 2004 loan, and I would have new 3 years forebearance time, and can even get down to 8.0%
My questions are: 1). Would moving my 1990 consolidated loan out of Sallie mae to DOE, and then to College Loan Corp, possibly preculde me from the relief that the new congrsssional bills might give me? 2). If i were to do this, can't i say to College Loan Corp, that I want my loan rate at 7% or lower, since they really want my loan in the first place, or am I stuck at 8.25%. It seems to me that 8.25% is the ceiling, not the bottom rate. 3). Any advise?
Posted by: Steve | February 18, 2004 01:26 PM
Steve - I don't know how this would work, unless you somehow left a loan out of your original consolidation. I've tried to get some of these loan companies who say stuff like this to send me some information about it in writing, and have so far come up with nothing.
I'd call the DOE if I were you, see what they have to say about it.
As far as if you'd get relief under the pending bills if you did this, I have no idea. None of the bills I've read say that you could just refinance/reconsolidate once, as far as I remember, but I could be missing something...
Posted by: Diana | February 19, 2004 02:32 PM
I have tried that road also. They funny part is DOE cannot take it from sallie mae for the slightly lower rate unless S Mae consents. I bet you can guess what their answer will be. Ha. You literally, (if you have any crazy optimism like I did- or maybe desperation..,) on the instructions of the DOE, make the call to s mae and ask, will you permit me to move the loan to DOE? And I swear I heard the operator smirk over the line before saying No. The only true hope is if this bill or one similar passes. sorry
Posted by: Stacy Parks Miller | March 2, 2004 02:07 PM