College Loan Consolidation, Federal Loan Consolidation, Private Loan Consolidation, Student Loan Consolidation

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Scary stories of what could happen if you choose another lender!
Being fresh out of college, I still had a lot to learn about life! I was told by my financial advisor that consolidation was a great way to save money. I figured that all consolidation companies would be the same, so I went with Nelnet, who was the first company that I stumbled upon. The representative quoted me a great, low interest rate over the phone. I thought that this was a great deal, and was pumped about being able to save so much money! But, a few weeks later when I got my first bill, my interest rate was 1.75% higher than they had told me it would be! The monthly payment that they expected me to make was ridiculous! How could I, a recent grad, afford to make payments like that every month? I called to complain to them about the error on my account. They told me that the person that I talked to must have miscalculated my rate because there was no way that I would be eligible for that rate. They apologized but said that I was now locked-in with the higher rate, so there was nothing that they could do about my problem!

I refused to stay with a company that was so misleading! I started searching on-line for a new consolidation company, and found EdFed. EdFed's loan specialist helped me lock-in at a low interest rate. I also received an immediate 0.25% interest rate reduction just for enrolling to pay by auto-debit. I knew that the interest rate my specialist told me would be the actual rate I would be getting, because the rate was on my application, in plain sight. Sure enough, when I received my first statement in the mail, the interest rate and payment amount matched what they told me it would be! No miscalculations with EdFed! EdFed's service was incredible! I highly recommend them!

- Dani P. - Dallas, TX
I had consolidated my federal student loans with Sallie Mae, thinking that going with a large company would be my best option. I could not have been more wrong! Anytime that I had a question about my loan I would end up on the phone for hours just waiting to talk to an actual person. One day, while I was at work, my boss caught me on the phone waiting to talk to a Sallie Mae representative. He wrote me up for being on the phone for personal matters too long! People shouldn't have to set aside a whole day to wait on the phone just to have a question about your loan answered! Thanks to Sallie Mae's horrible customer service, my job was on the line!

There was another time that I had a question about my payment, but after 45 minutes of waiting, I hung up. I never got through to speak to a live representative. To Sallie Mae, I was just another number!

One day, while surfing the net, I found EdFed's website. I was sick and tired of being neglected by Sallie Mae, so I thought I'd give EdFed at try. I immediately noticed a difference with EdFed. Their loan specialist was very helpful and led me through the application process. Also, I have a specialist, Jennifer that is specifically assigned to me. When I have any questions, I just call and ask for her. She always remembers who I am, and assists me with any concerns that I have! It's nice to actually be able to speak to a real person without waiting for hours, and to be treated like a real person, instead of a number!

- Mark K. - Milwaukee, WI
As a mother, you always want your children to have more than you did. So, when my oldest told us that he wanted to go to college, I knew that I had to help make it happen for him. My husband and I received information in the mail about something called PLUS Loans. The mailer explained that PLUS Loans are perfect for parents of undergraduate students who want to assist their child or children with paying for school. My husband and I decided that we would take out PLUS Loans to get our son to college.

Two years later, our daughter was getting ready to go to college, so we took out another PLUS Loan to help her. After this amount of time, my husband and I were getting overwhelmed with making two payments on the PLUS Loans. It was expensive, and it was a hassle. My husband heard of consolidating, so we looked on-line and found a company that seemed to be reputable and consolidated our two PLUS Loans with them. Everything seemed fine for a few months, until I had a question, and had to deal directly with the customer service representatives!

I swear that I had never dealt with a more unprofessional group of people than when I would speak to the representatives from this company. Several times I had questions regarding our loan statements, and I honestly think that I was talking to teenagers working at their after-school jobs. These kids had no idea how to answer my questions, and no idea what was going on with my loan.

One day when I called in, I got so frustrated that I demanded to speak to a supervisor. I was on hold for 15 minutes before the supposed supervisor came on the line! Then, the supervisor put me on hold for another 20 minutes before he came back on the phone to say that they were still trying to access my file! By the time they supposedly had looked up my file, I had been on the phone for almost 50 minutes! When the supervisor started talking to me, he told me that it looked like I had consolidated a Perkins Loan, and Stafford Loan, and my payment was past due! That wasn't even me - they had the wrong file! I obviously was not a student - I was a parent with only a PLUS Loan consolidation! I am ashamed to admit it, but I yelled a curse word at the person on the line and told them that I'd just figure the answer to my question out by myself, and slammed down the phone. After all of the time that I waited on the phone with just a small question about my interest rate, they couldn't even find my file! I never called them with questions again, because I never wanted to relive that scenario over again!

A few months after that, our youngest child was heading off to college too, and that meant that we needed to take out yet a third PLUS Loan to help her. I knew that we could consolidate additional loans with our previous consolidation, but I refused to give that useless company anymore of my business! A friend of the family recommended EdFed for consolidating all of the loans. Her son had nothing but great things to say about EdFed, so I figured that it was worth a try. Anything to get out of dealing with our other company!

I called EdFed, and their loan specialist, Sherra, was so knowledgeable! It was so refreshing to deal with an adult who actually knew what was going on! Completing their application process was surprisingly fast, and Sherra lead me through the whole thing.

Now anytime that I have a question about my consolidation I call EdFed's customer service line, and specifically ask for Sherra. She remembers me and can quickly access my information. I also have the option to e-mail her directly with questions or concerns! EdFed's customer service is absolutely wonderful! I can't say it enough! I tell all of my friends to have their students consolidate with EdFed! They will be sorry if they don't!

-Judith G. - Arkansas
I made the awful mistake of trusting NextStudent with my student loan consolidation! I went through their long, application process to consolidate my 6 outstanding loans into one. Their representative and told me that all 6 of my student loans were consolidated, and my application was complete. For about a year, I made my payments to NextStudent. I always made sure to pay them on time because I knew that this would be a good opportunity to establish good credit.

At that time, I was in the market for a new car. I figured that because I had been keeping up with my consolidation payments, my credit would be in good standing. I felt confident that when the car salesman went to check my credit, there would be no problems. However, I realized that something was wrong when the salesman had a funny look on his face as he re-entered the room. He shook his head and told me that I had 2 student loans in Default status, and there was no way that I would be able to finance a car with that kind of mark on my credit. I told him that there must be a mistake, that I had consolidated my loans and had been making the payments. He ran the credit check again, and still, it was the same result.

I was very angry and confused, so I called NextStudent to find out what was going on. They told me that my records showed that I only wanted to consolidate 4 of my 6 student loans with them! Basically that meant that I hadn't paid on the 2 other loans for close to a year! No wonder they were in Default!

I told them that they had assured me at the time of my consolidation, that all 6 of my loans had been consolidated. The representative flat out told me that that was my word against theirs and there was no way to prove that I had intended for all of my loans to be consolidated.

With this new horrible credit that I had accrued, I couldn't apply for credit cards, couldn't get into a new apartment and the new car was out of the question! I contacted the lender who held my loans that were now in default. They had no sympathy about the situation, but they recommended a rehabilitation program to get me out of Default.

The minute that my two loans were out of Default, I started looking for another company that would consolidation all of my loans. My brother recommended EdFed. EdFed had consolidated several of his loans, and he was really impressed with their knowledge and customer service. I figured that nothing could be worse than what I'd already gone through, so I called EdFed to begin my application. Their loan specialist was awesome! She walked me through the whole process. I was able to see my application on-line to make sure that all of my loans were consolidated. (They were!) EdFed didn't miss a thing in consolidating my loans. Their helpful staff and easy consolidation process helped to make a bad situation good again!

-Logan T. - Trenton, NJ
In the beginning, I consolidated my student loans with a company that I received numerous mailings from when I was in school, but I soon regretted it. Any time that I would try to call with a question, the customer service rep would give me some lame script, that didn't even come close to answering my original question! I think that this was because they didn't know the answer to the questions that I had, so they'd make something up! They really had no clue what was going on with my consolidation! I never felt like I was a priority to them. They'd try to get off of the phone with me as quickly as possible. I would get so frustrated any time that I had to deal with them!

Come to find out, this company wasn't even a real lender! This meant that their job was only to market to me and get me to commit to consolidating with them. I did a little research and found out that those who are only marketing companies just get applications and then call banks to try and sell the completed applications to them. No wonder they couldn't answer the questions that I had about my consolidation - they didn't even know where it was, or what the status was!

I told a friend about my frustration with my so-called-lender, and she recommended that I consolidate my loans with EdFed. She explained to me that I wouldn't have to deal with the stress of consolidating with a marketing company, that EdFed was a true lender. This meant that they actually knew what was going on with their customers' loans at all times, because there was no marketing middleman. I called EdFed and consolidated my loans with them immediately! A few weeks later when I had a question about my bill, I called one of EdFed's agents. She was very helpful, and seemed to really care about answering my questions and addressing my concerns! I am so glad that my friend recommended EdFed, and now I make sure to tell anyone with student loans about EdFed!

- Kami S. - Helena, MT


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Student Loan Consolidation Info - How to Choose the Right Loan Company

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Education is one of the most basic right of any human, but with the increase in prices and the costs involved in education this has made these rights turn into a privilege which very few can enjoy. Any normal person today in the whole of United States has to take an education loan at one point of time to pay for their education fees.

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CONSOLIDATION NEWS
Schools Will No Longer Receive Paper FAFSA Forms
(September 20, 2007)

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