Q&A: student loan consolidation?

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Question by mob69: student loan consolidation?
Sign for student loan consolidation in October of 2006, was told it would take 6 to 10 weeks to process, about the end of 06, never heard another word, today got a payment book from some company I never heard of. They say they have my loan papers with signture, and sending me a copy. I did not sign with these poeple, haven’t heard from the other in 6 months, I am now jobless and schooless, is this legal, aren’t loans void after a certain time period, and any suggestions on what to do or how to go about this? Thanks for the input

Best answer:

Answer by TR
Loans are not void unless you are permanently disabled, retired, or eligible for a loan forgiveness program (say, through teaching in a depressed area).

What’s happened here is that some company bought your loan from the original lender. That’s also perfectly legal and it happens all the time (my mortgage has been through three different financial institutions so far).

The papers you “signed” are probably the original loan docs.

If you have questions about how to manage this loan, three things to suggest:

1) Consider going to your current financial institution. (If you aren’t already, consider joining a credit union; they have a better record of caring about individual customers than regular banks.) Ask one of their officers (not a teller at the counter) to advise you.

2) Contact the financial aid office of your school and ask them to help you understand what’s going on.

3) Read your original loan docs carefully. I went through several different student loan companies, and only ONE of them administered any loans properly; I had payment dates set a month early, payments lost, refusal to provide needed forms–at various times I had to photocopy original docs and highlight sections and mail them to the lender, even wrote my senator at one point. It’s sad and frankly they ought to have to pay you if they make a mistake, but you’ll have to mind your own finances for them.

Know better? Leave your own answer in the comments!

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