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Loan Consolidation Nightmare! Please advise! 

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Total Posts: 2

Joined 2015-01-04

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Hi Heather and forum members,

I am really hoping someone can help me out with this situation,  I feel like I am taking crazy pills!

I submitted my loan consolidation application in April for my loans (excluding my private ones) with My Great Lakes and Sallie Mae. In May my consolidation was deemed “completed” as funds were dispersed to both lendors and Fed loan servicing began billing me based on the income baded repayment plan I’d selected. All great stuff.

My great Lakes accepted the money,  informed me of their payoff and we’re done.

Sallie Mae however has rejected the monies twice now (i was asked to “add” these loans to my consolidation since the money was rejected the first time. Sallie Mae has no answers for me why the money was rejected.  I call every 2 weeks and never get any answers.  3 times I have had supervisors from both companies on conference calls to try and resolve it. Nothing ever happens. I am going to go crazy,  this has been the most frustrating 7 months!!! Meanwhile Sallie Mae is still billing me on top of my consolidation payment through Fed loan. I can’t afford that so sallie mse loans are on forbearance and have been since July.

Does anyone know of any action I can take? A new place to try and call? A lawyer I can get involved?  I’m desperate. Please help!!!

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Total Posts: 29

Joined 2014-10-06

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So your Sallie Mae loans were left out of your Fed loan consolidated loan?  Not sure of the answer or reasons for what is going on, but you may want to contact the Dept. of Education student loan ombudsman…. https://studentaid.ed.gov/repay-loans/disputes/prepare/contact-ombudsman