I consolidated my student loan, and I think I made a mistake. Any advice?
January 3rd, 2009
Posted in Consolidate Student Loan | 
Tags: 6 Years, Accumulation, Advice, Consolidate Loan, Exact Figures, Loan Company, Loan Interest, Mistake, Monthly Payments, Student Loan
Something is wrong with your calculations. Paying $300 a month for 6 years (72 months) you would only have paid $21,600, which would not even have paid off the $25,000 principal, let alone any interest. And $200 a month for 20 years wouldn’t pay even the principal you now mention of $50,000, let alone the interest you’ll be charged during that time.
Yes, something is terribly wrong there. I think it would be best just to be honest when you call them and say something along the lines of “I think I’m getting ripped off here…”
Did you consolidate with your original loan company or a different one? Also, do you have any paper work at home (the info you e-signed) stating what the terms would be when you consolidated? It would be a good idea to read over that application and make sure you did not sign up for this. When you speak to them, tell them that this was not laid out in the paperwork, not what you wanted, and that you want it fixed.
Immediately call them and tell them you decided to decline
their offer and if they give you a hassle immediately report
them to the Federal Trade Commission and the State
Attorney General of your State. You definitely were taken
advantage of !!!! Your clue should have been when they
made you sign it before your approval. I would seriously
call and consult with a consumer law lawyer in your area !!!
you need open all your wayIs found interesting information about your answer, college loans, scholarships, college grants & partime works here.http://all-student-loan-consolidation.blogspot.com/2007/07/college-loan-consolidation.htmlGood luck!
You post your profile on this webiste and then lenders come to you. I recommend trying