So, I have a parent plus loan and a regular loan for my tuition payments. The parent plus loan is my mothers name for x amount of dollars, while the other loan is in my name for x amount of dollars. I cannot consolidate the loans together per a woman at AES, and the only way I would be able to get the parent plus loan out of my mothers name would be to get a loan from a bank and pay off that one. I can go through my local bank which is National City and get a personal line of credit for up to 25,000 dollars at 11.25% or keep the student loan in my parents name and keep the lower 7.940%. For some reason she refuses to let me consolidate the loan in her name. I’m pretty pissed about this and I’m at the end of my ropes as what to do. Suggestions?
give your parents the monthly charge at the lower rate and call it a day. Moving up 3% points would be dumb.
If your Mom legally assumes your debt (which if i am reading your post right, is what you want her to do by saying"consolidating in her name"), then her ability to get credit will be hindered since she is legally on the hook for your debt. It doesn’t matter that you would be making the payments, she is still liable.
Just keep paying the payments on it, you will be better off.
i agree w/ the guys above. don’t dick yourself over by movin up to a higher interest rate.
After a lengthy discussion with a woman at AES, I cannot bring loans together to consolidate when both loans have different names on the loans. I consolidated my loan that was in my name, and I will be keeping the payments on the parent plus for the time being.
either way Sallie Mae is a stupid whore
Truth
i consolidated mine for a fixed rate of 3.xx% so i look on my statement recently and its up to like 7%… i have no clue how that happened. thats all a bunch of bullshit
i love that… They send you the notices. I just say fuck you and throw it away. Its a losing battle that most of the population is fighting. I will be paying off my student loan debt till i am at least 40 if I stay on the same path.
i think it was because i was late on a payment so they just cancelled the fixed rate. i saw on my following statement that i late by 9 days, so i’m sure thats when they changed the interest rate back…i just never noticed it until recently. the funny thing is, i got my bills in at 2 separate times, so i’d wait fo them both to come and send them at the same time…well they changed the due date on the first one, which is why i was late by 9 days…fucking crooks. you can never win.
i hear ya, I just enrolled in auto bill pay as i got slammed by something similar one time. Now it just takes the money out of my account and thats that.