Which keep you up more at night? How do the interest rates differ? How do your dealings with the companies who manage these respective loans differ?
My loans pretty much consist of 50/50 private and federal. What've I've realized is that Fed loans offer a lower interest rate in comparison to Pri loans. Either way, I'm still struggling with them in regards to the payments.
At the time the loans were taken out, I had a few outstanding balances. I've always been good with paying my debt, and by the time I finished school, I was done with other balances and had this huge student loan to deal with.
After talking with countless representatives of the great Sallie Mae, and bringing to their attention that my credit score is well into the 700, I felt like was talking to a wall.
No help at all with the private loans, it's as if they don't want their money enough to work with you to recoupe their loans.
60% of my student loan debt is private and %40 federal.
My federal loans are with the Direct Loan Program and they have been fairly easy to deal with, and when income based repayments become available in July, I hope to save some money that way with their program. I also am working toward public service loan forgivness through DL also.
My private loans are handled through AES. I was unhappy when they bought out my loans who were originally with Bank One, but thats old news now. AES had given me problems in the past when my income was slashed to less than half my prior income, they would do nothing for me. For the past two years I have made all payments early. AES has given me problems recently by misapplying payments. They paid extra on one loan and less than due on another costing me more money that month as I had to pay extra or get late fees. I now make all my payments online where I can direct each amount to each loan.
I am also very unhappy that they will no longer consolidate my loans. I have four loans with them, I pay them all; yet they will not consolidate them into one loan. Probably due to me saving 10-15k over the 15 years of the loan, and roughly $100 each month.
So until this movement is accepted by the government and something changes I will continue to pay these outragous student loan bills, and constantly wonder if going to college in the first place was such a good idea.
I had been curious as how AES was able to change the interest rate and terms on a loan they bought of mine originally backed by Bank One. I called them a week or so ago asking for copies of the promisory notes they had on my loans. Thing is I never signed anything with AES to my knowledge. I have copies of the ones I signed with Banke One however. So this will be an interesting read when they arrive in the mail next week (hopefully.) I had a fixed rate with Bank One and now have a variable with AES.
just keeping anyone interested and/or myself apprised of the situation; as well as making a documented statement.
I contacted AES June 5th for copies of my promissory notes and was instrucetd to request it in writing so I mailed a letter that day. I called them on June 19th to see where they were and was told I should receive them any day now. As of July 5th I had not receieved anything so I called again and this time was told they mailed them June 11th and dont know why I didnt get them. Telling me to request them again, this time they gave me a fax number. I faxed my request in on July 7th and am still waiting on my copies.
I wonder if this has anything to do with the fact I never signed with AES? I signed with Bank One then AES bought my loans. my APR with Bank One was 1/2 what AES was charging me last year as well as Bank One was fixed and AES is variable.
I wonder how the terms can be changed without a new promissory note? Shouldnt AES have my notes on file if they bought my loans from Bank One? Shouldnt they be required to provide me with copies of paperwork dealing with my own account? I would just like to know how and why. I considered contacting Bank One but they havent handled my loans in 5+ years.
Private loans. Ever since they changed the laws in 2005 the lenders do not cooperate or give out their advertised services to struggling borrowers anymore. They strong arm you every way they can, bleeding you dry financially without a second thought.
Private loans by a country mile. I have decided to go back to school to get a PhD. This go round I'm on fellowship, so I haven't had to take out any loans to finance this degree, but I'm afraid the loans from my undergrad and Master's schooling are going to sink me when I finish and start working full time.
