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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Consumer Protection Law
Satisfied Customers: 12998
Experience:  B.A.; M.B.A.; J.D.
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Is there a way to transfer my student loans to another lender

Resolved Question:

Is there a way to transfer my student loans to another lender? I am experiencing a lot of grief in trying to deal with Sallie Mae. My loans are now late, but not in default. I am trying to file for an Income Based Repayment plan but they are not being helpful and keep asking me for more and more paperwork. The whole thing is making me sick. Is there some way to transfer these to another lender? Any suggestions or are they all the same?
Submitted: 4 years ago.
Category: Consumer Protection Law
Expert:  Phillips Esq. replied 4 years ago.
Are these subsidized and unsubsidized stafford loans?
Customer: replied 4 years ago.
I've got a Consolidation-UNSUB Sallie Mae Stafford loan, a Signature Student-UNSUB private loan, both with Sallie Mae. Then I have what looks like three Stafford loans which I just recently took out to go back to school from another holder called Nelnet. I'm not sure if those are Subsidized or unsubsidized.
Customer: replied 4 years ago.
I would assume those loans at Nelnet are need based.
Customer: replied 4 years ago.
Well I'm not sure if the Nelnet loans are subsidized or unsubsidized. They have been acruing interest.
Expert:  Phillips Esq. replied 4 years ago.

You may be able to consolidate your Stafford loans with the Department of Education through the Ford Direct Loan Program. However, if your loan is not in default, Sallie Mae must sign off on the consolidation.

You cannot consolidate your private loans through the Ford Education program.

Click here to see more information on FORD program and see if you qualify:

https://loanconsolidation.ed.gov/AppEntry/apply-online/appindex.jsp

Customer: replied 4 years ago.
What is required for Sallie Mae to sign off on the consolidation? And wouldn't Nelnet also have to sign off? Is this the only company that does this?
Customer: replied 4 years ago.
Also, can a private loan be moved to another holder or does it always have to stay with Sallie Mae?
Expert:  Phillips Esq. replied 4 years ago.

What is required for Sallie Mae to sign off on the consolidation?

Response 1: Sallie Mae at its discretion may decide to sign off on the loan or not. I do not know what criteria Sallie Mae would look at. In any event, the decision to sign off or not to sign off is going to be based on its botXXXXX XXXXXne.

And wouldn't Nelnet also have to sign off? Yes, Nelnet is aslo going to be doing the same thing.


Response 2: Is this the only company that does this?

I can only tell you what I know about. You need to do a little more research on your own.

Also, can a private loan be moved to another holder or does it always have to stay with Sallie Mae?

Response 3: You cannot transfer private loans.


This is my final response to your post.




Phillips Esq., Attorney-at-Law
Satisfied Customers: 12998
Experience: B.A.; M.B.A.; J.D.
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