Consumer Protection Law
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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
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.
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