05-22-2012 09:52 AM
05-22-2012 10:52 AM
I had a somewhat similar situation at the end of last November when I was looking to get pre-approved. My loans at the time were in in-school deferment, so a bit different fact scenario, but with the same outcome - that being that what was documented as my monthly payment obligation was, in fact, higher than what I would actually be paying once I was able to choose a repayment plan.
Unfortunately, the underwriter would only go by the documentation the lender would provide. And since the lender wouldn't let me choose a repayment plan prior to coming out of deferment, I was stuck with the higher amount.
Are you able to get any documentation from the lender that your loan payment will be $191 once the in-process consolidation is finalized? If so, maybe that would help.
05-22-2012 11:09 AM
05-22-2012 11:21 AM
I would worry a little about forebearance just because it might throw you back into that place where you can't choose a repayment plan until the forebearance ends, in which case your documented repayment obligation would be based on the "Level" plan, which may be quite a bit higher than the $191. That may not be the case, but definitely something to look into before you make the forebearance request!