Reply
Established Member
kevinh
Posts: 21
Registered: ‎04-23-2008

AES backed out of consolodation loan after approval??

Weird thing just happened to me.  I applied for a large private loan consolodation with AES last week, got approval over the phone.  They said they would be sending out promissory note, etc.  Hadn't received my paperwork, so I called tonight.  They told me that the "lender had backed out".  Not denied or anything...but lender had backed out?  Anyone ever heard of this?  I did look at the AES/PHEAA website and there is something on there about how they are not doing most federal loans anymore.  Hmmm.  Why wouldn't they tell me this last week when I applied?  Sounds weird.  Anyone know of any places that are still doing private loan consolodations for private student loans?
Valued Member
jen92
Posts: 30
Registered: ‎04-23-2008

Re: AES backed out of consolodation loan after approval??

An update to this.  Just did a little research and it looks like a bunch of lenders are backing out of private loan consolidation as well (not just federal).  Looks like one of the only places to consolidate with is CITI.  Grrrreat.  Just called to ask what their rates were and stuff and what credit bureau they use...couldn't tell me.  Has anyone had luck consolidating private loans recently with anyone?  Sallie Mae was doing private loans until recently...but are not anymore (not that I would want to go with them after the last fiasco). 
Established Member
pil
Posts: 25
Registered: ‎05-09-2008

Re: AES backed out of consolodation loan after approval??

I was just about to try for private consolidation when the SM thing occured. I don't have a problem with SM, at least they have a website that works and reports mostly correct info. Some of these small lenders are unbelivably crappy... I was going to try SM private consolidation, that sucks if they aren't doing it any more.
 
I have an 11.25% private loan serviced by SM right now. I have 715-750 credit scores, surely I can get a real rate. It would honestly be cheaper to put the **bleep** loan on a credit card balance transfer... I'll be looking and I'll let you guys know if I find someone who will consolidate my loans.
New Member
LUVTOSHOP
Posts: 3
Registered: ‎05-13-2008

Re: AES backed out of consolodation loan after approval??

I am also having the same problem.  Has anyone had any luck with consolidations as of right now? I am also trying to consolidate, but can't find any lender this is participating in this program right now.
Valued Member
talulah
Posts: 84
Registered: ‎05-02-2008

Re: AES backed out of consolodation loan after approval??

Federal is tricky, but I've seen alot of privates around. Chase, Key bank definitely. Can't remember others off the top of my head.
4/28/08-EQ 668
5/2/08- EQ 687 TU 670
6/15- EQ 722!!! TU 687
Established Member
kevinh
Posts: 21
Registered: ‎04-23-2008

Re: AES backed out of consolodation loan after approval??

Only one that I am finding that will do private loan consolidations right now is Citi...everyone else has backed out of doing private loan consolidations. I would be curious if anyone else has found any other places that are doing private consolidations.
Valued Member
talulah
Posts: 84
Registered: ‎05-02-2008

Re: AES backed out of consolodation loan after approval??

Senior Contributor
Wonderin
Posts: 3,494
Registered: ‎05-25-2008

Re: AES backed out of consolodation loan after approval??

I've HEARD that Wachovia does private loans and consolidation ... how new that info is, I don't know.

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*

Hubby's FICOs when we started: high 400s (June 2008)
Hubby's FICO NOW (04/06/09): TU: 679 EQ: 608 EX: ???
My FICOs: TU: 643, EQ: 606
Closed on new home: 1/20/2009 -- If we can do it, YOU can do it!!


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+