Consolidation issue - here's one for ya..

[bigtim]

I have 3 loans through SallieMae, and one through Direct Loans - all current status.

June 6 - I applied online to consolidate them all through Direct Consolidation - everything OK.

June 15 - I make my payments to SallieMae & Direct Loans as usual.

End of June, I called to check the status of the cons - on hold waiting for new rates July 1st.

I called DL July 8, cosolidation processing, summary letter "issued" July 7, loans are scheduled to be paid (consolidated) on July 17th - which is 10 days after the issue of the letter. My SallieMae payment is due on Jul18, and my DL is due on Jul21. The CSR from DL informs me I am OK - no need to pay the July payments, etc.

July 13 - I still haven't received my cons. summary letter in the mail - which I wanted in hand so I could contact SallieMae in case the consolidation didn't go through by the 18th when my payment was due, so I called back the cons CS and told them I hadn't received the letter, could you mail me a COPY of the letter. In the meantime, I received the original (or a copy I thought) on the 15th. So I think I'm OK - consolidation will go through as scheduled on the 17th. On the 17th, I get my COPY??, which was re-dated for the 13th, and states the consolidation will go through 10 days from the date of the NEW letter - the 23rd.

I did call SallieMae on the 16th and told them the consolidation was originally scheduled to go through on the 17th but wasn't sure if it would - the CSR made a note, said I should be OK.

I checked the SMae account yesterday, and it didn't appear the cons went through and I didn't make the payment. I get an online letter today from SMae showing my next payment due for Aug, plus my July payment now listed as DELINQUENT. I can't call until tomorrow and it is driving me crazy.

Am I OK here? Will it be reported as a LATE payment, etc? My score would bottom out if this happened...

Thanks.

[LynnInMN]

Shouldnt be an issue until you are 30 days deliquent, which is at 60 days from your last payment. 

When I was collecting we always told people to make ALL payments as scheduled.