Direct Loans Payment Help

[ReBuildingAgn]

Hello All,

This is my first time visiting this portion of the Forums. I'm buying a house this year and I'm currently under contract. My preapproval is contingent upon me getting my student loans lowered to $150/month or less. I have 2 loans: 1 with CFNC that's $50/month (600 balance) and Direct Loans (currently in deferment until 12/2012 and the payment showing is $270/month). At the beginning of the month I applied to get my payment on the IBR plan (under the IBR my payment will be $86/month). It's been processing for 2 weeks. I called the service last week and she said they are behind and it could take 20 business days or more for it to finish processing, maybe more maybe less. I have to get my loans under $150/month within a month for my mortgage to process. Has anyone had any success getting anyone on the phone that can process it the same day??

[IOBA]

My suggestion is to ask for an extension to close.  The sooner you do it the better.

I don't know if Direct Loans would or would not process it same day on the phone.  You can call and ask for a supervisor.

[ReBuildingAgn]

Thanks for the info. The house is new construction and isn't schedule to be completed until April. My tentative closing date is 4/20/2012. I have quite a bit of time to get it taken care of, but I think I read on here somewhere that someone called DL and they processed it same day.

[IOBA]

What I wouldn't do is call DL and ask for the reduced payment becuase you are buying a house.   They might frown on that reason!

Sometimes the front line phone people are not able to help you the way you want, and asking for the next level up helps.  

Keep following up on it.  Maybe once or twice a week?

[ReBuildingAgn]

Hi All,

Just wanted to give you all an update. I paid off my small (<$600) student loan with another company and didn't get my Direct Loans reduced. Luckily, the underwriter didn't require me to reduce it and I was approved on Tuesday! WooWhoo!

[IOBA]

Congratulations!