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Hi! Sorry to hear about your situation with Nelnet. Yes, this is common, just not with Nelnet. A while back a whole flood of people were complaining about Sallie Mae doing this. I've never consolidated, & don't intend to, but my understanding is that yes, it would eliminate this problem in the future.
It can't hurt. Send it whenever you want; they don't have a time limit for accepting those kinds of letters.
I think there are only a few places that do consolidation, & I don't think Nelnet is one of them. If you did consolidate, it would be PIF with Nelnet & new accounts would be opened with whoever you consolidated with.
Well yesterday I broke down and sent an Online app. to consolidate using the IBR option via the Department of Education website ... so who knows which company will get my consolidation.
But I guess the question I was trying to ask yesterday is: Once consolidated Nelnet will be PIF, SO, should I try to GW BEFORE they're PIF OR AFTER they are PIF??
Thanks In Advance
I just completed the consolidation process and all of my loans went to NelNet as the servicer (they were scattered before). Even with the consolidation, each loan TYPE will show up as a separate loan on your CRA. There is no helping it. The consolidation simply means that you send a single payment to a single servicer and they apply it to the various loans. They also align your due dates, so you only have one due date. So, to answer your question, yes, it's legal and yes, if you have 9 loans, you'll have 9 individual notations every month you are late, even in consolidation.
The consolidation will also open 9 NEW accounts, which will shoot your AAoA down the toilet. I lost points when my 4 consolidated and became "new" accounts.
As far as getting them removed, if it was a processing error and you can prove timely payments, they will fix it. If you were late, you were late and this is the natural consequence of that action (or inaction, to be more precise). I have had zero success in GWing on student loans. The last of my 120s is due to fall off in September.
Does it suck? Absolutely. Does it teach a valuable lesson about managing one's finances and staying on top of one's debt? Absolutely.
I would never tell anyone NOT to GW, but understand as it is a government product, chances are very, very low. There are things on my CRA that I've had to take a deep breath and move past to focus on the things I CAN change.
well Nelnet was reporting the 9 loans I have with them BUT I also have 2 other SL with another company (those were'nt late & not reporting) ... Im guessing that once I consolidate that I will have a different company since I included Nelnet and the other company on my consolidation request.
I guess I'll see how this turns out. Hopefully, Nelnet will work in my favor with this in the end!!
I didn't know you could consolidate AND apply for IBR in one process. Let us know how it goes.
@laz98 wrote:I didn't know you could consolidate AND apply for IBR in one process. Let us know how it goes.
The loans consolidate in whatever state they are in with the original lender (IBR, deferment, forbearance) and the consolidation is supposed to apply your repayment selection. However, if you are in a deferment/forbearance, they will NOT apply it until you come out. I had to pull mine out of forbearance to get the IBR applied after the consolidation.