Is there a new rule (or law) about refinancing under 20,000 in student loan debt that happened on Oct 1?
on atPosted In: Student Loan Debt
parkdad73 asked:
I started doing a refinance of my student loans prior to Oct 1 but there been a lot of “needing more information” because of thier mistakes and the company is starting to really make me angry.
I wanted to cancel the application and start over. They said if I did that I would not be able to refinance because I have less than 20,000 in debt and the rules changed since Oct. 1.
I just want to know if it is a government mandate or this companies’?
Real Debt Help
I started doing a refinance of my student loans prior to Oct 1 but there been a lot of “needing more information” because of thier mistakes and the company is starting to really make me angry.
I wanted to cancel the application and start over. They said if I did that I would not be able to refinance because I have less than 20,000 in debt and the rules changed since Oct. 1.
I just want to know if it is a government mandate or this companies’?
Real Debt Help
Help for wage garnishment issues
i work for a consolidation company.
first of all the only thing that changed Oct 1 are the interest rate reductions, before you could get at least 1.25% off, now you can maybe get a .25% off. That whole thing about the 20,000 is probably the companies minumum balance to consolidate. after you sign a consolidation application you have 60 day appox. to cancel, once the debt is paid or “funded” you cant cancel, so I would get there fax number asap and fax in writing that you want the application cancelled.
what the goverment mandates are things like the intrest rate, when you are eligble to consolidate things like that.
The company I work for is Academic Financial Solutions, if you want to give us a call we will be happy to consolidate the loans for you and answer any other questions you have.
866-416-6333
-good luck
athena