My husband works full time & has a part time business that I help run from home.We have gotten behind on our student loan payments & I have set up payment arrangements with Sallie Mae for the back payments. Is it possible to re-open my original Chapter 7 BK & include my student loan or would we need to file again? Since our student loan is a "private consolidation loan" is that a dischargable loan? If we can't open our original BK, would Chapter 13 be an option? Is there anyway we can go after Sallie Mae for harrassment to my grandma & possibly get them to remove her as a co-signer? If we file BK again, will Sallie Mae sue my grandma? Do you know of any experienced BK attorneys in the Greater Seattle area (who have experience in discharging student loans) that could help us?Loan consolidation can also give you access to additional loan repayment plans and forgiveness programs. Refer to the complete list of federal student loans eligible for consolidation in the application.There is no application fee to consolidate your federal education loans into a Direct Consolidation Loan. Department of Education (ED) or ED’s consolidation loan servicers. Whom do I contact if I have questions about consolidation?
Sallie Mae, the nation’s largest student loan company, no longer offers private student loan consolidation services.That's good news for your wallet if you're saddled with debt from college or graduate school.According to Sallie Mae, which owns or manages student loans for more than 7 million borrowers, the new repayment rate for student Stafford loans will be set on July 1 at 4.06 percent.That's nearly two percentage points less than it has been for the past year.The new rate for PLUS loans, which are given to parents, will be 4.86 percent, down from 6.79 percent in the past year.Federal student loan consolidation basics How to consolidate federal student loans Benefits of federal consolidation Drawbacks of federal consolidation Private student loan consolidation (student loan refinancing) When you consolidate federal loans, the government pays them off and replaces them with a direct consolidation loan.You’re generally eligible once you graduate, leave school or drop below half-time enrollment.So, for instance: If the average comes to 6.15%, your new interest rate will be 6.25%.Additionally, you’ll get a new loan term ranging from 10 to 30 years.allows you to consolidate (combine) multiple federal education loans into one loan. Top Private education loans are not eligible for consolidation, but for some Direct Consolidation Loan repayment plans, the total amount of your education loan debt—including any private education loans—determines how long you have to repay your Direct Consolidation Loan.The result is a single monthly payment instead of multiple payments. Direct PLUS Loans received by parents to help pay for a dependent student’s education cannot be consolidated together with federal student loans that the student received.Huffington Post Reader Question Dear Steve, A few years ago my husband & I filed for chapter 7 BK & it was discharged (2008).We were told that we couldn't include our huge private student loan (,000) at that time by our attorney.As part of the process, you’ll need to provide details about your existing federal student loans, and choose a federal loan servicer and repayment plan for your new consolidation loan.