Consolidation of Personal Student?
I'm confused and need guidance from someone who knows the system
better than I do. I owe about $70K dollars with the obscene penalties
added to my student loans. My lender (KHEAA) has offered me two
options -- a consolidation loan for 30 years at a high (but barely
manageable) payment, or a settlement at $43K. Given that there are any
number of other companies that do consolidations besides the one KHEAA
is offering, could I not accept their settlement offer, and finance it
through some other company's consolidation? It seems like if I went to
a private company that does consolidation loans, they should be just
as happy (happier, even) to finance $43K for me as $70K. In fact, it
would make it much easier for me to make reliable payments to them. Is
there some reason I can't do this? Are there any suggestions as to
what lender is best to work with?
- I'm no expert on all the consolidated lending rules, but I don't think
you can finance a settlement with another consolidation loan since the
settlement probably closes out your student loans.
I guess you could talk to another consolidation len