The Sallie Mae No Longer Consolidating Student Loans

Imagine my surprise when I call to get some information on my loans and what my payments will be once I finish my program, Sallie tells me they are no longer consolidating loans because the government tightening has made it no longer profitable for them.

From their website:

Private student loan consolidation

Thank you for your interest in Sallie Mae, the nation’s leading provider of saving- and paying-for-college programs. We have temporarily suspended offering our private consolidation loan program. No new private consolidation loan requests will be processed at this time.

Federal student loan consolidation

Sallie Mae’s Federal Consolidation Loan service is not available at this time.

Severe legislative cuts made by Congress made federal loan consolidation uneconomical. This, combined with the credit market deterioration, has caused us to suspend participation in the federal consolidation loan program.

Then the rep tries to put a spin on it by stating that it may not be beneficial for the borrower because we would be locked in with no opportunity to get a lower rate if it comes along. But the rest of us know that this also leaves us open to increasing rates if we do not consolidate.

I am too through with Sallie Mae at this point, I’ve actually liked them even while every one else sang their hatred from the mountain tops.

At this time, I need options, and I need them fast. I will be done in December with the possibility of going back to school in January, however, I need o figure out how to switch lenders so that I can consolidate when the time comes. Shoot me in the comments for this but can I call a customer service center that doesn’t link to somewhere in India?? I want to RIP my hair out every time one of them picks up the phone and its muffled and I can hardly understand them while it sounds like they are reading from a script! I have no issues with THEM being Indian, I have issues with Sallie using this method of customer service which only further infuriates me while I repeat each and every question. My option? Hang up, call back and o through the same dance with another rep.

ARGHH!

Oh and my payment when I graduate? $825. You read that right, $825, but Im not worried, we have a plan to knock out the loans in 2 years so Im cool on that, I just need to consolidate and get a lower rate.

Any recommendations? Advice? Suggestions?

Sallie Mae No Longer Consolidating Student Loans
form http://www.girlsjustwannahavefunds.com/2008/05/sallie-mae-no-longer-consolidating-student-loans/