Consolidation can only be done if requested by the borrower.
However, it may not have been a bad thing. Loans that are consolidated
have a "blended" interest rate - If you owed $1,000 at 5% and $1,000 at
7% they would have been combined into one $2,000 loan at about 6%, so
your total payments and interest would still be about the same. If each
original loan had different amounts still owed, the rate is blended
pro****tionally.
Consider also that the interest rate is now a fixed rate, rather than
the variable rates you had that would go up if interest rates increase
next July 1.
If you still object to the consolidation you should discuss this with
the lender. At the least, you will want confirmation that it was blended
correctly.
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Che****re, CT 06410
(203)250-7761
On 1/1/2007 1:03 PM, keelie@[EMAIL PROTECTED]
wrote:
> Hey all,
>
> I've recently had Wachovia sell my loans (2 of them) back to ACS.
> Imagine my surprise when I signed on and saw they only list 1! After
> thinking they somehow lost one of my loans I noticed that what they had
> done was just consolidated both of them!! Without my approval! This
> is particularly alarming since one of them was getting relatively low
> and thus was not ac***ulating interest very quickly. Is it legal for
> them to do this? I have never asked for my loans to be consolidated.
>
> Thanks.
>
|
