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Debt Consolidation Forums Student Loans and Education Debt

Student Loan Consolidation vs Rehab Program



Not Sure

Sub: Student Loan Consolidation vs Rehab Program
Mon, 18/10/2010 19:35

I owe 29,000 for a student loan and have been talking with a DCS rep for the past couple days about a rehab plan. I also owe 7000 for a Sallie Mae loan that I just learned was in default. I have not been contacted by a CA for the Sallie Mae yet.

Im wondering in a situation like this is it better to consilidate the loans instead of enterinr rehab with DCS aand still having to deal with the Sallie Mae loan



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Sub: #1 Quote:Originally Posted by SOAPLADYIs the sallie mae loan also aMon, 10/18/2010 - 19:35



Quote:
Originally Posted by SOAPLADY
Is the sallie mae loan also a federal loan? If it is, you will have to rehab it seperately.



Thanks, it is a federal loan as well. I have been doing some research and am considering doing an IBC loans. I have not officially been given a payback amount from DCS but they did say based off the income information I gave (how do they verify income?) them they could garnish me for $300 a month. Either way, I dont think I will be ablel to pay the amount they argree on and I surely can not afford the $300 they will take. So I am thinking the IBC loan may be the best option for me.

Any thoughts or suggestions? I'm hoping to have a clear plan of what I need to do in the next couple days. One thing I have learned from reading your posts is I do not want to drag my feet on this (that is what got me in this situation!)


SOAPLADY
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Sub: #2 Is the sallie mae loan also a federal loan? If it is, you will Mon, 10/18/2010 - 17:23



Is the sallie mae loan also a federal loan? If it is, you will have to rehab it seperately.

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