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Student Loan Consolidation vs Rehab Program

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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




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

Sub: #1 posted on Tue, 10/19/2010 - 05:53

SOAPLADY SOAPLADY
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(Posts: 17209 | Credits: 4746.14)

Quote:
Originally Posted bySOAPLADY
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!)

Sub: #2 posted on Tue, 10/19/2010 - 08:05

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