two unaccounted for dispersements...
Submitted by szkott on Thu, 01/25/2007 - 9:57am.
I borrowed a total of $23,000 (or so I thought), but when I look at my bill there are two extra dispersements for $2,000 and $4,000 for the first two years I was in school and was only allowed to borrow $2,625 and then $3,500. I can't find the promissory notes for these. Is there any way to get records from the original FFEL loans if I've lost the documentation? Could this have occurred through loan consolidation?
another question: Is it possible to refinance a student loan? I've already consolidated once and now the loans are owned by Sallie Mae. My interest rate is 6.75% and I'd like to have it lowered. it seems to be impossible. Is there any way to transfer this loan to another company to lower the interest?
thanks
When?
When did the disbursements occur, and when did you consolidate?
Assuming these disbursements were within the last 10 years or so, the school should have records of what was disbursed to them on your behalf. The guarantor should also have records, and copies of the initial disclosures that were sent with each disbursement. The original lender should also have the promissory note, but it may be a "Master Promissory Note" that allows multiple loans over multiple years.
You cannot consolidate a consolidation loan unless there are other loans you want to include in the consolidation... the only exemption is if your consolidation loan has been referred to the guarantor for default prevention, and in that case you have to consolidate with ED.
No matter who you consolidate with, the interest rate is a weighted average of the rates of the loans you consolidated... although some lenders offer interest rate reductions for on-time payments and ACH.
Try here too
http://boards.lp.findlaw.com/cgi-bin/WebX.fcgi?230@36.jPh8eNVZULH^3@.ef05ad7!skip=1463
God forgives--Why doesn't the Government?