Thinking about consolidating with a private lender
After the SAVE debacle, I discovered I’m closer to general loan forgiveness than PSLF. I decided to go back into repayment and put in for IBR. They appear to have put me on the standard repayment plan for 10 years. I’ve requested repeatedly to have my payment and discharge date recalculated and MOHELA has been a brick wall either not responding or sending my pro forma communications that don’t track with my issues. I’ve contacted studentaid.gov and asked for recalculation of my general loan forgiveness and they denied it and denied even calling me as requested. I filed a complaint with the CFPB and waiting to see if anything happens with that.
But I’m thinking another step I could take is to apply for loan consolidation with a private company to get some sort of final accounting for payments made and what’s actually left on my loan (bc I’m pretty sure that after 25 years of paying on loans, I’ve paid more than $20k). I should have 3 yrs or less making payments under general loan forgiveness, but I also cannot make the payments they’re asking me to make without defaulting. I also find it crazy that I can’t pay off two of the smaller loans in order to reduce my payment amount. Lastly, my fixed rate govt loans have now increased inexplicably, and it’s so high that I can’t imagine not being able to find a lower rate.
I’m posting for thoughts about this plan. Any feedback or other options you’ve considered? I’m losing my mind over and willing to consider anything.