NewLife4Me Posted June 20, 2008 Report Share Posted June 20, 2008 Okay so my Perkins loans is behind. Like a 5 months. The collector called me and said tried to convince me to combine my perkins loan with my Depart. Of EDU loan. HE said by combining, he can get my edu loan of default as well and get a me lower interest rate.Does this sound right or is this a way to screw me over??He also said I can only combine perkins with EDU loans?? Link to comment Share on other sites More sharing options...
LynnInMN Posted June 20, 2008 Report Share Posted June 20, 2008 Your Perkins loan is more than behind if it is in default. And yes, what he is telling you is true. It is called consolidation. Link to comment Share on other sites More sharing options...
Cynic Posted June 22, 2008 Report Share Posted June 22, 2008 As I understand it, the Perkins loan is 5 months delinquent and the Direct (ED) loan is in default. You can consolidate, and doing so will get your direct (ED) loan out of default, but your past default and delinquency will not come off your credit report. If you rehab the defaulted ED loan, you would get it out of default and get rid of the negative payment history. Also, if you are having financial difficulty and can't make the payments on your Perkins loan, call them. There are options available like alternate repayment plans or deferment. Unfortunately, you no longer have no options on yoru ED loan because you defaulted. Good luck. Link to comment Share on other sites More sharing options...
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