I’ve rapidly been bleeding funds to my student loans and I’ve almost hit my breaking point. I graduated college in 2011 and have been paying off my loans since I took a 6 month grace period. I have four loans, one each from Wells Fargo, Navient, and Great Lakes. For each of these loans, each month I pay $591, $189, and $47, respectively. I also have a quarterly loan through University Accounting Services for my college.
I’m just trying to figure out what I can do to trim down the Wells Fargo loan. They’ve been incredibly unhelpful as it’s a private loan. I was able to get a two month grace period back in May, but by doing so I accrued more interest. I don’t mind the “smaller” loan amounts from Navient and Great Lakes, but Wells Fargo is killing me right now. Is there any way I can consolidate all of these loans or transfer away from Wells Fargo? They’re impossible to work with.
May 3, 2014
With a tight budget your consolidation options are likely boing to be limited. Most refinancing lenders will only lend to people who can pay off their debt pretty comfortably. That being said, there are still a couple options that are worth pursuing.
I’d suggest starting with this article: https://studentloansherpa.com/interest-rate-wells-fargo/ it has a couple tips for getting wells fargo to lower your interest rate so that you can stay caught up on your loans. If you do everything you possibly can to work with wells fargo and they continue to be impossible to work with, you may want to consider filing a complaint with the consumer financial protection bureau. Going this approach will force them to respond to your issues, and the conversation will be facilitated by the government. Steps to file a complaint are here: https://studentloansherpa.com/file-compliant-student-loan-company/
Finally, do what you can to avoid any further deferments or forbearances. It gives you a break on the payments, but the interest will grow and your problem will become even more difficult to manage. If you are able to pay off one of your smaller loans entirely, it might also provide the break in your budget that you are looking for.
Let me know if this helps or if you have any more questions.
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