Sallie Mae Woes

I mentioned that I signed up for IBR a little over a week ago. I also mentioned I signed up for an unemployment deferment. And that kinda screwed things up.

I got several letters from SM last week. The first one said I needed to send in paystubs for them to process the IBR. I called them and told them I hadn't worked since December of last year. They said to send in the paystubs from then (which is nonsensical to me since I provided them access to my last four years of tax returns, but whatever).

I had been logged out due to inactivity while I was on the phone. When I logged back in, I noticed that the previous letter was gone, and instead I had a letter denying IBR on the basis that some of my loans were in grace or deferment, and they usually process IBR for all the loans at once. I also had 1 letter denying my unemployment deferment and 2 letters approving it. The denial was for the only loan currently in repayment (the only one for which I wanted the deferment!! Denied because it's a private loan. damn). The approvals were for 3 loans that aren't due until December 1st. They were pushed to March of next year. I have other loans due December 1st, but for some reason they didn't get processed for the deferment.

So now I'm not sure what to do. The IBR denial letter said I could designate specific loans (the ones not deferred or in grace) to be processed under IBR. I have been typing up a letter in which I request that the deferments be canceled, and for all my eligible loans to be processed under IBR. I don't really think there's a benefit to having some loans in deferment, and some under IBR.

This is making me feel a bit overwhelmed... Consolidation might make things easier, but I'll lose out on the interest discounts I've been offered. I think not consolidating will be cheaper in the long run.

Any advice would be appreciated!

2 comments:

ND Chic'c Cents said...

I would request IBR for the loan going into repayment because it will lighten your load for the time being. I wouldn't consolidate if you would lose out on better interest rates but I would check it out to see if it would be beneficial. If you run all the numbers for the consolidation and they turn out to be in your favor, then I would do it.

I added you to my blog roll and I would appreciate the same. I don't comment often but I've followed your blog for quite some time :)

Sunflowers said...

I can't request IBR for the loan that's currently in repayment b/c private loans don't qualify... sigh. I did run the numbers through a consolidation calc, but I got lazy (I have sooo many loans) and cheated by lumping a few of them together. So I should run it through properly before making any final decisions. If I did consolidate, I wonder if I'd have to apply for IBR all over again? :\

I'll add you to my blog roll. Thanks for reading! :)

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