Boston Student Loan Lawyer

Law Office of Adam S. Minsky

  • Home
  • Services
  • About
  • Publications & Press
  • Testimonials
  • Speaking & Trainings
  • Contact
  • Blog

Defective Loan Consolidation

August 9, 2011 | Adam S. Minsky, Esq. Articles

Share the post "Defective Loan Consolidation"

  • Facebook
  • Twitter

So you might know at this point that direct loan consolidation is a great option for federal student loan borrowers. It can simplify the repayment process if you have many federal loans, can lead to lower interest rates and lower payments, and may be a tool for getting out of default and repairing your credit. Loan consolidation is great…

…In theory, at least. The problem is that the U.S. Department of Education is a massive bureaucracy. The loan consolidation application is a confusing mess. There are many different types of federal student loans; some can be consolidated, some cannot be consolidated, and some can only be consolidated under certain circumstances. Customer service representatives have been known to be unhelpful and rude, and in some situations, they have been providing misinformation. Department employees also make frequent mistakes. For example, they sometimes leave certain loans out of the consolidation that should have been included (this actually happened to me), which means you have to be vigilant about tracking which loans are included and which loans, if any, were accidentally left out; you’ll then have to fill out another application to get those forgotten loans added back to the consolidation loan later. Mistakes like these can cost you, since you still have to make your payments while the loans are being consolidated– even if the Department messes up.

The loan consolidation process is tedious and confusing at best, and at its worst it can be so defective that it actually impacts you financially. This is why it can be very beneficial to seek out a professional who is familiar with the consolidation process and the Department’s bureaucracy. To read more about defective loan consolidation (and some rather nightmarish stories), click here: http://www.huffingtonpost.com/.

Share the post "Defective Loan Consolidation"

  • Facebook
  • Twitter

Articles

About Adam S. Minsky, Esq.

Adam S. Minsky founded the first law office in Massachusetts devoted entirely to assisting student loan borrowers, and he is one of the only attorneys in the country practicing in this area of law. He provides counsel, legal assistance, and direct advocacy for borrowers on a variety of student loan-related matters. He regularly speaks to students, graduates, and advocates about the latest developments in higher education financing.

Books by Adam S. Minsky

The Student Loan Handbook for Law Students and Attorneys

The Student Loan Handbook for Law Students and Attorneys

Student Loan Debt 101

Student Loan Debt 101: The Definitive Guide to Understanding and Managing Your Student Loans

Student Loans for Parents and Cosigners

The Student Loan Guide for Parents and Cosigners

617-936-2788
asminsky@minsky-law.com
By Appointment Only 265 Franklin Street, Suite 1702
Boston, MA 02110

Copyright © 2023 Adam S. Minsky · DISCLAIMER: This website may be considered advertising under Massachusetts Supreme Judicial Court Rules. The content of this website is for informational purposes and should not be considered legal advice. This web page does not establish an attorney-client relationship. Terms of Use

Copyright © 2023 · MinskyLaw on Genesis Framework · WordPress · Log in