Wednesday, November 9, 2011

Need Help with parent plus loans?

Has anyone consolidated parent plus loans? I did and have really screwed up and don't know what I should do and would very much appreciate any ideas! I consolidated my daughters plus loans with Collegiate Funding Services back in 2002 with Real World Loan, the interest rates were to drop to the lowest in 36 years, I had also heard this on the internet and other places so I thought this was the right thing to do, boy was I WRONG, they told me my interest rate would be around 4%, when I received the contract it was 7%, I contacted them at that time, but could get no where, I know it's too late now to do anything as this was 2002, but I had other concerns at that time as my son was being sent to Iraq so I didn't pursue this, I have paid them for over 6 years, plus the loan I should have stayed with at Sallie Mae and paid Sallie Mae over 4 years, my unpaid balance was 17,000 with interest of 10,000 so I still owe 12,000, loans are usually to done in 10 years, I will be paying over 20 years, I know it is my responsibility to pay this, but I would appreciate any ideas of what I should have done and if this is unusual, my daughter is not able to pay this, she has her student loans yet to pay and can barely make it even with a college degree, so this is not an option, thanks for any ideas

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