I graduated college this past May, and I’m scheduled to begin repaying my student loan come November. I only applied for Financial Aid once, and I got a loan of $5,500. That’s my entire debt. The company handling the loan, Mohela, has been badgering me with offers to consolidate my debt, but they don’t seem to get the hint that this is my only loan, so there’s nothing to consolidate.
I’m going to call them to get this straightened out this week, but I wanted to hear if any of you had any idea why they’re pushing so hard for consolidating when it’s clear I only have one student loan. My only guess could be that they want me to consolidate my student loans with my credit card bills or something like that, but I’m not interested in doing that (for starters, I don’t even own a credit card).
So basically, what I want to know is, how do I tell them firmly to stop bothering me about consolidating, and why would they even be pushing for me to consolidate so much in the first place?
Whats the interest rate on your current loan, and what would be the new interest rate on the new loan.
They may be trying to get you to move up some %. Just stick with your current loan unless you can save money by lowering the interest rate.It’s more than likely a fishing expedition to try and drum up some new business but there is a decent chance that you may save some money if the current rates are lower than your previous. I doubt it though as if you went through the last 5 years without having a consolidation rammed down your throat you’d have to be hiding under a rock!
Give them a call and see what they can do, can’t hurt.