Reply to Anyone have a loan with Access Group? Was it sold this week?

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[quote=Anonymous][quote=Anonymous]That is terrible.  The one glimmer of hope is that perhaps this will bring attention to the issue of FFEL consolidation loans, from ~2006-2009, that cannot be refinanced at today's lower rates under current law.

For example, I have one of these loans - approximately the amount of a mid-size car (mid-20k range).  My "sticker" interest rate is 6.8%, but due to lender discounts, I pay 5.3% interest-- when today's rates would be much lower, and refinancing was allowed pre-2005.

On these federally-guaranteed FFEL loans, the federal government (taxpayers) assume ALL of the risk if borrowers don't pay the loan back, or default.  The lender gets the interest rate, risk-free to them.

If there are any reporters on here, please do a story on this.  Refinancing at today's interest rates would save me about $50 per month, which could be put back into the economy, etc.  I've been paying this loan dutifully, have an 800+ credit score, and get NO benefit from recent "loan forgiveness" or "Income-based repayment program" because I was responsible and took a scholarship and lived like a student during law school - didn't go to the highest-rank school that admitted me, and took out loans that were manageable on my expected salary.

Any time before 2005, we all would have been able to refinance at today's much-lower rates.[/quote]

I owe 80K in FFEL loans at 8.5% and 40K at 6.8%.  PAINFUL, to say the least.[/quote]

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