I have tried this NACA program back in 2016 but the timing wasn’t right and while I was devastated before, it was for the best. I’m in a MUCH better place now. However, I do have two questions before I set up my meeting with my MC to move forward.
1) I have two late payments on one of my personal student loans that I can NOT get rid of. They are within the past 12 months. Would I be doing myself a disservice to refinance this loan for not only a lower interest rate and payment, but also to get rid of those late payments. I have other accounts that have been opened for more than 12 months so that shouldn’t be an issue for me, but I just wanted to know if I did this would it cause issues for me.
2) Also I have multiple student loan accounts under each of the major companies. Do each of those loans count as one or are they consolidated? Example if I have 3 loans from Nelnet. Do each of those count separate or do they count that as one account. Just wondering so I can make SURE I have the three accounts that have been opened for 12 months.
Refinancing the student loans for a lower rate and payment will be beneficial for obvious reasons. You apparently are facing a setback anyway because of the late payments and will have to build a 12-month on-time history no matter which way you go, so it’s your decision to make.
How the multiple loans are considered will depend on the monthly payments. If the loans from each lender are consolidated into a single payment (which is probably the case), then it’s considered a single obligation.