I have about $100k in defaulted student loans (don't ask...), and a woman called about consolidating all of them under a relatively new thing called the "Direct Loan" program. Have any of you gunmonkeys had any experience with this?

[url]http://www.ed.gov/DirectLoan/[/url]

man i fu__ing hate direct loan..about a month or two ago i got a bill saying i didn't owe anything for the month..so i didn't send anything.  last month got a bill that was double what they usually are and it said i missed a payment..so what the hell, i sent the larger sum to them and today got another bill saying i missed another payment (i don't miss payments!) for the higher amount again...ugh.  i fukin hate student loans with a  passion, specially since the schooling didn't really get me anywhere to begin with.

I hate school and money.  And loans most of all.

The human race really screwed up when we left the hunt and gather stage.  Lets go back, it's not to late.  CB

i would avoid the direct loan thing too, if possible.  my school loans are also on direct loan, and i too have had bills that said "$0" due.  i think they do it to rack up unpaid charges and interest fees.

try an independent loan consolidation program/institution.  preferably not the type that advertise on TV.  [:D] you can check with your local Better Business Bureau for contact information and the like.

The banks all figured that school loan programs were a sure $ maker....because of gov. backing.....now that they have realized how much they are NOT making....due to default....low interest....poor management programs......they are selling out to low level collection types....and yes...the scammers are finding another way to slip in....with the big timers blessings, certainly, as long as they get thier $$$$.....best thing to do is stay with your original agreement...as much as possible......don`t get sucked in by the "fly by nites"....they will get you into DEEPER trouble.....my kids college loans...(due to thier piss poor management...AND constant changing of mgt companys)...has seriously screwed up my credit rating....oh-well!