[quephone]

I graduated from a University in May of last year. I requested to consolidate my student loans with Sallie Mae on October 19, 2006—during my grace period. At the time, my loans were in deferment with another lender at a variable interest rate of 6.54%. I was approved for a loan consolidation with Sallie Mae at a fixed interest rate of 6.625%. The loan was to be transferred to Sallie Mae on or before December 8, 2006. My loan did not transfer over to Sallie Mae until January 12, 2006; however, my previous lender (“ACS”) still shows that I owe them the original balance. So now it appears I have two outstanding loan balances accruing interest on the same initial loan. Furthermore, Sallie Mae arbitrarily increased the interest rate to 7.25%, though I was guaranteed a fixed rate of 6.625%.

I have written both Sallie Mae and ACS to try and resolve this matter. Can you please help me or advise me in some way.

[quephone]

Well, since I can't delete my post, I will just say that my situation is resolved. Sallie Mae is doing an interest rate adjustment and the other lender has credited my account as paid in full as of January 31, 2007.