I included Navient loans in a consolidation with the federal government, and while processing, I received a call directly to my cell by a Sallie Mae representative. I was informed I should withdraw my loans from consolidation because they were eligible for a special incentive if I kept the loans with Sallie Mae. Namely, that every 12 on time payments I made would lower the interest rate on my student loans by 1%, up to a total of 3%. I was informed if I transferred them to the government I would lose that incentive. As two of my loans are at less than three percent, I was informed the interest rate would even go negative on these, although the representative informed me they had not decided what to do in that circumstance. On this basis, I called the government consolidation line to withdraw just my Sallie Mae loans, mentioned what Id been told by the Sallie Mae representative, and the government representative told me they were not permitted to contact me like that. Yesterday, after calling Sallie Mae to set up autopayments, I was informed there was no such incentive program on my loans. Rather, I would receive a rebate, although in 3 calls no one at Sallie Mae would tell me how much the rebate was. This is a very substantial amount of money over a 25 year repayment term for about $100,000 in principal, and they prevented me from an interest rate reduction from consolidation.
I included Navient loans in a consolidation
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