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Consolidating Student Loans
Posted on 10/19/14 at 12:54 pm
Posted on 10/19/14 at 12:54 pm
My gf just graduated and has some loans through different entities, and she is looking to consolidate those loans. I don't have any student loans and have 0 experience in dealing with them, so I was hoping some of y'all could help me out. What's the best way to go about consolidating student loans?
Posted on 10/19/14 at 1:03 pm to iAmBatman
You might not want to if you have different interest rates. I consolidated and have loans at 2 1/2% and 6 1/2%. Now I cannot pay off the 6 1/2% and keep the 2 1/2%. I have to pay them all equally. 2 1/2% is good debt, 6 1/2 not so much.
Posted on 10/19/14 at 1:07 pm to Rust Cohle
How many loans at what rates and principal? Consolidation might not be the best option. If you have some lower amounts at higher interest rates then you should just concentrate on those first.
Posted on 10/19/14 at 1:35 pm to The Bruce
So let's say she has one with significantly higher interest rates and doesn't consolidate them. Can she just pay off the higher IR one first or will she have to pay both off at the same time?
Posted on 10/19/14 at 1:45 pm to LSUsuperfresh
If you don't consolidate, you still have access to each loan. If you do consolidate they are looked at as a whole but with the original interest-rate.
I think that's the whole point of consolidation, that is just a scam to get the borrower into paying those higher rates longer.
What is the advantage? You get just one bill instead of a few?
I consolidated six loans and half were federal and half private, I receive one bill, but if I didn't consolidate I don't think I would get six individual bills maybe two
I think that's the whole point of consolidation, that is just a scam to get the borrower into paying those higher rates longer.
What is the advantage? You get just one bill instead of a few?
I consolidated six loans and half were federal and half private, I receive one bill, but if I didn't consolidate I don't think I would get six individual bills maybe two
This post was edited on 10/19/14 at 1:47 pm
Posted on 10/19/14 at 1:49 pm to Rust Cohle
If you consolidate your interest rate is the average of them, but on one bill. Some companies like Sofi.com have their own rates based on credit score and other factors. You can move this to the money board and get better help. You can put them in online calculators to find the best option.
Posted on 10/19/14 at 2:36 pm to LSUSUPERSTAR
And yet no one asked him how much he owes, how much they make, or if Federal loan consolidation programs with forgiveness is the route he should go. So many variables
Posted on 10/19/14 at 3:09 pm to Teddy Ruxpin
He either doesn't know or doesn't want to say based on posts so far. I was just giving general advice.
Posted on 10/19/14 at 3:21 pm to LSUSUPERSTAR
generally its not in your benefit to consolidate. This is called credit shuffling, and doesnt really benefit you unless you are getting some kind of government assistance with lowering the rate. I'd suggest keeping them as is, pay the minimum payment on the lower interest rates and pay more on the higher rates. This is the best method to help your credit score.
Posted on 10/19/14 at 4:00 pm to Lsujacket66
quote:
generally its not in your benefit to consolidate. This is called credit shuffling, and doesnt really benefit you unless you are getting some kind of government assistance with lowering the rate.
So our two loans at 6.8 and 7.2% consolidated into one at 4.15% was a bad idea? Got it.
Posted on 10/19/14 at 4:38 pm to Golfer
quote:Very curious where you got this done. Not for myself but for my sister
So our two loans at 6.8 and 7.2% consolidated into one at 4.15% was a bad idea? Got it.
Posted on 10/19/14 at 6:40 pm to Golfer
If you don't mind, how many years did you refi for and is that a fixed or variable rate?
Posted on 10/19/14 at 6:43 pm to Teddy Ruxpin
She will be looking for a teaching job near Port Arthur which is pretty low income, so we may explore programs for loan forgiveness. Again, I would probably be lost here again though. I asked her to figure out her interest rates for each, so we'll go from there I guess. I'm gonna be looking to knock them out in 3-5 years though
Posted on 10/19/14 at 7:06 pm to LSUSUPERSTAR
quote:
If you don't mind, how many years did you refi for and is that a fixed or variable rate?
10 years and it's variable at 4 points above LIBOR. Capped at 7.5% though. And if it gets too high I'll just refi to a fixed
Posted on 10/20/14 at 8:35 am to Golfer
quote:
She will be looking for a teaching job near Port Arthur which is pretty low income, so we may explore programs for loan forgiveness.
Definitely look into the public interest jobs loan forgiveness program, as well as the teachers' loan forgiveness programs. The public interest program covers a broad spectrum of jobs, gov't & nonprofit, while the teachers' program is a little more narrow.
Teachers' Loan Forgiveness & Cancellation: LINK
Public Service Loan Forgiveness: LINK
It's a damn shame that both programs aren't promoted heavily by schools/colleges. Practically every week, I encounter someone who could benefit from these programs and knows nothing about them.
Posted on 10/27/14 at 1:16 am to Golfer
quote:
quote:
generally its not in your benefit to consolidate. This is called credit shuffling, and doesnt really benefit you unless you are getting some kind of government assistance with lowering the rate.
So our two loans at 6.8 and 7.2% consolidated into one at 4.15% was a bad idea? Got it.
que the government assistance portion of my post
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