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Student loan consolidation
Posted on 12/19/14 at 7:44 am
Posted on 12/19/14 at 7:44 am
Is there any way to consolidate multiple student loans all into one?
More specifically, consolidate my wife's student loans with mine? I would much rather only have 1 payment to make and maybe some lower interest rates. I think we are both at 6.8% right now.
More specifically, consolidate my wife's student loans with mine? I would much rather only have 1 payment to make and maybe some lower interest rates. I think we are both at 6.8% right now.
3
Posted on 12/19/14 at 7:56 am to BoogaBear
I'm almost positive two people can't consolidate their loans together. But you can consolidate loans individually if you have multiple student loans.
Posted on 12/19/14 at 7:57 am to BoogaBear
Try sofi.com. I actually consolidated with them after I found out about them on here! I was able to consolidate both Private and Federal loans into one loan. The interest rate they gave me is actually just as low as my lowest rate I was paying before.
Edit: I missed the part where you were consolidating yours and your wife's loans. Yeah I am not sure if you are able to do that.
Edit: I missed the part where you were consolidating yours and your wife's loans. Yeah I am not sure if you are able to do that.
This post was edited on 12/19/14 at 7:59 am
Posted on 12/19/14 at 8:39 am to BoogaBear
Sofi does refinance, not really consolidation.
Consolidation basically just means rolling all your government loans into one, and the interest rate is a weighted average of your underlying loans, so you don't save any money. But, you do get a single rate and a single check to write.
Sofi basically refinances the loans - tears up the old ones and writes new ones for the total balance. Because of this, you may do both private and government loans. You will have to credit-qualify. You will get a new payment term.
There are certain benefits to government loans like IBR that you lose if you refinance with Sofi.
So... it may be a great idea or a terrible idea depending on your situation.
Consolidation basically just means rolling all your government loans into one, and the interest rate is a weighted average of your underlying loans, so you don't save any money. But, you do get a single rate and a single check to write.
Sofi basically refinances the loans - tears up the old ones and writes new ones for the total balance. Because of this, you may do both private and government loans. You will have to credit-qualify. You will get a new payment term.
There are certain benefits to government loans like IBR that you lose if you refinance with Sofi.
So... it may be a great idea or a terrible idea depending on your situation.
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