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lsaltee 
LSU Fan
poppin a tent, roastin marshmellows
Member since Sep 2007
2656 posts
| how do i go about consolidating student loans (Posted on 1/30/13 at 8:26 am)
My wife of less than a year just sprung on me that she has over 50,000 in school loans. She claims she told me but I think I would have remembered that. anyway, Sallie Mae has them and they are 4 separate loans with interest rates ranging from 9-11%
She has graduated and is paying the minimum at the moment.
How do can i consolidate and get a lower interest rate?
Just an fyi she isnt in charge of our finances and never will be unless i die. Im just trying to weed through her mess so we can get this stuff paid off.
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jmcwhrter
Member since Nov 2012
35 posts
| re: how do i go about consolidating student loans (Posted on 1/30/13 at 8:46 am to lsaltee)
Could be worse.. How about your wife of less than a month finds out that her MOTHER racked up $60k+ in student loans in her name that she never knew about..
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WikiTiger
LSU Fan
Member since Sep 2007
38300 posts
| re: how do i go about consolidating student loans (Posted on 1/30/13 at 8:59 am to lsaltee)
quote:
My wife of less than a year just sprung on me that she has over 50,000 in school loans.
you should take that to the OT, they'll have a field day with it
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Doc Fenton
Amor Fati
Member since Feb 2007
46573 posts
| re: how do i go about consolidating student loans (Posted on 1/30/13 at 9:18 am to WikiTiger)
My thoughts as well. 
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guttata
LSU Fan
prairieville
Member since Feb 2006
18250 posts
| re: how do i go about consolidating student loans (Posted on 1/30/13 at 9:23 am to WikiTiger)
I believe it really depends on what the rate is going to do. The rates are set each year and you would just consolidate to whatever the current rate is. By colidating them, you have a lot longer time to pay them back, which lowers your payment. When I graduated, back around 2000, rates were like 7-8% and most of my classmates consolidated then. I, however, tried to make normal payments till the rate was going to change. Luckinly the rates went down to like 5%, at which time I went ahead and consolidated.
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Golfer
LSU Fan
Coral Bay, St. John, USVI
Member since Nov 2005
47526 posts
| re: how do i go about consolidating student loans (Posted on 1/30/13 at 10:37 am to jmcwhrter)
quote:
How about your wife of less than a month finds out that her MOTHER racked up $60k+ in student loans in her name that she never knew about..
Sue your MIL to remove your wife's name from the guarantor list due to fraud.
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schexyoung
LSU Fan
Deaf Valley
Member since May 2008
2565 posts
| re: how do i go about consolidating student loans (Posted on 1/30/13 at 10:39 am to lsaltee)
quote:
My wife of less than a year just sprung on me that she has over 50,000 in school loans.
shite man. My wife and I definetly had this conversation prior to the marriage. She is adament about paying them off herself. I am also curious about consolidating, so great post. One of those things I keep putting on the back burner.
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Catman88
LSU Fan
Baton Rouge, LA
Member since Dec 2004
36377 posts
| re: how do i go about consolidating student loans (Posted on 1/30/13 at 10:47 am to lsaltee)
Used to be the easiest thing in the world to do. About 9 years ago you would get letters from every tom dick and harry wanting to consolidate your loans. Im amazed how much has changed in such a short period of time with that.
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lsaltee
LSU Fan
poppin a tent, roastin marshmellows
Member since Sep 2007
2656 posts
| re: how do i go about consolidating student loans (Posted on 1/30/13 at 10:48 am to schexyoung)
quote:
My wife and I definetly had this conversation prior to the marriage
as did we. she just didnt fully disclose the amount.
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saderade 
New Orleans Saints Fan
America's City
Member since Jul 2005
19698 posts
| re: how do i go about consolidating student loans (Posted on 1/30/13 at 11:00 am to jmcwhrter)
quote:
Could be worse.. How about your wife of less than a month finds out that her MOTHER racked up $60k+ in student loans in her name that she never knew about..
Has to be something you could do about this
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cas4t
LSU Fan
Member since Jan 2010
11551 posts
| re: how do i go about consolidating student loans (Posted on 1/30/13 at 11:08 am to lsaltee)
Federal Loan Consolidation
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jmcwhrter
Member since Nov 2012
35 posts
| re: how do i go about consolidating student loans (Posted on 1/30/13 at 11:13 am to saderade)
I guess I should have worded that differently.. My wife knew about the loans, but didn't know the amount was as high as it was...
One of those things where a normal person would decide between taking out a massive loan, or pinching pennies for a couple of years.. In this case, MIL felt it was easier to just take out the massive loan and dole out cash as she saw fit.
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lsaltee
LSU Fan
poppin a tent, roastin marshmellows
Member since Sep 2007
2656 posts
| re: how do i go about consolidating student loans (Posted on 1/30/13 at 11:14 am to cas4t)
quote:
Federal Loan Consolidation
they are private loans
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foshizzle
LSU Fan
Member since Mar 2008
25135 posts
| re: how do i go about consolidating student loans (Posted on 1/30/13 at 11:21 am to lsaltee)
Exhibit A in why you should see your prospective spouses credit report.
I guess it could be worse. She could have said "Remember that ex I told you about? Well, he isn't really an ex these days ..."
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Golfer
LSU Fan
Coral Bay, St. John, USVI
Member since Nov 2005
47526 posts
| re: how do i go about consolidating student loans (Posted on 1/30/13 at 11:27 am to jmcwhrter)
quote:
I guess I should have worded that differently.. My wife knew about the loans, but didn't know the amount was as high as it was...
One of those things where a normal person would decide between taking out a massive loan, or pinching pennies for a couple of years.. In this case, MIL felt it was easier to just take out the massive loan and dole out cash as she saw fit.
So your wife agreed to cosign on a loan without knowing the amount?
Actually this reeks of BS too, because I've cosigned every one of my wife's student loans and the documents all have the amount that is being requested listed.
This post was edited on 1/30 at 11:28 am
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hiltacular 
Georgia Tech Fan
ATL
Member since Jan 2011
5889 posts
| re: how do i go about consolidating student loans (Posted on 1/30/13 at 11:41 am to Golfer)
quote:
So your wife agreed to cosign on a loan without knowing the amount?
Actually this reeks of BS too, because I've cosigned every one of my wife's student loans and the documents all have the amount that is being requested listed.
In college, my parents took out a loan in my name to pay off tuition. I don't remember signing anything.. I could easily see someone thinking that the loan would be small when in actuality it was really big.
My loan was only $2k fwiw so it was really no big deal.
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Golfer
LSU Fan
Coral Bay, St. John, USVI
Member since Nov 2005
47526 posts
| re: how do i go about consolidating student loans (Posted on 1/30/13 at 1:48 pm to hiltacular)
quote:
In college, my parents took out a loan in my name to pay off tuition. I don't remember signing anything.. I could easily see someone thinking that the loan would be small when in actuality it was really big.
My loan was only $2k fwiw so it was really no big deal.
It sounds like the $60k loan wasn't for his wife, but for his MIL's education. His wife was a co-signer.
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jmcwhrter
Member since Nov 2012
35 posts
| re: how do i go about consolidating student loans (Posted on 1/30/13 at 3:26 pm to Golfer)
Backwards ... MIL took out the loans in daughter/wife's name, but money was for daughter/wife to go to school.
She always knew she had loans, but they were smaller ones each year (Stafford, etc.). We're in the process of buying our first home now, and looking through her credit report we noticed one lump sump loan that was worth more than double the previous balance of all the other smaller ones combined.
Wife certainly doesn't remember signing for it.. MIL claims it was ANOTHER series of smaller loans that got consolidated into one giant one (even though it's not labeled as consolidated).
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lsaltee
LSU Fan
poppin a tent, roastin marshmellows
Member since Sep 2007
2656 posts
| re: how do i go about consolidating student loans (Posted on 1/30/13 at 3:51 pm to jmcwhrter)
well can you ask your MIL how she consolidated the loans since this thread got derailed?
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jmcwhrter
Member since Nov 2012
35 posts
| re: how do i go about consolidating student loans (Posted on 1/30/13 at 3:52 pm to lsaltee)
Sorry -- mouth shut
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