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School Loan Consolidation
Posted on 1/29/16 at 10:21 am
Posted on 1/29/16 at 10:21 am
I know this topic has likely been covered many times on here but I couldn't find a ton on threads on it. I have about 22K in student loans spread across 2 or 3 lending companies with most of them having 6.8% int. My wife has about 21K in loans spread over 2 lending companies with what I believe to be 6.8% as well.
I have briefly looked into consolidating all of our loans into one lump loan but i haven't done much for 2 reasons;
1. I fear once I consolidate I will lose any forbearance options in the event we lose a job or have a serious injury because it seems most companies don't have the same forbearance leniency
2. It seems most companies take an average of the interest rates when consolidating and most of our loans have 6.8% with a few 2.3% loans scattered in.
I would need to find a company that takes private and federal loans but if most of our loans are at 6.8%, consolidating may only drop me 1 to 1.5% points and I don't know if its worth it to not have the forbearance option in my back pocket in the event of problems.
Has anyone had success with loan consolidation with you and your spouse? Who would you recommend and was the outcome worth it?
I have briefly looked into consolidating all of our loans into one lump loan but i haven't done much for 2 reasons;
1. I fear once I consolidate I will lose any forbearance options in the event we lose a job or have a serious injury because it seems most companies don't have the same forbearance leniency
2. It seems most companies take an average of the interest rates when consolidating and most of our loans have 6.8% with a few 2.3% loans scattered in.
I would need to find a company that takes private and federal loans but if most of our loans are at 6.8%, consolidating may only drop me 1 to 1.5% points and I don't know if its worth it to not have the forbearance option in my back pocket in the event of problems.
Has anyone had success with loan consolidation with you and your spouse? Who would you recommend and was the outcome worth it?
This post was edited on 1/29/16 at 10:23 am
3
Posted on 1/29/16 at 10:36 am to cberni1
I wouldn't consolidate the 2.3% ones.
In my situation, I had probably 7 different loans stemming from undergrad to law school, so I didn't mind lumping in the low rates to bring down the rate a little bit, as I was going to handle all the loans the "same" anyways.
However, in your situation, juggling 3 isn't that big a deal. So I'd just focus on getting a lower rate on the other 2 if your other fears are satisfied.
I consolidated with the Feds so I didn't have to worry about losing any protections, so someone here who did it with SoFi or something can speak on that.
In my situation, I had probably 7 different loans stemming from undergrad to law school, so I didn't mind lumping in the low rates to bring down the rate a little bit, as I was going to handle all the loans the "same" anyways.
However, in your situation, juggling 3 isn't that big a deal. So I'd just focus on getting a lower rate on the other 2 if your other fears are satisfied.
I consolidated with the Feds so I didn't have to worry about losing any protections, so someone here who did it with SoFi or something can speak on that.
Posted on 1/29/16 at 10:38 am to cberni1
Keep the sub 4% loans out of consolidation.
Consolidate the 6.8% loans with Sofi. They have forbearance options.
Consolidate the 6.8% loans with Sofi. They have forbearance options.
Posted on 1/29/16 at 10:50 am to Golfer
Any benefit to SoFi vs. a Federal consolidation? I can do the Nelnet version of refinancing and stay with Federal loans.
Posted on 1/29/16 at 10:56 am to cberni1
Lower rates, I'd imagine.
Posted on 1/29/16 at 11:14 am to Golfer
FWIW, I did the initial rate review at SoFi and would only be dropping to a 5.125% (autopay) percent at 5 years while saving roughly $1500 over the life of the loan. While that seems appealing, it would increase my monthly total payment, with my other loans, to more than I pay now. The $1500 savings isn't worth being chained down by that high of a monthly payment when a house and kids come in the next few years.
The other option is a a 7 year which saves me $200 over the life of the loan and a smaller monthly payment. I'd like this gone sooner than later so I'm going to rule this out.
Thanks for the advice all. I guess I'll stick with what I'm doing and despise the government for their 6.8% decision.
The other option is a a 7 year which saves me $200 over the life of the loan and a smaller monthly payment. I'd like this gone sooner than later so I'm going to rule this out.
Thanks for the advice all. I guess I'll stick with what I'm doing and despise the government for their 6.8% decision.
Posted on 1/29/16 at 12:09 pm to cberni1
quote:
The other option is a a 7 year which saves me $200 over the life of the loan and a smaller monthly payment. I'd like this gone sooner than later so I'm going to rule this out.
Can I have $200 for nothing because clearly you have the money to give away.
You can pay more than the required monthly payment, once the loan is setup.
Posted on 1/29/16 at 8:58 pm to cberni1
I wouldn't combine yours and your wife's. If one of you were to die the other would be accountable for all the total loan amount.
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