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Started By
Message
Student Loan consolidation
Posted on 8/11/16 at 7:12 pm
Posted on 8/11/16 at 7:12 pm
I currently have about 35k in student loans and still is school working on my Masters degree. My student loans show as 12 different accounts with different amounts on my credit reports. How do I get them to display as one single account?
7
Posted on 8/11/16 at 7:44 pm to GeauxTigers1983
You could check out SoFi or one of those groups. If the interest rate is all the same it really doesn't matter.
Posted on 8/11/16 at 8:32 pm to Saint5446
quote:People suggest this too often in my opinion. The flexibility that Federal repayment plans give you, in my opinion, outweigh the slightly lower interest rate you get for refinancing with SoFi. SoFi
SoFi or one of those groups.
Also, since OP is still in school he/she might have interest subsidized loans, which he'd lose if he refinanced with SoFi right now.
To the OP, I don't know of any way to get your loans to show on one account without taking out a new consolidated loan to pay off all the other loans. I think it's just something you deal with until you graduate. There may be some types of loans that you can consolidate now, but be careful. Make sure you know what you're doing and/or giving up before you consolidate with a specific loan type or service. There are lot of options out there, and choosing the wrong one can have consequences you may not understand.
Posted on 8/11/16 at 8:36 pm to jturn17
quote:
The flexibility that Federal repayment plans give you, in my opinion, outweigh the slightly lower interest rate you get for refinancing with SoFi. SoFi
We can temp defer or change loan terms, etc with SoFi.
Posted on 8/11/16 at 9:25 pm to Golfer
In 17 years the Fed program will forgive my balance no matter what. Whatever I owe. Does Sofi do that? No they check my face book friends to determine the interest rate lil weird just saying
This post was edited on 8/11/16 at 9:26 pm
Posted on 8/11/16 at 9:59 pm to gobuxgo5
Check your Facebook friends? Please explain this.
Posted on 8/11/16 at 10:16 pm to cfa626
Posted on 8/11/16 at 10:23 pm to Golfer
quote:From what I've read it's for 3 months with up to 12 months total for life of loan. For federal direct loans, it's up to 3 years. While many people may never have to worry about this, it's something to think about.
We can temp defer or change loan terms, etc with SoFi.
Plus there are no forgiveness options, whether it be for teachers, public service, payments over 20 years, etc.
My only point was for the OP to be careful. In every student loan thread started on this board, someone says refi with SoFi without mentioning that SoFi is not right for everyone. Many people should just stick with refinancing through the direct federal loan programs, even if it does mean paying 1-2% more.
Once you refinance out of direct federal loans, there's no way to refinance back into them.
Posted on 8/11/16 at 11:01 pm to jturn17
But but but SoFi dawg
Posted on 8/11/16 at 11:07 pm to gobuxgo5
Well, Sofi has 20 year rates. And I never claimed it was meant for everyone. It's worked great for us with the size of loans we had, and the break down of the federal vs. private. Not to mention at our income level 20 year IBR doesn't make sense.
Posted on 8/12/16 at 8:18 am to jturn17
quote:
People suggest this too often in my opinion. The flexibility that Federal repayment plans give you, in my opinion, outweigh the slightly lower interest rate you get for refinancing with SoFi. SoFi
I checked out SoFi, and I didn't pull the trigger because of what you brought up.
It isn't an issue now, but if somewhere in the next 5 years left of my repayment something happens that would cause me to struggle financially, I like the bit more flexibility the federal system offers me.
Posted on 8/12/16 at 8:49 am to GetCocky11
You also can't bankrupt federal loans.
Posted on 8/12/16 at 9:59 am to Golfer
I did DRB with 113k at 2.8% over 10 years variable......I've already got it down to 90 in 6 months......rate has changed to 3.04%.....
people told me not to do it but I figured since most interest is front loaded I could eat the percentage point max if I payed over.....so far best move I've made with student loans.
people told me not to do it but I figured since most interest is front loaded I could eat the percentage point max if I payed over.....so far best move I've made with student loans.
Posted on 8/12/16 at 12:54 pm to Golfer
i'll second sofi. my loans were at the old ~7% and up federal rates, so sofi cut my average rate in half. i was never worried about not being able to pay, i was much more concerned with how much i was paying. the lower rate saved me a couple hundred a month on my minimum payment. highly recommend sofi.
Posted on 9/24/16 at 7:03 am to GeauxTigers1983
Whatever replies I have seen is without any sense. If you want appropriate direction, the best way is to discuss the matter with credit card negotiator. They are masters in this field and will guide you in the right direction.
This post was edited on 9/24/16 at 7:06 am
Posted on 9/24/16 at 7:46 am to GeauxTigers1983
SoFi was not our best option. They actually quoted us a rate 100 bps higher than the fed rate.
Personally, Earnest and LendKey were the best for us. Check out White Coat Investor for help regardless if you are a doctor or not.
Personally, Earnest and LendKey were the best for us. Check out White Coat Investor for help regardless if you are a doctor or not.
This post was edited on 9/24/16 at 7:47 am
Posted on 9/25/16 at 11:16 am to gobuxgo5
How do you figure 17 yrs and they will forgive it? Are you a federal employee?
Posted on 9/25/16 at 1:33 pm to Golfer
How good is the temp defer that sofi offers?
Posted on 9/26/16 at 6:51 am to jturn17
quote:
Also, since OP is still in school he/she might have interest subsidized loans, which he'd lose if he refinanced with SoFi right now.
Federally subsidized loans have not existed since 2011ish.
Another poster used the white coat investor as a reference..thats an excellent resource to get educated on what the best route to go.
Posted on 1/10/17 at 10:43 pm to lilsnappa
quote:I've found information on them limiting the length and limiting subsidies on grace periods, I haven't seen anything on them not existing.
Federally subsidized loans have not existed since 2011ish.
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