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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.
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 8:23 am to Wal-Mart Warrior
quote:Have you been happy with them? My rate is 6.45% and would love to reduce that.
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.
Posted on 12/19/14 at 8:29 am to RebelOP
Question about Sofi too...
If you do consolidate with them do they automatically put you on 10 year payment plan? Or can I consolidate and repay same length as my current loans have left. I have about 7-8 years left but if I make another extra 2 years of payments with sofi at a lower monthly rate I am likely not saving much money.
If you do consolidate with them do they automatically put you on 10 year payment plan? Or can I consolidate and repay same length as my current loans have left. I have about 7-8 years left but if I make another extra 2 years of payments with sofi at a lower monthly rate I am likely not saving much money.
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.
Posted on 12/19/14 at 8:48 am to LSUFanHouston
So can you refinance at your current payoff date or automatically 10 year cycle. I pay more than I'm willing to admit but I don't want to add more years. I want this crap gone
Posted on 12/19/14 at 9:59 am to DaBeerz
With the refinance you are likely going to get a 10 year term. But if you keep paying the same amount you are now, you will have it paid off in even less time than your current loan, assuming your interest-rate is lower.
Posted on 12/19/14 at 10:11 am to txtiger21
Does anyone know if SoFi offers deferment? I'm 2.5 years out and am considering going back to get a MBA in the next 2 years, at which point I'd like to put my undergrad loans on deferment.
Posted on 12/19/14 at 10:24 am to DaBeerz
You will prob get a 10 year term, but there is no prepayment penalty. So just run an amortization schedule to see how much you need to pay each month to pay it off faster.
Posted on 12/19/14 at 10:26 am to blackoutdore
LINK
So it looks like no... but I would call them an ask.
I would think if you get an MBA, you might have a loss in income while you are in school, so that route might get you some help.
So it looks like no... but I would call them an ask.
I would think if you get an MBA, you might have a loss in income while you are in school, so that route might get you some help.
Posted on 12/19/14 at 10:46 am to blackoutdore
quote:
Does anyone know if SoFi offers deferment? I'm 2.5 years out and am considering going back to get a MBA in the next 2 years, at which point I'd like to put my undergrad loans on deferment.
i thought they did, but i would call to make sure. their customer service reps are pretty helpful. i refi'd with sofi and it was a great experience. my rate was roughly half of my average among my numerous federal loans. as someone already said, your credit is a big factor with them. a rep told me that your salary and other debts is probably their biggest determinant on interest rates.
you will get a new 10 year term. i thought of this as a benefit. i continued to pay what i was paying down before (about double my new minimum payment), but i had the flexibility to reduce my payment if an emergency occurred and needed the cash.
Posted on 12/19/14 at 10:59 am to LSUFanHouston
Ive heard only bad thing about sofi. good to hear otherwise. I cant tell if the reviews are made up or not. Most say they got denied and have excellent credit and plenty of income, they take forever to apply, and are just stealing info.
One thing to consider for federal loans if you go private, is you will lose your deferment options, Income Based Repayment, and loan forgiveness for nurses and teachers. also when you die the loan dies.
I thought you couldn't claim interest for private but I was wrong. its only 2500$ and if your adjusted income is more than 75k, you get no break.
One thing to consider for federal loans if you go private, is you will lose your deferment options, Income Based Repayment, and loan forgiveness for nurses and teachers. also when you die the loan dies.
I thought you couldn't claim interest for private but I was wrong. its only 2500$ and if your adjusted income is more than 75k, you get no break.
Posted on 12/19/14 at 11:00 am to Rust Cohle
Posted on 12/19/14 at 11:03 am to Rust Cohle
As far as the tax deduction for student loan interest, no difference between private and government backed.
I don't use sofi (I consolidated my loans back in 2005 and my interest rate is 1.62% fixed). But I have friends and clients who have applied. It seems like the reject rate is pretty high - you have to have really good credit and stable income.
BUT... for those few people that have made it through... they absolutely love it. They say the service is great. Most of them did save at least a couple of points in interest.
I don't use sofi (I consolidated my loans back in 2005 and my interest rate is 1.62% fixed). But I have friends and clients who have applied. It seems like the reject rate is pretty high - you have to have really good credit and stable income.
BUT... for those few people that have made it through... they absolutely love it. They say the service is great. Most of them did save at least a couple of points in interest.
Posted on 12/19/14 at 8:35 pm to RebelOP
Yes I like them a lot mainly because I was able to consolidate all my loans and get a better interest rate. Before SoFi, my interest rates ranged from 7.5% to 9%. Now I have a 6.7% for all my loans and a lot lower monthly payment.
Posted on 12/19/14 at 8:36 pm to DaBeerz
You can choose 10, 15, or 30 year plans if I remember correctly. I would recommend going to the website and filling out the application and see what you can get.
Posted on 12/19/14 at 8:38 pm to LSUFanHouston
Really, the whole process only took me about a month to complete.
Wish I could have a 1.62% fixed interest rate, must be nice.
Wish I could have a 1.62% fixed interest rate, must be nice.
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