how do u consolidate student loans?
Feb 05
Student Loans Q&A loan payments 3 Comments
I just graduated college a few months ago but now i have like 8 different loan payments is there a way to combine them into one loan? and how do i go about doing that?
Related posts:
- Should I consolidate my Student Loans before requesting Hardship Deferment? I have been out of college for about a year and a half, after earning two B.S. degrees (Mathematics, B.S. and Computer and Information Systems, B.S.). I owe around ,000 in Federal Student Loans. I have been unemployed since I moved (about three months now) and can no longer make...
- Is it possible to consolidate my student loans and my credit card loans ASAP? I have a lot of loans to pay back and I was just thinking about consolidating all the loans into one. I have 2 credit cards ( one in collection , one almost in collection – hsbc and chase ) Then I got a student loan ( 3 of them...
- What banks or other credible organizations will help consolidate federal student loans? I recently graduated from college with 1,000 in student debt. I have obtained a full-time job but am only making about ,000/month. As it stands right now my monthly payments will be greater than my income (excluding any type of rent or other living expenses). I desperately am in need...
- Can I consolidate undergraduate student loans and get them deferred while in graduate school? I am an undergraduate senior student and I plan to go to graduate school next year. I have about ,000 in loans both federal and private through different lenders. I want to combine the payments but get it deferred while in graduate school. Help please ...
- Does anyone know if it is better to consolidate your student loans or just pay them off one by one? I have 18,000 in student loans and only have 6 months until I start making payments on them. Most of them started out at 2.50% interest and are now at 6.0%. 6,000 of the debt is at 8.95 interest. I want to get them all with one company and at...
- Does anyone know how to consolidate student loans from private lenders and the federal government together? I have a loan from a private bank and a federal stafford loan. can I combine these somehow to save money and make only one monthly payment? ...
- When should I consolidate my student loans and who should I consolidate with? I’m a master’s level student with only a couple of months left of school. I have student loans from my undergrad and graduate program. I know I need to consolidate but I don’t know how. Should I wait until I graduate to consolidate or should I do it now? Also,...
- Can i consolidate my student loans while attending school? I graduated from an Private College, tuition was paid through Loans. I am now attending an University. Can i consolidate my student loans while attending school. I’m afraid of the rising interest that may occur. ...
- where is it best to consolidate student loans? Now a days im skeptical to what website or who does best. i’m about to grad from college and need cheap payments!!! ...
- Should I consolidate my student loans? What are the risks and benefits, pros and cons? I just graduated with k in student loans, and I’m wondering if it’s worth it to consolidate, or if I should leave my loans as they are. My rate is a bit over 6%, and my payments (which start in December) will be about 0 a month. I have a...
Feb 05, 2010 @ 23:55:20
If you have federal loans you can use Direct Loans (direct from the government) to consolidate them. If you have private student loans then you will need to see if you can consolidate with your lender. If you have a combonation of federal and private you can only consolidate all of youe federal loans together with direct loans. Below is the link for a direct consolidation loan.
Feb 05, 2010 @ 23:55:20
if you are really serious about college loans then must visit this site it ll help you.
http://collegeloansconsolidationzone.blogspot.com/
Feb 05, 2010 @ 23:55:20
I just consolidated my students loans. Here is how to do it.
Consolidating your federal loans means you will pay one monthly bill and will determine a fixed rate for the life of your loan. This rate is generally lower than that of a private consolidation offer.
To determine your consolidation rate for your federal loans, a lender will calculate a weighted average of your current loan rates and then round up to the nearest 1/8, but not to exceed 8.25%. Calculate your potential consolidation rates using FinAid’s consolidation calculator.
Your interest rate also depends on the type of federal loans you have and when you took them out.
You can lock in a lower consolidation rate by consolidating during your grace period (the several months immediately after graduation, during which most lenders will not force you into repayment). Consolidating during your grace period, while ultimately helpful because your interest rate is lower, does force you into immediate repayment, even if you still had a few months left before scheduled payments were to begin.
Because Stafford loan holders who graduated in 2007 or after will pay fixed rate interest, it’s not as clear that they should consolidate as it has been in the past.
Note you cannot consolidate loans if you are currently in school.
It is not recommended that borrowers consolidate federal loans into a private loan because you will lose important privileges to defer, apply for a forbearance, or qualify for loan forgiveness under government programs. And under no circumstances should you pay a fee to consolidate your federal loans
If you would like to consolidate your private student loans, you should turn to either Chase, NextStudent, Student Loan Network or Wells Fargo ( WFC – news – people ), Kantrowitz suggests. All offer slightly differing terms, and all have caps on the amount of total debt you can consolidate.
Important questions to ask a consolidator are whether it charges origination fees, if there are prepayment penalties, what the maximum interest rate is and what the life of the loan will be. Read the terms carefully, and if possible, have a friend or relative do the same. If you don’t understand something, ask the lender until you get a straight answer. After all, you’re entering into a contract that can last as long as 30 years.
Steer clear of any lender that charges a prepayment fee. You’ll want the option to pay off the loan early without being penalized for it.