How does consolidating your student loans hurt you in the end?

Feb 14

Mark SingleyStudent Loans Q&A , , , , , , , , , 3 Comments

That’s what many people tell me. Some say it’s beneficial, & others say it’s harmful & raises your interest rates. Because of Hurricane Katrina, I had to get student loans, going to 3 different schools (of course, during the period of the aftermath). I’m on a fixed income (disability), trying to improve my life. I don’t want to discharge my loans. I feel like I didn’t go to college for nothing, & I feel it’s MY duty to pay the loans back. I want to fulfill the dreams of my career, despite my disability. So is it a good or bad idea to consolidate, & how do I do it?

Can I consolidate students loans and credit card to get a lower monthly payment?

Feb 09

Mark SingleyStudent Loans Q&A , , , , , 4 Comments

I have 3 student loans out from college: 1 state, 1 federal, and 1 from my bank and a maxed out credit card that I am paying off. Is there a way I can consolidate all of these together for a lower monthy payment? Right now I pay each bill seperatly and the interest rates keep climbing! Any advice? I am under the impression that I cannot consolidate state and federal loans together…am I wrong about this?

Consolidating student loans?

Dec 19

Mark SingleyStudent Loans Q&A , , , , , , , , 3 Comments

I am looking into getting my federal student loans consolidated through https://loanconsolidation.ed.gov. I had a Perkins loan, and I heard you shouldn’t consolidate that. I also have Direct Stafford loans, but Subsidized and Unsubsidized. Am I able to consolidate these together, or will it mess my interest rates up or something and be bad for me in the long run?

Also, when I look at my loans online (I’m in my grace period still so I don’t have the coupon books) I can’t see my specific interest rate to apply. And I have no idea what my account # is from federal student aid. Can anyone tell me how to get these?

Consolidating student loans?

Dec 17

Mark SingleyStudent Loans Q&A , 3 Comments

I currently have loans from school and have 2 years left till I graduate. Should I consolidate the loans now and lock in the interest rates; or should I keep the loans as is until the end of school.

If I consolidated my student loans, would that raise my credit score?

Nov 18

Mark SingleyStudent Loans Q&A , , , , , , , 3 Comments

I haven’t consolidated my loans yet b/c I have heard rumors that congress is going to help lower student interest rates, so I’m taking a gamble and hoping the rates will lower. I have 11 seperate student loan accounts. Would my credit score go up if I consolidated, since I would then have 1 instead of 11 accounts? Would it be better in regards to my credit score to leave them as is?
Current score is about 650.

Private student loan consolidation?

Nov 09

Mark SingleyStudent Loans Q&A , , , , , , , , , , , 2 Comments

My husband and I have a sizable amount of student loans (almost 0,000 combined) that are in private loans through Sallie Mae. My interest rates are outrageous, some are 7% to as high as 15%. Are there any good options for private student loan consolidation? If not, what other options are there to refinance these loans (would a home equity line of credit be better)? We are both looking to lower the payments and get a fixed interest rate while the prime is low. Thank you in advance for your advice and assistance.

Student Loan?

Nov 02

Mark SingleyStudent Loans Q&A , , , , 1 Comment

Is there a way to refinance my student loans or otherwise get my interest rates lower. I hate the credit company my loan was sold to, and they jacked the interest rate up to 14.75% right away, and the balance as infact grown eventhough i have been double paying every month to get them paid off?! Thanks to anyone that can help me out on this one!

Student Loan Consolidation?

Oct 23

Mark SingleyStudent Loans Q&A , , , , , , , , , , , 2 Comments

I’m just about to graduate from a private college and have a good amount of debt (private and federal). I have been looking into consolidating with Sallie Mae (most of my loans are through them) and it seems like a good deal. However, I also get consolidation mailings from companies like NelNet and Student Loan Xpress and was wondering if anyone has dealt with them before. SM and the other companies all compute your interest as a weighted average so they seem pretty similar. Specifically, StudentLoan Express (a CIT company) says I can get a rebate AND deductions off of my interest rate when I do an automatic payment. I’m just wondering if anyone has used these companies and/or places with rebates. I don’t need too much detail with interest rates and such because I understand all of those things (finance major) but anything else would really help. Thanks!

What questions do I need to ask to get the best rates and terms on a Federal Student Loan consolidation?

Oct 21

Mark SingleyStudent Loans Q&A , , , , , 2 Comments

Interest rates (Sallie Mae) will most likely be going up on July 1. I have received many, many offers in the mail to consolidate my school loans (these are similar to credit card offers). I do want to lock in at a fixed lower rate before rates increase. Currently, rates vary from 2.75% to 4.75%. What do I need to know to not get screwed? Are some companies more reputable than others? How would I find out? Are there hidden fees to be worried about? I graduate this June.

Who would be the best company to consolidate my student loans?

Oct 15

Mark SingleyStudent Loans Q&A , , , , , , 2 Comments

I only have ,500 in student loans. I’ve heard some bad things about interest rates with Sallie Mae, while Nellnet will only consolidate if you have at lease K in loans. Any suggestions. I do believe that I only have 2 lenders. I was reading that if you consolidate you might lose out on the borrower benefits that the lenders offer, i.e., lower interest rates if the rates should drop. Please offer good advice. thanks.

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