Question by r h: Student Loans Repayment?
Hello,

I have 3 students loans that I have accrued throughout my college career. I recently graduated and have begun thinking of repayment options. Two of the loans are government loans, and one is private, Stafford Loan, Perkins Loan, and NJ Class loan respectively.

I was wondering what the best option was for repaying i.e. loan consolidation or paying each loan separately. The Perkins I would not include in consolidation as it experiences a fixed rate of approx. 4%.

I was thinking it might be possible to take out a regular bank loan (especially with these low interest rates) and use the proceeds to pay back all my loans and only have to worry about this new bank loan. Does anyone know if that is possible?

Thanks very much in advance.

Best answer:

Answer by Woelfe
You are saying you essentially have 3 loans, 2 govt and 1 private. The Perkins is a 5% fixed interest rate loan, and the Stafford if disbursed after July 1, 2006 is a fixed interest rate of 6.8%. The private loan is going to be a variable rate loan that will fluctuate based on the market.

You really should not bother with consolidation. For starters, if all your govt loans already have fixed interest rates you are all set. Second, you cannot consolidate private with federal loans. And you are unlikely to find a better deal to be honest than the rates you already have. Well maybe on the private loan.

You have to be careful about paying off all your loans with another non-education private loan because they will not likely offer forbearances or adjusted monthly payments in event of economic hardship. And the government loans are full of repayment benefits like unemployment deferments, economic hardship deferments and forbearances.

Your best bet is to put as much resources into paying off the private loan first, and then concentrate on your Stafford, and then Perkins. It is called debt stacking – paying off your higher interest rate loans first.

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Question by Searcher’s Curious Account: Need advice on student loan repayments?
I’m a college student in my last semester of school (14 weeks to go!!!)

Any advice on consolidation and repayments?

In particular, about the monthly payments. Have you had any options to make the payments over the longer period and when you had additional money did you pay extra?

Were they honest about the monthly loan amout?

Have you found that there are any problems with paying extra on the principal or paying more than one month at a time?

Have you found any concerns about penalties for missing or late payments? I’ve heard that they really raise up the interest rate if you are even one day late.

Any suggestions on loan consolidadation companies. I’m getting 3 or 4 companies contacting me each week and it’s difficult to know what to look for.

Thanks for any advice you may have!
Sorry about the typos, I did not do a good job of proofreading my question.

Best answer:

Answer by nabdullah2001
I would go with a company called Educational Direct because they will help you lock in a fixed rate so it doesnt increase your interest rate and for now until you find a job to put your loans on deferment NOT forbearance because if you put your loans on forbearance you are responsible for the interest that builds on it. When it’s deferred you won’t be responsible for the interest. Calculate what you’re going to pay and make sure you are on time with every payment and if you can pay over the minumum balance to make your payments less if your finances allow it. The goal is to pay your loans off on time so you can get it paid off sooner than later because you’re late with payments and it will keep the defaults off your credit history. Make sure that you stay ahead of things and any notices you get keep them because if sudden changes happen to your payments where the company isnt posting them you got written proof that you were notified of any changes or adjustments.

Here’s a tip keep a calendar and mark on each month when your payments are due and that should remind you so you don’t forget when a payment is due so you’re not late. If you can pay it online so it gets there faster so you’re not trying to hunt down a stamp to mail off checks and money orders. I hope this helps you

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Question by Sophia H: Sallie Mae consolidation of private student loans debt.?
I currently have ,000 in student loan debt from undergrad/grad through Sallie Mae. The interest rate is 9%, and my montly payments are outrageous. After the capitolized interest, I will be paying close to 0,000 after 12 years. My great grandchildren will be paying this debt long after I am gone. What is the best way to consolidate this debt and get a lower interest rate and better monthly payments. I am living in hell right now. Any advice would be greatly appreciated. Thank you.

Best answer:

Answer by gabriel s
Bad credit is one of the worst problems to have… however there exists a solution.

I will hereby talk from my personal experience.

I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,

a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :

http://umgarticles.atspace.com/debt-consolidation.htm

if it helps kindly remember me in your voting!.. cheers!

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Question by HazelSkyye: Questions on Loan Consolidation?
I am new to all of this because fortunately between my parents and scholarships my undergrad degree was paid in full.
Yesterday Igraduated with my Masters and I have a TON of student loans to repay. The program itself was very expensive. My job does give me some reimbursement for that (,000 every fiscal year, as long as I still work there and until the tuition cost is paid off) but the interest that collects in the mean time is all on me and it is a lot.
That said, I need to call and get my loans consolidated but I do not know the first thing about doing this. Do I call the company I have my loans through? (mostly FAFSA sponsored) Do I call a bank? What kind of information do I need to have ready to speak to them? Any tips on getting lower percentage rates? If I have a credit card with less APR than my loans would be it be wise to pay some with that because its less money or a bad idea because student loans are “acceptable debt” versus a credit card?
Any advice that anyone has on how to go about this, good or bad company’s, things to look out for, etc. are much appreciated!

Best answer:

Answer by Oya A
You can find information from following webs

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