Consolidating Student Loans
- Thread starter janey83
- Start date
and you would know because.....?
C
czygvtwkr
Guest
I doubt the rate will go up much , anyway what consolidation will do is sell your loans off from the government to a commercial entity.
I got out of college in 2000 and the interest rate on my loan was about 7.5% but I waited and the rate fell to 4% and I grabbed it.
You will receive all sort of mail from different companies I have mine through Great Lakes and haven't had a single problem with them.
I got out of college in 2000 and the interest rate on my loan was about 7.5% but I waited and the rate fell to 4% and I grabbed it.
You will receive all sort of mail from different companies I have mine through Great Lakes and haven't had a single problem with them.
itsbob
I bowl overhand
BuddyLee said:
I see some bad info in here.. and having graduated in the last few years, and being a little older then most, will give my two cents.
Consolidation of student loans is NOT automatic.. you have to go out and do it yourself. I consolidated 3 years of loans for me, and two for the ex, who I got through nursing school, our (MY) payments went from over $400 a month to $111 a month.. I pay a little more then 2.5% interest on my loans, with a .5% discount because I have the payment automatically deducted from my checking account.
Payments on consolidated loans CAN be deferred. In my case, both my ex and I would have to be going to school to get the payments deferred since we consolidated our loans together. With the deferrment interest would still acrue, but at 2.5% who would care much??
Janey, I would call the company offering the consolidation and ask them these questions.. I think you could consolidate the loans you currently have (should be a seperate loan for each semester), and then in turn defer the payment on those loans until 6 months after you graduate. But ASK before you do anything. I would definetly jump at the chance to have ANY of my student loans at <3%, that's just free money at that point. If the rates do go up, then only one year of your loans would be effected by the increase. And in the end you'd probably be allowed to roll the new loans into your older consolidated loans.. am looking in to that now myself to see if I take loans out for grad school can I roll them into the older laons at the same rate.
To give you an idea of WHY you should ask the consolidation company..
One company said I couldn't consolidate my and my ex's loans together because hers were less then 15K... another company was HAPPY to do it.. and consolidated ALL of our loans.. I used SUNTECH
C
czygvtwkr
Guest
Just remember its a one time thing, once you do it you cant do it again or un do it.
I got out 5 years ago, and consolidated about 4 years ago.
Bob bad move putting your loans with the now X's.
I got out 5 years ago, and consolidated about 4 years ago.
Bob bad move putting your loans with the now X's.
janey83
Twenty Something
BuddyLee said:
See, and that is what sucks about college, you have to do school & work at the same time and make hardly any money. I know, b/c I've worked during the semester, as much as you probably doubt that. Going away to college isn't about a few hours of class a day, and sitting in a dorm room. Think about it this way -- at least you get home cooked meals AND your own bed (that 100 people haven't already used) while you go to college.
BuddyLee
Football addict
Welcome to Life, haven't you said the same about high school and working?janey83 said:
I don't doubt a bit, I know you've worked this semester and a few meager Summer jobs. However, don't ever mention a mere hint of comparing my working habits to yours.janey83 said:
janey83 said:
Awwwjaney83 said:
...it's called a choice sista, you made your bed now sleep in it, even if 100 others have before you.
I would have LOVED to gone away to college, but couldn't afford it nor could my mom. I took out student loans and paid back every single penny. I've spent 20+ years working full-time AND going to school. I would have LOVED to have a home-cooked meal because most of the time I was too exhausted from working and doing 4+ hours of homework a night and/or sitting in class for 3 hours. I worked midnight shifts making crap for money and went to school. I commuted 2+ hours a day to gain experience while making crap for money and went to school. I worked 60+ hours a week so I could make better money, get where I am today and still went to school. I learned how to live off of 4-5 hours of sleep a night for weeks on end. I've sacrificed many, many things over the years and if the worse thing you have to put up with is dorm food and a used bed, count yourself extremely lucky.janey83 said:
This is REAL life. Get used to it. Believe me, your college years will seem like a vacation when you get out into the work force.
True, but I can think of a lot of other things M.R.S. could stand for. 
C
czygvtwkr
Guest
jazz lady said:
Aint that the truth, I worked 20 hrs a week and took 18 credits most semesters and still had more free time than I have now.
Graduate school was even better!
I feel your pain. I finished grad school last year. I buckled down the last year and took 2 courses a semester and one over the summer. I was easily putting in 80 hours a week plus working 40+ hours a week. I was toast by the time I was through.czygvtwkr said:
itsbob
I bowl overhand
I'm in the middle of a Masters right now.. taking two classes a semster so I can finish up by next summer..jazz lady said:I feel your pain. I finished grad school last year. I buckled down the last year and took 2 courses a semester and one over the summer. I was easily putting in 80 hours a week plus working 40+ hours a week. I was toast by the time I was through.
But it's so worth it when you're done. It's a great sense of accomplishment. 
Chasey_Lane
Salt Life
It couldn't be that bad. You seem to go out and party a lot. :shrug:janey83 said:
Chasey_Lane
Salt Life
But DoWhat could afford more Twinki's if he had a college edumucation. :shrug:K_Jo said: