Student Loan Consolidation - if both spouses have $80K+?

OK so I asked about the 20% plan and because we both have huge loans, the only option is to pay 40% of our income for 30 years. (20% of our combined income twice). I argued, talked to supervisors, but that is the best deal they can give us. Regular payments would be $3K/month, which is more than we make. We were both low-income kids who thought going to college was a good idea, now we will never get out from under. It seems so completely hopeless so any ideas would be helpful.

You don't take the time to explain the types and amounts of the loans that you have so it is difficult to know what to tell you, or how to advise handling consolidations. I'm going to guess that the lion share of these loans is private education loans that you took out. The smaller amount is most likely federal.

If you have at least 30k in federal debt you can use extended repayment to lower your monthly payment. This increases the life of the loan from standard (10 years) to a 25 year repayment period. If you use the whole 25 years to repay it is going to significantly increase the total amount you pay for the loan because of interest accruing over a longer period.

For federal loans there are also forbearance and economic hardship options you can take if you are struggling to make payments. Consolidating federal loans into a federal consolidation program is ONLY going to be useful if you have older variable interest rate Stafford loans. By consolidating these after July 1, 2008 you can lock in a lower fixed interest rate.

As for consolidations of private debt I would advise against this, and if you do find some programs read all the fine print because in many of the instances we have found that the borrower ends up paying far more in the long run. Best to suffer with the loans you currently have. And you never want to use a program that offers to consolidate your federal with your private. That is bad because you will lose your forbearance/deferment options.

Going to school was a great idea because over your lifetime you have the potential to earn significantly more with a degree than without one. However, it would be good if someone slapped you around when you decided going to an expensive school that you could not afford to repay private loans for was a good idea. Maybe someone did caution you about it and you were just ignorant. I see it happen to a lot of people. It is important to understand the cost you will pay over the life of college and know how much you will need to repay so you can decide if the school is the right choice financially.

Best options is to start working 2nd jobs and cut way back on your expenses, bare bones as much as possible. Extend your federal repayment period as much as it allows to give you a lower monthly payment, then use your deferment options on federal loans and while they are on hold throw every single copper, wooden nickel and kitchen sink at paying off the private loans. You are going to have to work your asses off to pay it off, but when you do you will be far better off for it.

Can I ask what/where you studied that costed $80,000 and you don't make $3000/month? I went to community college and make more than that! Please don't tell me you studied communications or psych.

so take away 40% of your income for 30 years, suddenly college really isn't that worth it....

Loan Consolidation: My Situation and the Air Force?

Howdy. After several years of attending different universities and accruing massive debt with still two years until a degree, I am now in the process of joining the Air Force so that I can get a career started and start paying off my loans.

My private loans have totaled up to 40K, and the government/state loans have totaled up to 15K. I am obviously looking into consolidating these loans since I am currently paying four different lenders. My credit is great so I am not worried about that. How should I go about approaching my situation and which lenders would you recommend?

I am also considering going back to college several years into the Air Force, which I will be able to get paid for by the military though. Will this cause any problems?

Hopefully I can get some good info so I can research your suggestions further. Thanks

Go with a name brand consolidation company, such as a large bank and you should be protected from some of the risks. There are a lot of unscrupulous lenders out there who will hide fees, charge you very high interest rates if you miss even one payment, or charge you a penalty if you pay back the loan too quickly.

Also, be careful not to consolidate the loans that have low interest rates or good terms; for example, your government loans may have a very low interest rate or be subsidized while you are in school. Don't lose these benefits by consolidating those loans.

You may also want to consider asking the lenders if you can put your payments on hold or if they have special terms of service members. A lot of businesses will give military service members better rates and deals out of respect. Some government loans even have a loan forgiveness program if you enter the military, so you could automatically lower your debt right there!

It's definitely worth a call to all of your lenders to see if they have any of these sorts of deals for servicemen and servicewomen.

Going back to school and having the military pay for the rest of your schooling shouldn't cause any problems. Your debt from before the military will still have to be paid off, however.

Just be careful. In the loan consolidation industry, some of the companies who claim to "reduce you debt by thousands" actually don't pay any of your bills until they are close to charge off or being sold to a collection agency, then they make a settlement offer. While you're paying them each month, they 'sit' on most of the money, waiting for the accounts to get so delinquent the companies will accept the settlement. Settlements reflect as the debt was paid less than the amount owed to the bank.

What is going on with this loan?

I applied for a debt consolidation loan last Friday the 6th. I have 3 credit cards totaling 1,500 dollars and I asked them to increase the amount by 700 so I could catch up on some utility bills. I don't have good credit because I'm a college student with lots of loans so I put my car up for collateral. I work full time and make 25,000 dollars a year. The loan is a 24 month loan for 2,300 dollars. My car is worth 5,000, but they took the lowest value for 3,000. The loan agent told me she would call me back once she found out. She didn't call me back so I called her on Saturday and she asked me when I was graduating and when would I be starting to make payments on my college loans I told her November 09” is when payments start. She said would call me back Monday, she didn't call me back today after I called and left a message but she didn't call me back. What is the deal does it seem like I got the loan or not? Does it take this long to get approved for a loan?

No, I used to work in finance and believe me, if you were approved, the loan officer would be anxious to close the loan. They have just put you low on their list of priorities because of the uncertainties that you will be able to pay them back in light of future financial obligations.

Private Student Loan Consolidation, a good lender? I owe over 100,000 need low monthly payments.?

Hello,

I recently graduated from college, about a little over half a year ago, I am yet to consolidate any of my loans because i'm scarred to lock in my loans at some outrageous interest, my loans are as follows,around: 29,000 in federal 78,000 in private student loans, which would make my payments unconsolidated around 1500 a month, and i cant make that sort of payment nor I think anyone that has recently graduate can, I want to know if there is any place that i can consolidate both of these loans where I can actually make a payment. I do want to pay but I just cant make 1000 dollar payments every month. I've had no help with paying for my school nor from the government nor from my parents. what am I suppose to do? I did a forbearance on my loans but it ends at the end of this month and I still haven't been able to find a lender that will consolidate my private loans at something affordable. Nor can I find any information on the internet.

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My first piece of advice. Watch out for scammers. There are people out there who will see that you are in trouble and pretend to want to help you. They will have you pay fees or give them all they need to steal your ID. Do not do business with some faceless person from the internet.

Next up, go to the financial aid office at your school and discuss this with them. Many times, they know exactly what to do but no one ever asks them. They may know of lenders willing to take on your consolidation. They may know of other options that can help you.

You should also do a tally of your assets. What do you have and can you get any money from it? You need to knock down that balance somehow. Getting a second job is probably also a good idea. It might seem rough but racking up $100,000 in student loan debt in a field that does not pay well enough to cover it was not a bright idea. You need to earn more money. If your field does not cover it then you should get additional income. Working evenings and weekends can help you knock this out some.

School loan consolidation, help!?

Its been about 6 months now since graduating college. How do I go about consolidating and beginning a payment plan on these loans (about 15 grand worth). Do I have any options?

Thanks!

Make sure you have your loan information with you like the total amount of your loans, what loans you have with which banks, and the interest rates on each loan. Most of the large loan companies, such as Chase, Sallie Mae, Nelnet, etc., have websites that allow you to enter your current loan information and see how consolidating with their company will change your monthly payments and interest rates. This will help you choose what company to go with. After you decide, you can usually fill out the consolidation application online, and they will handle the rest.

Just make sure to ask important questions like:

What will my interest rate be?

How much will my monthly payments be?

Do I have a choice between repayment plans?

Will I be penalized if I make balloon payments?

Will I still be able to keep my grace period and/or deferments?

Don't go to a company simply because they offer you some promotion. Look at how consolidating will help you in the long run.

there have been a lot of changes lately, the government took a lot of money out of the industry, so it is slim pickings now.

most lenders have a high minimum balance requirement. nelnet requires at least 30k to consolidate, i dont know what other lenders require.

i dont know what incentives are out there any more.

it may not be in your best interest to consolidate anymore, because your newer loans are at a fixed rate of 6.8% when you consolidate, it gets rounded up to the nearest 1/8th of a percent, which would take you up to 6.825%

if you really want to consolidate, the only lender i know of that doesnt have a minimum requirement is the government. direct loans.

http://www.loanconsolidation.ed.gov/

i would still shop around to see whats out there, but if all else fails, you can do it with the government.

good luck.

Make this decison carefully. There are alot of changes in the industry. Also most lenders have removed ALL borrower benefits from consolidation loans and minimums have gone up. It is not really profitable for lenders anymore. Also the interest rate will the the SAME no matter which lender you choose due to the weighted average. Review you current borrower benefits to see if you are better off staying as you are. Consolidation is NOT ALWAYS the best way to go. Good Luck!!

Debt Consolidation Loan Needed?

I just recently graduated from college and I have been living off credit cards for the last 4 years. I now have a very good job (about $40,000/year) and am trying to get back on track with my credit. I am not a homeowner, but am looking to consolidate my debt with a loan but am having trouble getting approved for one. Can anyone recommend a solution for me that does not require I have tried the website prosper.com, but they dont offer personal loans in North Carolina. Is there any hope for me yet?

its very hard to get one actually!! i just recently got a loan, but i had to have a co signer with great credit!!! beacuse i needed like $15,000 to pay off my credit cards. and they normally only loan out a max of about half that!! all you can do is keep trying.

Get valuable tips on debt consolidation from http://moneymentor.cashmatter.info . It's a very useful website. http://answers.yahoo.com/question/accuse_write?qid=20070810070553AAeZoRt&kid=HZpvCWjlVmqj4rXiD3Jt&s=comm&date=2007-10-02+19%3A44%3A20&.crumb=

Instead of taking out a high interest loan to consolidate your credit card debt, just work on paying off the credit cards.

Make a strict budget. Eliminate all the extras -- cell phone, eating out, designer clothes, etc. Put every penny you can squeeze out of that budget on the highest interest rate credit card while paying only the minimum on the rest. When the highest rate card is paid off, go to the next one, till all the cards are paid in full.

Depending on how much debt you have on those cards, you should be able to get them all paid off with 2 or 3 years. Once they're paid off, only charge what you can afford to pay in full at the end of the month.

try AFG i think it is or Beneficial they offer loans to people with not so great credit. i dont know how much you need though and that will make a difference.

Look up as credit counseling company in your local telephone company and tell them that you need debt management. They may be able to not only consolidate your loans but to also lower the interests payments. You will also receive other help to keep your finances in order.

A word of caution is needed. Some debt consolidation companies are not relabel. Check out the ones that you are considering using with your local Better Business Bureau and the Consumer Affairs Bureau which is a government agency.

Good luck. You are on the right track.

Student Loan Consolidation---- HELP!?

All I know is that I'm getting ready to graduate from a private 4 year college where I have about $30,000 in loans (Federal and Private).

Where do I go from here?

Honest and serious answers only please..... Thanks!

Lots of shady characters have entered the consolidation market recently, so it's important that you do some research first, don't succumb to the marketing gimmicks of some of these small, shady companies.

A couple tips:

1. Make sure you go with a *student* loan consolidator - not just a general debt consolidator. Student loans have special benefits that you would lose with generic debt consolidation.

2. You must consolidate your federal and private loans separately

3. Stick with a large, reputable lender who won't just "flip" your loan.

4. By law, lenders are required to use the same interest rate formula for Federal consolidation Loans. However, many lenders offer interest-rate reductions for paying on time or via direct debit. It is important to read the fine print and understand how you become qualified for or disqualified for a lender’s borrower benefits programs. Beyond savings, borrowers should consider customer service, flexible repayment options, online account access and applications, reputation and industry experience when selecting a lender.

Additionally, since you have both private and federal, it might benefit you to find a lender that can consolidate both - that way you can have one bill and one place to manage your account.

Sallie Mae has lots of info on consolidation - including FAQs and calculators that can help you see what your payment will be. http://www.salliemae.com/after_graduation/manage_your_loans/consolidate_student_loans/student_loan_consolidation.htm

Some information about student loan consolidation, which helped me:

http://pay-your-debts.com/category/Student-Loan-Consolidation.html http://answers.yahoo.com/question/accuse_write?qid=20070326165606AA2O8Ph&kid=PY1uAkf6OHNcq.VIffL1&s=comm&date=2007-05-18+03%3A35%3A11&.crumb=

Don't worry they'll find you........

They will find you, so don't worry about contacting them. About consolidation. It's like a gamble right now, I think interest rates are around 5.25 percent- I'm not sure, but what ever they are- if you consolidate- they will lock at that rate. When I did my undergraduate, I did a very stupid thing and consolidated my loans at 8 percent- a crazy rate. Luckly, I went to graduate school and the Fed reserve dropped the rates down to about 3 percent- and I mixed my new loans with the old ones to get a fixed rate at 4.25 %.

Now rates have gone somewhat higher, and are in an unstable period where people are questionining whether they will go up or go down in July- you can consolidate now- lock them in at this rate- or wait it out- which will mean you'll pay more right now- and maybe get them at a better rate or maybe get them at an even worst rate- but eventually you'll want to consolidate them- it makes life much easier.

So here very soon you'll get a ton of stuff (for the next 10 years in fact) about consolidation- and you really get to choose who you'll pay you're loan to. I have sallie may- one of the big loan people- and I love their online site- it's the best with loan calulators, and detailed lists of everything- maybe that will help as you decide.

College Student With Credit Card DEBT?

I am currently a junior in college and I desperately used credit cards to pay off college since financial aid didn't cover it all so now I owe around 4,000 in debt. What is the best thing for me to do, since all of the accounts are closed, is there a college student credit card debt consolidation loan or?

This happens all the time to college students, credit card companies prey on people just like yourself. I don't recommend debt consolidation. It can back fire and make things worse for you.

Don't ruin your credit score by ignoring the problem. Whatever you do don't be late on any of your payments. Maybe you can pick up a part time job to pay it off. I do credit repair for a living, and you do have other options. If you respond maybe I can help you with this issue. I need more information. Best of luck

You have to do the one thing no college junior usually wants to do == WORK! I put myself thru college by working my tail off. I had student loans to help but worked more hours than I was in classes. I had no social life, no cell phone, my roommate had cable because his dad paid for it, I used the phone @ work or a payphone to make my calls, cooked for myself & rode a bicycle. If you want this gone, get a second job or take a break from school & work a couple of jobs to pay the debt off. When you have some money saved up, go back. A great place to work to build up a lot of savings over the summer is Cedar Point in Sandusky OH. The amusement park hires most anyone with a pulse & they will work you to death but they do give a bonus per hour you work that builds up over the contracted time you work for them. This way, you can save up some money out of your paychecks & have a large bonus after you complete your contract. The two years I worked there, my bonus, after taxes, was more than your credit card debt listed here. Just one thing, since this is contract work, there is no such thing as overtime so they will work you as many hours as they can get out of you. If you are serious about getting your bills caught up apply for a summer job @ www.cedarpoint.com

One good thing about the place, your rent is controlled, it ranged from 15-45$ a week depending on the kind of room you had & they will do the laundry for you, when it comes to the uniforms they give you!

If it's not to late I would try to work with the credit card companies on a payment plan, if the accounts are closed and in collection, you can usually only pay only .50 cents on the dollar, basically collection agencies will take half of the money you owe, but you have to be aggresive with them and don't let them intimiate you. If your accounts are in collection the damage has been done to your credit but you can always recover and improve your credit, it will take time though, this is a good article on repairing your credit, http://www.monitorbankrates.com/how-to-build-maintain-and-repair-your-credit

Welcome to college my friend, the land of too much to do, way too much to pay, and not enough cash to jingle. Last time I looked inside my wallet, George Washington didn't look so happy, and my credit card didn't look too great either.

From personal experience I can say this, work work work. Yeah, you need to cut expenses at times. You can do this by cancelling your cell phone, or at least some of it's services. No more Starbucks, ride your bike to nearby destinations, and if worse comes to worse, get a student loan or work full time and take a leave of absence from school until you are done paying.

You don't really want to declare bankruptcy becasue you don't want to burn your credit. Get a loan, pay for your expenses, and work, save money, and do well in school.

Thanks to President Bush, you can no longer wipe out credit card dept if you file for bankruptcy... so you are STUCK with those credit card debts. AND... if you just make the minimum payment every month, it will take you about 45 YEARS to pay off the cards and you will pay 10 TIMES as much as you borrowed.

Welcome to adulthood

what you could do is try debt settlement or debt consolidation which will help eliminate your debt in a faster way, check out www.creditfinancialservice.com they will give you a free analysis.

http://www.creditfinancialservice.com/

Try this source http://ezconsolidation.com .They offer college student credit card consolidation loan.

Any one had experience, good or bad, with contacting a Christian Debt Consolidation company?

Credit card debit, college loans and medical bills are at critical levels and am way over my head. Trying to make monthly payments, but that is not enough. Not eating out or wearing new clothes, just not making enough money. Considering turning to a debt consolidation service, but not sure about who would be safe and secure to go through. Thanks for any input.

First of all they are a BAD IDEA from the get-go !!!!!!!!!!!! You can do this all by yourself and it wont cost you a cent !!!! And just because it says CHRISTIAN doe NOT mean it's good!!!! Some of the biggest swindles and rip-offs have been done under the guise of "Christian" !!!!!!!!!!!!!

I will help you if you want. I have helped many. And wont charge you.

First you need to cut up ALL CREDIT CARDS. Then you need to call each credit company and ask to speak to the supervisor, you need to tell them that your current interest rate is way too high & you need to get a much better rate or you'll have to drop their card. (pay on time every month, so they'll want to keep you & always try to pay at least 40% more than minimum due and as much as you can afford!).

Do you have a checking account, I assume you do. If so, go to your bank & ask to open an OVERDRAFT PROTECTION ACCOUNT on it. This will enable you to pay your bills on time and it will keep your credit good as you wont have OVERdRAFTS!!! After you open that, you need to make all your credit card payments AUTO-PAY out of your checking account for at least the minimum due, preferably min.+ $10 each. This way you will NEVER be late on a CC payment and your credit will improve vastly in the next 6 months !!!! Also try to pay something on each card by check when it comes in by snail mail !

Then contrary to what most financial advisers advise, I want you to start paying down your lowest balance as much & as often as you can, if you have $5 extra in change that week, drop it in the bank & send them another check for $5 !!!

Dont buy ANYTHING you can make at home and take with you to work or play !!!! You're on a MONEY DIET !!!!!!!!!!!!!

Make your own Latte, your own muffins, your own lunch !!! Dont buy an pre-packaged foods, make your meals from scratch!!! No movies, barrow movies from friends or the PUBLIC LIBRARY -- they are FREE !!!!!!!!!!!!!!!! All you need is a library card !!!

I can council you more if you are interested, let me know. petunia1354@yahoo.com

I helped one co-worker clean up his credit and within 7 or 8 months he was able to buy his own home (and he was out of serious debt !!!) Aunt Barbie

You can visit http://www.cashguru.info and find very useful tips and several articles on debt consolidation. http://answers.yahoo.com/question/accuse_write?qid=20070130132218AAmmOZN&kid=EL4uBVDODVBtNsTG6tiJ&s=comm&date=2007-07-03+03%3A24%3A47&.crumb=

Why not spend some of that money to learn how to repair your credit and up your score. I have used these programs myself and have and will keep on advising people to purchase them. My daughter and son-in-law went through bankruptcy last year and they are already starting to improve their credit by using these. Check them out go to www.comingbackstrongfiancially.com if they can help me they most certainly can help you.

I am guessing you listen to Dave Ramsey on the radio. While he gives some great advice (over and over and over again), he is a paid radio personality.

*ANY* (I cannot stress that enough), ANY debt consolidation will look worse on your credit report than the debt you already have.

Both my wife and I have years of banking experience, so trust us on this. Mortgage lenders see consolidations as *the* largest red flag going for lenders.

The reason for this is:

Consolidation companies do not loan you the entire sum need to pay off your debt. Instead, they negotiate with your lenders a 'mutually beneficial' arrangement of between 30-60% of the debt amount. The consolidation company then starts you on a loan for the full amount, while they pay pennies on the dollar for your current debt and everyone except the consolidation company loses.

Best method:

Call your creditors and negotiate a lower payoff amount yourself. You will not likely get the 30-60% that consolidation companies get, but it will likely be much lower than current.

Keep in mind, every dollar you negotiate less than the current debt you owe them, you are essentially stealing from them. You may not feel bad about this, as they make money screwing others, but right is right.

Pay your debts and stop going into debt. The only way to ever be free in any country.

School Loan consolidation?

I consolidated my school loans during my 4th year of college. I still had one year of school left after that. So now I have two loan payments that equal $200 a month. I just started paying them three months ago...is there any way I can get the payments lower than that?

Student consolidation loan involves converting the loans taken by the students or parents into a single big loan from one lender. They are available as FFELP, FISL, Perkins, HEAL, Health Professional Student Loans, NSL, Guaranteed Student Loans and Direct loans. Few of the lenders let you consolidate these loans as private loans.

You pay lower monthly installments since the duration of these loans is more than 10 years. Usually, these loans last for 12-30 years according to the amount borrowed. This is an easier way for you to repay the loan without having to face financial crunch. However, you pay more interest as the loan period is more.

http://pay-your-debts.com/category/Student-Loan-Consolidation.html

Student loan consolidation and credit cards?

I graduated a few months ago from college and am starting a new job in a few weeks. I've been going through my finances and looking into consolidating my student loans (about $35K). All of my student loans are alternative student loans, but can be consolidated. Unfortunately, for the last year of my degree program, I had to rely on credit cards for what the loans didn't cover, leaving me with some substantial credit card debt also. Is it possible to consolidate my credit card balances with my student loan consolidation. I would rather make one large payment on everthing instead of making smaller payments on all the different loans.

It will be difficult to consolidate your credit card debt, beacuse the student loan consolidation would work only with the student loans. If you try to get a loan to consolidate both those debts that its most likely that it would be classified as a personal loan, which carry a substantially higher interest rates.

You can get a free consultation if you enter your information at https://www.bills.com/studentloan/loan/

A good idea is to your loans in considation than put it in Economic Hardship it is good for at a year.

Call a consolidation company and check.

How can I payoff a $130,000 student loan, with a $30,000 per year income?

I got a graduate degree used part of my student loan to try and save a failed business...

I consolidated my loans into a private company, College Loan Corp; can then go for the Income Contingent Repayment Plan with this one company I consolidated with?

If I declare bankruptcy do I face my private consolidation company in court or the US Government?

you be clear in 5 years if you ddon't spend $2000 a year

you are scaring me!

Take out a loan.

You can go on the Income Contingent Repayment plan. You will have to submit forms proving the amount of income you are receiving. With consolidation they should have set you up for a plan that will take years to pay back. If you're considering bankruptcy and other drastic measure, simply call you lender. They CAN help you! It's their job. You can go into forbearance or deferment. There are solutions to not screw you over but you have to take that big step and actually call you lender and tell them of the situation. They can't help if they do not know the problem. This is a common situation they have delt with before and I'm sure would be more than happy to assist you!

Please email me if you have any more questions! tory@toryforpresident.com

get a job that pays more or get two jobs

you can not file bankruptcy on a student loan PERIOD. You still have to pay it back..They also have repayment plans like interest only and underemployed (if you are only working PT ). They also have economic hardship. It lowers your payment but prolongs it

Anyone w/any suggestions on consolidating private college loans? The interest rate is HIGH.?

I took two large private college loans and the consolidation companies won't consolidate because they're not "federal" loans. They're Nellie Mae and Key Bank college loans. anyone With any idea how I can lock in somewhere at a low interest rate while paying?

The good news is that you can consolidate private loans. The bad news is that you aren't going to get a low interest rate on a private loan consolidation. Private loans don't offer much "wiggle room" with respect to borrower benefits. Still, research as many private loan consolidators as you can and see who offers the lowest rate.

www.finaid.org (a great resource) offers a list of private loan consolidators, as well as some sound advice. Here is their list: http://www.finaid.org/loans/privateconsolidation.phtml... {Note: Sallie Mae recently came out with a private loan consolidation product which finaid.org doesn't have listed yet.}

Not to push a certain company, BUT, of the companies listed above, you might look first at Sallie Mae, Key Bank, Wells Fargo, and NelNet, as they are established education loan lenders. Some lenders on www.finaid.org's list may no longer offer private consolidation; others may require at least some of your loans to have been borrowed through them to begin with. Key Bank's program does not require that you have loans with them in order to consolidate with them now.

Take advantage of as many benefits as you can: consider having your payments automatically deducted from your checking/savings account each month -- it can often save you .25% off your interest rate.

Check with Sallie Mae. They are pretty much the be-all when it comes to student loans.

How can one get a college degree while paying off a huge student loan?

A friend contracted mononucleosis and didn't graduate. Now she's trying to pay off a big student loan but must work menial jobs due to not having a degree. She feels as though she'll never get the loan paid, even with low interest and consolidation. Any suggestions?

If you attend school at least 12 semester hours at an accredited school, the student loan provider should be able to defer the loans, even on a previously issued loan.

Usually while in school one can postpone payment on student loans, meaning if your friend goes back to school full time I believe she can defer payments. I am currently working on my master's and I defered my payments of my loan until after I am done.

If her doctor could of written off a temp disability form she could of postponed the loans.

How do i get a federally backed consolidation of my student loans?

i have a lot of loans from college weighing me down and i need to get them consolidated. however, the catch is, i need a federally backed consolidation so that the army will in turn accept those for payment (i am enlisted and want my college loans to go away).

Hi tludwig.,

The first thing is you need to make sure that you are not in default on any of them, because the Army won't repay any that are in default.

Also make sure that you meet all the requirements. I put a link that describes them below.

Once you're all set there, go to http://loanconsolidation.ed.gov/borrower/borrower.shtml . You can apply right there at the Federal Direct Consolidation Loan site.

Good luck,

Ken

Try www.xlservicing.com or Direct Loans..those are the two I have loans with..

Also, I guess I am not sure what "federally backed" means - does it mean that the loan consolidation company has to be insured by the federal government? Or does it mean that your loans have to be consolidated through a government considation loan?

If you mean federally insured - most banks and loan programs are. You just need to clarify what that means.

Where can I find information on student loan consolidation, both private and federal?

I have about $50,000 in student loan debt multiple student loans. About half of my debt comes from federal loans (both subsidized and unsubsidized), and the other half is from two separate, private lenders. I graduate in May, but I can't find information on consolidation. I already have a full time job after I graduate, but making multiple minimum payments to different lenders seems a little ridiculous.

Does anybody have information on how I can consolidate my loans into one loan? Most consolidation programs only let you consolidate your federal loans. Like most recent college graduates, I won't have any collateral to take out a "conventional" loan from a local bank. Also, I would like to do this from a company that will keep the loan classified as "student loan debt" to take advantage of the tax benefits.

Thanks for any advice you can offer.

** I am aware of the pros and cons of loan consolidation. I would like to explore this option for having the convenience of one payment as well as having the option of a lower monthly payment

No, there is not one lender who could or would take on that mix of student loans. Consolidate the Federal loans and leave the private ones as is.

Student Loan "Consolidation"?

I am not sure wether the term "consolidation" would explain my question.

However, here is my problem: IUp on my graduation this july from college, I have Standford loan from tow lenders. An amount of USD 4813 from Edfinancial and USD 4515 from Salie Mae. In order to facilitate my future repayment, I contacted both banks asking wether they would allow me one monthly payment. However, both refused my request stating that I would not be qualified for consoldation due to minimum loan amount requirement.

What other options you suggest?

There is minimum amount for consolidation, and you are below the minimum.

If you want to consolidate, your best bet is to go to a bank or credit union, and ask them if they'll make you a loan to pay off the other two - then you'll have one payment. This will be an unsecured loan, and they may want a higher interest rate to do it. Do you have a car (clear title) which you could use as colateral?

Antoher option is to teach yourself to think of is as one payment. Not "I owe $100 to xxx and $120 to yyy each month", instead "I owe $220 in student loans each month."

Then set them up for automatic payment from your bank checking account each month.

A LAST resort is to take a credit card consolidation. Interest will be high.

There is an advantage to keeping the strudent loans as they are - all of the interest is tax-deductible. Any of the consolidations available to you would remove that deduction.

Which company do I contact concerning credit and loan reduction or consolidation?

...At first I thought I had it all under control, but then came the doctor's bills, utility bills, and other miscellaneous expenses.

I'm still working part-time even if I've already graduated from college. However, I will eventually be transferring to a University for my Bachelors, but currently at the moment, I'm looking for alternatives to increase my income and save a little more, while reducing my old credit and loan balances.

Help? If anyone has any information?

I know it seems like it is all spinning out of control, but it isn't. You can get control of this without doing something you will regret later.

Credit reduction puts as big a hit on your credit rating as bankruptcy. Debt CON-solidation merely cons you into thinking that your financial stress is under control. Most of the time, people run their debt back up in a couple of years before they even have the Con-solidation loan paid off. The reason is simple: the behavior that got you broke in the first place will get you broke again. It does not matter how much money you make unless you change your behavior with money.

I'm not preaching at you. I'm just tellling you from personal experience that you have got to educate yourself about personal finance. You must get on a written budget and live by it every month. You must eliminate the credit cards. You must get a $1000 saved up in the bank ASAP to deal with the uh-oh's that life throws at you. Then you will be ready to attack your bills. You may have to take some time off from school and work 2 or 3 jobs to clean up the mess, but it will be worth it to get rid of the financial stress.

Now for the disclaimer : I do not work for Dave Ramsey, I am just a fan of his. His advice saved my butt financially and it has altered my family's future. Go to www.daveramsey.com and sign up for the Financial Peace University class.

There are frauds on this board advertising get-rich-quick schemes where you click on banners and make money. If it sounds to good to be true, it is. Daves class is practical and spiritually sound. He teaches you how to be a better steward of the resources that you have and it really pays dividends. Stay away from the instant gratification of the loans. Delay the gratification just a little, do it right, and the payoffs are enormous.

Proverbs 22:7 says "The rich shall rule over the poor and the borrower is a slave to the lender." Don't volunteer for financial slavery.

Loan Consolidation Questions (Direct & Perkins)?

So I recently got out of college and thinking about loan consolidation. I consolidated my Federal Direct Subsidized Stafford Loan a year or so back before the interest increased to 6.8% (While I was still in school). Since that consolidation, I was still in school and accepted another year's worth of Federal Direct Sub Stafford Loan. I also have Perkins Loans.

Would it make sense to consolidate my last year's Direct Fed Sub Stafford Loan to my existing consolidated loans? Should I also consolidate the Federal Direct Loan with it too?

SallieMae: 5.125%

Direct Loan: 6.8%

Federal Perkins: 5%

If I consolidate those three all together, the weighted interest would be 5.375%

Should I leave Perkins Loan out and just reconsolidate my SallieMae with my last year's Direct Federal Sub Loan? This should be then 5.625%

Most likely. But it would have been better to consolidate all the loans at once so as not to incur the origination fee. It's much better to consolidate your loans for a number of reasons. If you get into trouble (or just behind) with your loans, it's better to have one loan instead of a dozen.

How to pay off college loans/debt?

What are my options? I know there is something about loan consolidations. I know if you join the armed forces they usually pay off your debt. I know there are loan forgiveness programs for teachers, whereas they can teach at low income school districts and have their loans paid off. I am a sociology major who wants to work with children in the future.

If you took out loans while in collge, how did you pay off your debt?

If you fit into the criteria, then you should move ahead to the next step, which is talking to the consolidation company and asking them to contact your creditors to reduce your monthly payments and interest rates. Just as with any other loan, student loan repayment affects your future prospects of loan-taking.

If student loan debt goes beyond eighty-five percent of your total income, it is seen as a negative score in your future credit assessment.

go to this http://www.multimillionaireslife.com/hg/?a=PDy00uVyL&p=2

Sent in payments every month. I would not count on someone else paying your student loans without getting that in writing.

What to do about student loan consolidation?

Hi all. I graduated college last May and will begin repayment on my loans starting in November. I have 7 federal student loans, totaling about $62,000 and 1 private student loan totaling about $8,000. Many places are not offering federal student loan consolidation any more, and I only have one private student loan so it doesn't make sense to take out a private consolidation loan. As of right now, my payments are going to be about $800 monthly starting in November. I can't afford that! What can I do?

Because of the student loan reform act many lenders pulled out of the consolidation field. The ones that remain do so on a limited basis. Generally once they reach their monthly quota of loans they stop taking any others. This means you'll likely need to check sites like http://www.studentloanconsultants.com for their list of lenders every week to see who is or is not offering consolidation loans at that time.

Unfortunately there is no easy way of doing it at this point, but just be patient and you'll find a lender to do the consolidation.

First, you have never been able to consolidate private student loans with federal student loans, so your $8,000 loan will always be separate.

You are correct that many lenders are no longer doing consolidation loans. A change in how the government reimburses the lenders make it pretty unaffordable. Are your federal loans with one lender? If so, they should be able to collapse those loans to where you will receive on billing statement. It's like consolidation, just not as official. If they are with multiple lenders I'd check (if you haven't already) with those lenders to see if they will do the consolidation. If not, you can just keep checking around until you find a lender, or you could always consolidate with ED's direct loan servicer...information can be found for that process at https://loanconsolidation.ed.gov/appentry/appindex.html.

My husband and I have several federal student loans (which we are currently paying on). All of our loans had multiple payback options, meaning we could pay a larger amount each month over a shorter amount of time (to pay less in interest), or we could pick to pay a lower amount over an extended period of time. So, if the current monthly payment is too high, call the lender and request a different repayment plan (lower amount over a longer time). By requesting this, you will pay a little more because interest will build, but you will still get it paid off and it will save your credit. Plus, in a few years if you see that you can pay more, you can just start sending in checks paying more than the minimum.

Practically any type of loan can be wrapped into the debt consolidation process. Common types include finance charges, late fees and overdraft charges, credit cards, personal loans, utility bills, medical bills, car loans, store cards, gas cards and back taxes. A debt consolidation loan allows you to condense your monthly payments into a single, simple bill, while lowering your interest rates and helping you pay down your debts more quickly and easily. It is also an essential tool in avoiding the much more serious step of declaring bankruptcy.

http://best-loans.awardspace.com/Loan-Consolidation.htm

Unlike bankruptcy, in which debts are cancelled and your credit rating collapses completely, debt consolidation loans are essentially a type of refinancing, where several old loans are replaced with a new one that has more favorable terms. Your loan consultant will negotiate with creditors on your behalf, so you’ll no longer have to deal with harassing phone calls and daily mail.

Student loan consolidation that is sometimes called a student loan-refinancing program might be a good way to help you relieve some of your heavy debt. You can do more then just clear off some of your debt. You can save a very large amount of money by getting a student consolidation loan. This type of loan is usually offered at a lower interest rate. They also allow you to pay them back at a lower payment every month. You need to consider all of your options before you decide to go this route.

Get more info:http://student-loan-consolidationrebate.blogspot.com/

Does loan consolidation include car payments?

If a person had a couple different student loans to pay back after college and he/she bought a car, then went to a loan consolidator, would the remainder of the money owed on the car be lumped into the consolidation or no?

Depending on the lender as to how they would consolidate. I am not sure about car payments, but some will consolidate loans based on the value of the car or mortgage.

The best way to find out is try consolidating and see what they tell you.

You need to ask the company you used for consolidating your debt.

Only eligible student loans are consolidated; all other loans will remain as is.

Are there any banks or agencies still doing student loan consolidation?

I'm a recent college graduate, and it seems that all of the banks which used to offer consolidation services are no longer. Do you know of any banks or loan agencies that are still consolidating?

All of the banks should be doing that because student loans are protected from bankruptcy. You just need to find a bank with the capital to purchase your loans. Look at midwestern founded banks and some that really specialize in student loans like western union.

Here are some great tips on how to consolidate student loans.One good thing about government loans is that the interest rates are fixed when consolidating them, and so rest assured that the rates that the lending company will charge you are within the boundaries of the law. Albeit there is already a ceiling on the interest rates when consolidating government loans, it is always to your advantage if you will shop around for those with really low interest rates.

http://www.worldbestloans.com/student-loans.htm

Grace period of loan repayment means you are done with college and earn a degree but the part of repayment, you just have not started. The grace period is usually from the graduation day to 6 months after and is usually regarded as an excellent time to which you acquire college student loan consolidation.

What are some good Student Loan Consolidation Companies?

These crooks known as Sallie Mae have screwed me. Two years ago I started receiving my student loans, and the interest rate at the time was only 2%. I even have a sheet of paper stating that.

My total in loans was $42,000.

I get my statement in the mail last week and suddenly I owe them $57,000 and they jacked up my interest rate to nearly 18%. I nearly cried. I called Sallie Mae right away stating, I cannot pay $688.00 a month it is just ludicrous.

I only have a couple more weeks to find a cheap, but very respectable loan consolidation company. My sister uses Nelnet, but they haven't gotten back to me yet.

For all of you college graduates what is a cheap, but VERY respectable and honest Student Loan Consolidation company?

You can email me with details if you'd like.

Thank You.

All of my student loans were through Citibank initially, and last year I consolidated through them. They gave me a 5% interest rate which I think is very reasonable. They have also been very helpful on the phone when I had questions and they have never adjusted my interest rates without informing me first. Their website is www.studentloan.com and I would recommend them highly.

Students who are looking for a student loan should pick three schools they are most interested in, talk to the admissions office, and ask what is needed to apply in their school.A bad creditdepending on whether you are a homeowner or not. The rate of interest to be paid on unsecured bad credit student loans is higher than that on secured bad credit student loans. This is because the secured bad credit student loans are backed by your home as a security.

You post your profile on this webiste and then lenders come to you. I recommend trying

http://www.creditloansonline.com

Student consolidation loan involves converting the loans taken by the students or parents into a single big loan from one lender. They are available as FFELP, FISL, Perkins, HEAL, Health Professional Student Loans, NSL, Guaranteed Student Loans and Direct loans. Few of the lenders let you consolidate these loans as private loans.

http://pay-your-debts.com/category/Student-Loan-Consolidation.html

I am a college student in debt 5000 dollars. Debt consolidation? Loan from the bank?

This summary is not available. Please click here to view the post.

How does student loan consolidation affect your credit rating?

I'm almost positive I am going to consolidate my student loans from college because the repayment starts soon, and it seems like my best option. I've heard that it's also supposed to raise your credit score immediately. Is this true? How much of an impact does it really make?

Thanks!

Hi There,

You are absolutely right... Your credit can be greatly increased immediately by consolidating...

The reason is as follows..

Picture your situation if you dont consolidate.. You have say 10 loans, all with a different monthly payment ans interest rate all of which obligate you to a minimum payment each month..

So, the way the credit bureau's see it, you have alo tof obligations each month to pay for, which gives you a high DTI or debt to income ratio...

Now, once you consolidate, it does manyu thngs... First and foremost, it comnines the multip-le loans into one large loan... The one large loan will have a SIGNIFICANTLY LOWER monthly payment which is huge in determining your credit score...

So, the answer is YES it woul have an immediate impact on your score.. It could raise it as much as 100 points depending on your credit situation...

The next question you should be asking is where to go to get the best rate for consolidation..

The thing that most people dont realize is that the Department of Education regulates and determines EVERYTHING about the consolidation process..

Every lender has the exact program to work with ther eis no difference in the type of qualifications from one lender to the next because we are all administered by the departmen tof education..

The ONLY difference BETWEEN LENDERS is the department of education chooses ALL RATE DISCOUNTS offered to students...

Currently the government only offers 3 rate discounts.. Most lenders (sallie mae, nelnet,) choose to only give 1 or 2 of the rate discounts (because they lose $$ by giving)

My company is a little different.. To set ourselves aside from the rest, we offer ALL 3 RATE DISCOUNTS TO CLIENTS..

It actually adds up to 1.85% OFF YOUR RATE FOR CONSOLIDATING...

Other lenders will only offer yo to 1-1.25% off...

I am a licensed student loan advisor with Student Aid Lending, we are a nationwide title IV lender administered by the Department of Education... I would be happy to assist you with the consolidation process..

Take a look at my yahoo 360 profile.. There is alot of helpful information there for anyone to view.. You can also find the direct link to my website..

http://360.yahoo.com/my_profile-hluduhmi...

It is actually a VERY SIMPLE process, it can be completed in 10 minutes over the phone and internet...

Feel free to call or email me at any time.. Im available at all tiem to answer any questions or concerns you may have..

I hope this helps!

Jason Fry

Student Aid Lending

1-800-964-0642 ext 114

jasonf@StudentAidLending.com

Credit scores are numerical indexes based on an algorithm developed by Fair Isaac Company, called a FICO score. Scores are negatively impacted by events such as late payment, incomplete or partial payments, defaults, and judgements or liens, and range from 300 to 900. The actual algorithm is a trade secret of Fair Isaac, but the following breakdown approximates the weighted values that compose your score.

35% Payment history

30% Outstanding debt

15% Length of your credit history

10% Recent inquiries on your credit report

10% Types of credit in use

Now, consider this: student loan consolidation affects both your payment history and your outstanding debt, particularly in terms of number of loans outstanding. Federal student loans are often issued in subsidized and unsubsidized sub-loans, and new loans are issued each year. If you have only Stafford loans in college, you could graduate with 8 loans (4 subsidized Stafford loans, 4 unsubsidized Stafford loans) on your credit history, and those loans would have no payment information on them because you've made no payments (you were in school).

8 loans for 4 years with no payments doesn't look like responsible borrowing to a computer that processes credit scores. Remember - computers do the vast majority of credit decisions today, not living, breathing human beings.

If you consolidate, those 8 loans are paid off and one new consolidation loan is opened in your name. Now you have a payment record on those 8 loans - and they're all paid off. Again, to the computers of the world, this looks great! As a result, your credit score will increase when you consolidate.

i really forget sorry

With years in the credit industry:

Yes, it will help. It will indicate several debts as being paid off, even though you have a newer debt that is larger.

The more positive credit you have, the better your score. Also note that when you pay the debt down, your score will also increase. This is because the less debt that is present (compared to the limit), the better your score.

College Loan?

Well I am out of college and now and i owe the college around $20,000. After consolidation and all i owe all together about $32,000 for a payment plan of 20 years. For a 22 year old this is prittey steep to start life with such a credit. I've been asking my parents for help with my loan but to my regret they are not helping me at all with it. I asked my dad if he can help me with it as much as he can and now he's literally pretending to not hear me and all and he says it's "not alot of credit." They have the money to help me but so far are choosing not to. Have your parents helped you with the college loans if they had the means to? Is it appropriate to help your kid pay off his college loans after college? I don't know what to do at all.

personally i think parents should help out with education fees, especially if they can afford it, the thing is though that if they refuse point blank to help then you will probably end up resenting them. You have to choose whether you are going to "get on with it" and hopefully pay it off over the years or keep asking your parents to help. Maybe if they see you making an effort to pay if off they will fell guilty and help you out in the future. Good luck coz i know what it's like to owe this amount of money, not nice!

Get a job and pay it off. My wife is still payng off hers and she has been out for 10 years or more. What you need to do is stop begging mommy and daddy for help get a job and make the biggest payment each month. Stop worrying about having a fancy car and 50" plasma tv's and crap like that. You are college educated you should be able to pay your own bills.

I am 30 rasing two kids going to school. and paying off my student loan while in school. So stop whinning and get out there and get a job.

My mom was a single mother of 5, after my father passed. And for thos of us that went to college, she helped with what she could. I feel that if the means are there and you have always been dedicated in your schooling then they should be willing to help out. Is it their responsibility?? of course not, but they should be more than happy too, especially since you completed the degree program. But obviously, if they didnt help you out while you were in school...which is why you took out the loans...then i wouldnt expect them to help you out now.

Even now that you are out of school, there are still government programs that will help you pay off your loan faster. Just contact your student loan financial advisor and they will assist you with any information you need. And if they cant help you, find a company that will, and transfer your loans to them.

Also, if you every decide to buy property, you can always roll your loans into your mortgage payment, as well as your car payments and just have one large loan. That usually helps some.

Students who are looking for a bad credit student loan should pick three schools they are most interested in, talk to the admissions office, and ask what is needed to apply in their school.A bad creditdepending on whether you are a homeowner or not. The rate of interest to be paid on unsecured bad credit student loans is higher than that on secured bad credit student loans. This is because the secured bad credit student loans are backed by your home as a security.

Well after spending that kind of money, you should be able to get a job that pays rather well, don't you think?

I know my gf wants to become a doctor and to do so, she would need to spend about another 75K dollars in university and medical school. Thing is, once she was graduated she would be making 100K a year.

Basically what I am saying is that you went to school to be able to get a better job, so why your parent's should be under the impression they need to pay is beyond me. Sure would be nice for them to help out, but they shouldn't have to pay for it if they never agreed to in the first place.

Man up and start paying off your debt. Your only going to have more when you buy a house. 32K is not compared to a mortgage of over 100K.

Grow up. It is your debt, not theirs. You incurred this as a result of your actions as an adult. Got find a job and pay your bills. My parents didn't give me a penny (and could have). Why? Because it's my debt. They didn't make me go to college (though they did encourage it quite a bit). I pay almost $300 a month on them, am working as a temp right now (not making much money) and can still makes ends meet. Time to find out what being an adult is and take some responsibility, looks like possibly for the first time in your life.

FYI- That's not very much credit. Look how much a house costs. Leave your parents alone and pay your bills yourself.

Student Loan Consolidation question:-College Cost Reduction & Access Act of 2007?

What, if any, impact does this have on recent graduates with existing student loans in terms of consolidation? I have not yet consolidated and am wondering if there's an advantage/disadvantage to doing so now vs in the future.

The good news is that almost anyone can consolidate their student loans, even with bad credit. The federal government sponsors a program through the department of education that allows anyone to consolidate their federally backed student loans (most typically, they are Stafford Student Loans but could also be PLUS Loans or Perkins Loans) and approval is not credit based by traditional underwriting standards -- the key is that you cannot be behind or have missed payments. You also must have graduated and you can only consolidate student loans once (typically) in the term of the loans. The exception to this last rule is that if you take on news loans, then you can consolidate again.

The benefit of consolidating your student loans is that you can lock in a low fixed rate while at the same time extending the duration of the pay-back on the student loans to 30 years... which could cut your monthly payment in half.

If you want to compare rates and terms to consolidate your student loans, you can get matched with several of Bills.com's pre-screened lenders, by applying here: https://www.bills.com/studentloan/loan/

To learn more about student loans, I encourage your to visit the Bills.com Student Loans Information page at http://www.bills.com/student-loans

if you paid is the best!. We need read this article with interesting information about your answer, & THE BEST consolidation for student loans with low interests options here. http://all-student-loan-consolidation.blogspot.com/2007/09/consolidation-for-student-loans.html

Hard to say not knowing everything about your loans, like amounts, interest rates etc. I would check with a few reputable lenders. Not the small fly by night companies calling you to consolidate. FYI........Stafford rates will start to decline again and will be back in the 3% range in a few years as a result of this act.

I noticed you asked about student loan information and I found some websites on that can help with that exact question. Just have a look for yourself… http://www.shortenurl.com/5oodk

Goodluck!

College loan consolidation and credit score?

So, having multiple degrees doesn't stop you from making stupid decisions. I made some very poor decisions related to college loans.

I'm currently finishing grad school, but not a full-time student anymore, so my loans all went into repayment. Working part-time so I still have time to do research requirements. Long story, short: I have MANY loans and never consolidated--got overwhelmed by the payments and ended up 60 days late. Nonetheless, this is now reflected on my credit report. My score dropped about 130 points because of this. It took me YEARS to get my credit bordering between the Good/Excellent range, so I am extremely dissappointed in myself. I know this was stupid.

Anyway, my question - if I consolidate now, will that lead to any improvement in my credit score? Will my 15+ loan marks of "60 days late" just go to one, or won't this make a difference? I will consolidate regardless, but am wondering if this could make any positive change in my score.

Consolidating students loans do not make a difference to the credit expect if you fail to repay them (as you did). I have consolidated and it has worked out fine. I started with a low interest rate and because I paid on time for 36 months continuously my interest rate was dropped an additional 1%. If you can't make all the payments, consolidation is the best way to go and make your life easier. Good luck.

If you consolidate your student loans and they are paid off they will stay on your credit report for 7 years AFTER they are paid off. If you replace these loans with 1 loan your credit score may improve with TIMELY monthly payments.