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.
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