Whats the chances it will drop this year the rates. arent they going up?

i have about 11k of staff loan in grace.
considering either do it via SLM or an alternative listed here. maybe www.collegeloan.com?

would it better to do a 1% cash or rate deduction.
I would probably be in the loan for 10 yrs due to the low rates of 3.xx

kaiotes said:

<< i have about 11k of staff loan in grace.
considering either do it via SLM or an alternative listed here. maybe www.collegeloan.com?

would it better to do a 1% cash or rate deduction.
I would probably be in the loan for 10 yrs due to the low rates of 3.xx >>

if you go with 1% cash back then you'll get about $100 in 6 month
if you go with idapp.com drops your rate for 1% after 24 month and another 1% after 48 month you shold be able to save more
http://www.idapp.com/borrowers/loanconsolidation.htm
I have about 13000k and would go with them, but they don't take loans that have been previously consolidated(unless you have another loan to consolidate)

Mike89 said:

<< anyone with PRIVATE student loans have a recommendation? i have quite a few dollars at sallimae already and they tell me i can't consolidate because the loans are private. >>


you should call the company with which you want to consolidate and ask them if they'll allow you to consolidate your SallieMae loan(s)

dxr said:

<< You might want to add idapp, which has the best deal i was able to find. 1% interest rate reduction after 24 payments, another 1% after 48, and .25% for auto debit.

Another money saving strategy for the disciplined:

When I consolidated, I asked for a graduated, extended payment plan. This gave me very low initial payments. I then made payments as if I was on a normal extended repayment plan. My loan company counts these "overpayments" as additional payments, so for each payment I make, I get credited for 3 months of "on time payments." So in a little over a year, I will have an interest rate on my loans of under 1%. Note: This plan is contingent on how your loan company handles "overpayments". It also would probably not be a good idea if you tend to pay the minimum balance on your credit cards. >>

Hmm are you sure they applied those "overpayments" to the principle? It sounds like you'll still be making the same number of payments overall.

Bittermelon said:

<< How about www.loanconsolidation.ed.gov?
Is consolidation with the government comparable to the other companies listed? >>

The only reason one should consider the ed.gov (IMHO) is if they had upfront rebate on the loans they took out. Usually these rebates are from Direct Loans (unsub.?) and are taken out of the final payment as long as someone keeps making 12 consecutive ontime payments. If you consolidate outside of the government, those loans will not have that rebate anymore.

This was my concern, because I had $164 in rebates and I would lose it if I went with IDAPP. Since, I'm paying of within 3 years, it was beneficial for me to lock a low rate with ed.gov (they give 1/4% rate reduction for elec. deposits).

My question is, and I can't find it on their site, is can I now reconsolidate with collegeloan.com, thereby keeping my rebate and getting 1% in six months. OP said that collegeloan.com does re-consolidations but I couldn't find anything on their webpage that would suggest that.

Thanks,

sygyzy said:

<< Bittermelon said:

<< How about www.loanconsolidation.ed.gov?
Is consolidation with the government comparable to the other companies listed? >>

That's what I am curious about.

Also, I have Direct Loans but they are listed as a bunch of individual loans. They are all still direct loans though. So is this called consolidation? >>

Yes, at least if you consolidate throught the govn't
They call it an express application

sygyzy said:

<< An express application? Can you give me more details? >>

You can give them a call (the best)
800.577.7392 8am-8pm EST
loan_consolidation@mail.eds.com

I couldn't find anything on their webpage that says you can complete an express application, but when I called them, and since I too only had Direct Loans (unsub and sub) they said they'll just send me the promissory note to complete. I guess they already have access to your loan amounts from Direct Loans.

ok so i've read all the posts (and all the threads within last 30 days) regarding student loans and i still am wanting clarification.

situation:
12K of subsidized loans @ 3.420% IR.
$40 of monthly interest payments; total montly payment of $165.
making IR about 25% of the payment.
no consolidation before, may grad, and made first payment in december.

I try to prepay to lower my principal, but the prepayments seem to not really reduce the principal. Is this because my loan payments were already deferred since may?

hard to answer, you should call your lender

but, I don't think the payments may be deferred since may.
if my understanding is correct once you graduate you'll be in grace period for 6 month and no interest should occur and no payments would be due.

and probably you should
a) consolidate to make your rate fixed and lower rate in 1-2 years for 1% or take 1% as a cash back
b) enroll in EDA to lower your rate right now for .25%

you can consolidate all but one small loan, so you can consolidate one more time in the future, to get another 1% reduction in intnerest...

wouldn't it be nice to have a loan with fixed interest of 1.27%?
3.42 -1% -1% -.25(for EDA)

scorched03 said:

<< ok so i've read all the posts (and all the threads within last 30 days) regarding student loans and i still am wanting clarification.

situation:
12K of subsidized loans @ 3.420% IR.
$40 of monthly interest payments; total montly payment of $165.
making IR about 25% of the payment.
no consolidation before, may grad, and made first payment in december.

I try to prepay to lower my principal, but the prepayments seem to not really reduce the principal. Is this because my loan payments were already deferred since may? >>