Scroll down for the list of companies which offer education loan consolidation
links Thread discussing ways around Single Lender Rule Related Info: 1) You can fill out Direct Loan consolidation application on-line: http://loanconsolidation.ed.gov 2) If you've used Direct Loans in the past, you can use your pin to electronically sign your application. 3) If you have not used your pin for a while, it may have been deactivated, to reactivate it go to: http://www.pin.ed.gov and select "reestablish my pin". 4) For loan type of my current loan, I was told to choose option "Usnubsidized Federal Consolidation Loan".
FAQ Q: Can I consolidate a loan which have been previously consolidated? A: YES, there are two companies listed in this post that allow you to consolidate the loans that have been previously consolidated. Also see Thread discussing ways around Single Lender Rule
Q: Can I consolidate my loans? A: The best way to find out is to call companies listed in this thread and ask this question. Provide them with as much details about your loans as possible (you current lender, loan amount, interest rate, have this loan been previousy consolidated). Don't just trust your current lender when they say that you can't consolidate or you can only consolidate with them. Your current lender may tell you that you have other options because they don't want you to move your loan to another lender.
Q: What are the benefits of consolidation? A: 1) lenders offer incentives for consolidating loans with them. The most common incentive is 1% interest rate reduction after 24 or 36 on time payments. This reduction is permanent. 2) you'll have a fixed rate loan 3) at the time of conoslidation it's possible to choose new(longer) repayment plan which will reduce monthly payments
Q: Is consolidating your student loan the same thing as refinancing? (question by sandmanwake)
A: no, it's different - you can refinance any (one) mortgage, for student loan consolidation often more than one loan required. - when you refinance you can get current lowest rate, when you consolidate student loans the rate stays the same and you may be offered a rate reduction or other incentive. - when you refinance you may have to pay a closing cost, when you consolidate student loans you don't pay anything. - you can refinance as many times as you like, but in many cases you can't consolidate loan second time. - you can refinance with the same company several times, but you can't consolidate several times with the same loan provider. - when you refinance you can do a cashout, when you consoidate sudent loan - you can't
Introduction I've noticed several posts with questions and request for advice about student loan consolidation. It may be a good idea to "consolidate" student loan deals in one thread I have a student loan myself, and it has been consolidated already. What I've been looking for is mostly the companies that allow to reconsolidate your existing loans, but please post other companies as well, so that we have as much info about student loans in one place as possible(let's save space in FW database) Also post your suggestions about dealing with student loans, they will be copied in to "tips and tricks" section
Disclaimer: - Info in this post is obtained from companies over the phone or from their website, but accuracy is not guaranteed. Use at your own risk (if you find any errors please PM me - will try to correct asap). - Most lenders tell that after consolidation your benefits will stay the same, i.e. you are able to requrest deferment/forberance due to hardship and other qualified events, but please be sure to confirm it before proceeding with consolidation... otherwise you may loose one of the most useful features of the student loan.
Update: if you had some negative experience with any of the student lenders please post your story here so the others can avoid the problem.
companies which allow to reconsolidate your loans (i.e. they'll allow to consolidate your loan if you have already consolidated it with another lender(s) and even if you have only one loan) www.collegeloan.com www.acs-education.com (website to manage your account on line) Terms and conditionS: will stay the same (according to the CSR rep) "you'll be able to request unlimited Foberance and Deferment just like for your Direct loans" Interest Rate: will stay the same EDA: yes - .25 interest rate reduction for Electronic Debiting Bonus: after 6 month you'll get 1% of your loan balance as a Cash Back which can apply towards the principal balance or cash out
Update: I've had a loan with direct loans, which was previously consolidated(got 1% reduction) and have successfully consolidated it with collegeloan.com. It took a bit longer than they promised (45 days instead of 30), but everyting went ok. The pay off amount they got from direct loans was outdated, so they overpaid about $200 to direct loans. Direct loans credited the overpayment back to in about 2 weeks. The only draw back is that I need to reenrol in to EDA, so I will not have .25 interest rate reduction for a couple of month. They gave me 3 month deferment(from the date consolidation was complete).
www.cfsloans.com Terms and conditionS: not sure, waiting for application to arrive in the mail Interest Rate: will stay the same EDA: yes - .25 interest rate reduction for Electronic Debiting Bonus: after making on time payments for 36 month you'll get 1% interest rate reduction Additional info: your loan will be with c1t1bank or with some other company(don't remember the name)
www.istudentloan.com Rate as low as 4.00% variable rate(tied to prime) depending on your income and credit history. CSR said that I will get a reply withing minutes telling me what rate I qualify for and then can decide whether I want to accept it or not Minimum amount for consolidation min $5000 - max $80000 Interest Rate: weighted average EDA: yes - .25 interest rate reduction for Electronic Debiting Bonus: .5% reduction for 48 consecutive on time payments Additional info: - Application is taken on-line only - the CSR said that because what they do i a private loan consolidation ANY education loan will be eligible.
companies which DO NOT allow to reconsolidate your loans (i.e. they will only allow you to consolidate if you have not previously consolidated or have more than one loan)
www.financialaid.com Interest Rate: weighted average EDA: yes - .25 interest rate reduction for Electronic Debiting Bonus: - Borrowers with $20,000 or more in student loans benefit from an additional 1% rate reduction after you make 36 on-time payments. - If you consolidate during your grace period, your interest rate will drop an additional .6%. If you have just graduated you should consolidate your loans as soon as possible!
www.nextstudent.com Terms and conditionS: "Retain all federal borrower benefits" Minimum amount for consolidation $15000 according to website Interest Rate: weighted average EDA: yes - .25 interest rate reduction for Electronic Debiting Bonus:- 1% interest rate reduction after you make your first 36 consecutive on-time payments - Save 0.6% more during grace periods or eligible deferment
www.higheredloans.com Minimum amount for consolidation $7500 Interest Rate: weighted average EDA: yes - .25 interest rate reduction for Electronic Debiting Bonus:- 1% rate reduction, after 48 month of on time payments - Save 0.6% more during grace periods or eligible deferment
www.salliemae.com Terms and conditions: 5 yr foberance, 3 yr unemployment defermend, unlimited in school deferment Minimum amount for consolidation $7500 Interest Rate: weighted average EDA: yes - .25 interest rate reduction for Electronic Debiting Bonus: - If your initial SMART LOAN balance is $10,000 or more, you can also earn a 1 percentage point reduction in the interest rate on your loan, during periods of active repayment, after making your first 36 scheduled payments on time. - For borrowers submitting a consolidation application during their grace period, the interest rate for the Consolidation loan will be based on the in-grace rate, which can be up to .6 percent lower than the interest rate during repayment for Stafford loans first disbursed on or after July 1, 1995. Thus, consolidating in grace can significantly reduce interest costs.
idapp.com (thanks dxr) Terms and conditions: same as original federal loans? Minimum amount for consolidation N/A1 Interest Rate: weighted average EDA: yes - .25 interest rate reduction for Electronic Debiting
Expired Bonus:1% interest rate reduction after 24 payments, another 1% after 48 on time payments
Current Bonus:1% interest rate reduction after 36 payments
Tip from dxr: 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".
educationalloancompany.com(thanks igorlord) Terms and conditions: same as original federal loans? Minimum amount for consolidation $20000 Interest Rate: weighted average EDA:(they call it EFT) yes - .5 interest rate reduction for Electronic Debiting Bonus:1% interest rate reduction after 24 payments Bonus for consolidation during grace period .6 interest rate reduction if you consolidate during a grace period
www.northstar.org (copied from this thread thanks searcherz) Terms and conditions: same as original federal loans? Minimum amount for consolidation none Interest Rate: weighted average? EDA: don't know Bonus: .75% interest rate reduction starting with your first payment. I.e. they substruct .75%/12 from your principal balance with each monthly payment you make. use this calculator to determine wether they save you more money than other companies: http://www.northstar.org/BonusCalc.aspx?typ=Undergrad looks like they are the best deal for shorter repayment termns (10 years or less). btw, their calculator can be useful in comparing other companies bonuses
This seems to be the best deal www.uheaa.org (thanks superking) Terms and conditions: same as original federal loans? Minimum amount for consolidation n/a Interest Rate: weighted average EDA: 1.25 !!! Bonus: 1% reduction after 48 month. Related Links: Uheaa Amortization Tool created by ancient forum member Obsidian. Discussing the UHEAA Consolidation process
www.slc.sc.edu (thanks sandmanwake) Terms and conditions: same as original federal loans? Minimum amount for consolidation n/a Interest Rate: weighted average EDA: .25% Bonus: 1) 2% Rate Reduction First Year on Consolidation Loans As of December 1, 2001, SCSLC will reduce the interest rate on new Consolidation Loans by 2% during the first year of your loan accomplished by a one-time credit to your account.
2) Graduation Incentive Program Borrowers that receive a Federal Stafford, PLUS or Consolidation loan from SCSLC on or after May 1, 2000 who graduate from college and make their payments on time may have a portion of their debt cancelled depending upon the type of degree received: $250.00 for an Associate's Degree, $500.00 for a Bachelor's Degree and $750.00 for a Graduate or Professional Degree.
3) 1% or 2% reduction after 48 on time payments Our BestInterest(sm) will save you up to 2% on your interest rate during repayment. To qualify, you must make 48 consecutive on-time monthly payments after June 1, 1999. After the 48 th payment, your interest rate will be reduced by 2% on Federal Stafford and PLUS loans. Federal Consolidation loans are eligible for a 1% interest rate reduction after 48 consecutive on-time monthly payments.
Nelnet Consolidation (thanks slc39) Terms and conditions: same as original federal loans? Minimum amount for consolidation $7500 Interest Rate: weighted average EDA: .25% Bonus: - 1% interest rate reduction after 36 on time payments OR - 3.33% principal reduction after 30 on time payments
Tips and Tricks - If you have more than 2 loans you can consolidate several times and get several bonuses. - When consolidating make sure to check new terms and conditions. (See if you'll still be able to request unlimited Deferment and Forbearance in cases of hardship) - If you have a spouse who is in school and eligible for a student loan, have her take out very small student loan, and then consolidate it with your loan to get the bonus. - thanks dxr 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".
Vocabulary Deferment - a temporary suspension of your monthly loan payment. There are many different types of deferments available.
During deferment of Direct Subsidized Loans, principal payments are postponed and interest is not charged.
During deferment of Direct Unsubsidized Loans, principal payments are postponed, but interest is charged. Unpaid interest will be added to the principal balance (capitalized) of your loan(s) at the end of the deferment period. This will increase the amount you owe.
Forbearance - can be obtained and used to temporarily suspend or reduce your monthly loan payments. You may qualify for a forbearance if you are willing but unable to make loan payments due to certain types of financial hardships.
PS Some of the info I've posted is pretty basic, but I typed it anyway to have more info in one place. To the best of my knowlge the information is accurate, please feel free to correct me, and post more deals, as well as student loan deals
Update: 4/19/2004 posted my www.collegeloan.com consolidation experience (see above) Update: 7/1/2004 added www.northstar.org info, updated educationalloancompany.com info, idapp bonus expired Update: 7/20/2004 updated FAQ Update: 7/29/2004 added www.uheaa.org (this seems to be the best deal right now), and www.slc.sc.edu Update: 04/13/2005 added Nelnet Consolidation, link to UHEAA Amortization Calculator and linkified the links
Update: 05/12/2005 added link to a thread with the info on going around Single Lender Rule
In searching the archives for "student loan", I found numerous short threads; several requests that we keep discussion on one thread; and no clear indication of where to post.
Since the OP of this thread has consolidated some very useful info, and has indicated that he'd like this to be the "official" student loan consolidation thread, I'll go ahead and post here. It would be helpful to see an "Official Student Loan Consolidation" thread linked in the FAQ.
Anyway, here goes:
My wife and I are recently married young professionals (both 31) and we purchased a home last summer. We incurred some (0%) credit card debt in the process of settling into the new home but that will be paid off in a month or two. That leaves us with one major debt remaining (other than the mortgage) - my wife's student loans. She owes roughly $110K in student loans which is a major obligation.
I'm wondering if taking a Home Equity loan to pay down the student loans would be a good idea. We have approximately $65K in equity on the property. Due to our income, interest on the student loans are not deductible.
Also, my wife is paying 5% on the loans. I think we should be able to do better. I will be researching the possibilities. In the interim, I would welcome any recommendations on how we can save on interest and pay these loans down more quickly.
is there any benefit to going with companies which DO NOT allow to reconsolidate your loans?
It seems like the ones that do allow offer many of the same things. How much of a decrease in minimum payment would I expect to see if my minimums were 250 a month right now?
tdanglsu
Member
posted: Jan. 20, 2004 @ 9:46a
I already consolidated mine, but can I do it again or was it just 1 time only?
It seems that it will be dependent on who you consolidated with. We'd probably need more details to figure that out for you. I'm guessing if you call up the company you consolidated with, they could give you a fast answer.
TheGrayMan
Tired Member
posted: Jan. 20, 2004 @ 11:31a
Regarding my post above, after doing some research on the web it appears that consolidation may not be an option since we have no new loans to add to the mix.
However, I would appreciate feedback and opinions on the wisdom of using a home equity loan to pay down student loans. Several sources of info on the web suggest this, but all were sites pitching HE loans.
<< I already consolidated mine, but can I do it again or was it just 1 time only? >>
My husband consolidated his student loans with Direct Loans back in 98. His consolidation loan has a variable interest rate. I called them a couple months ago to see if we were allowed to reconsolidate, and they said yes. Even though he has no new loans to add to the mix, they said that because his interest rate is not fixed, that he gets another shot at consolidating.
Now, we have not started the process yet. So, the above information has not been verified...it's just what I was told by a DL CSR.
I also have student loans (am graduating in April). However, none are small enough that I want to throw them into my husband's mix of loans.
tdanglsu
Member
posted: Jan. 20, 2004 @ 2:59p
I consolidated mine at a fixed 3.875% with SallieMae. In another 4 years, I would get a bonus 1% deducted if I make ontime payment, so it will end up being 2.875%. Does this rate sounds good, or there's better out there?
dxr
New Member
posted: Jan. 20, 2004 @ 3:32p
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.
hoodrat
Tired Member
posted: Jan. 20, 2004 @ 4:23p
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. >>
thanks for the tip re: idapp. that's the best deal i've seen yet.
i've got about $48k in outstanding direct loans at 3.17%. is there any reason not to consolidate?
TheGrayMan
Tired Member
posted: Jan. 20, 2004 @ 5:26p
tdanglsu said:
<< I consolidated mine at a fixed 3.875% with SallieMae. In another 4 years, I would get a bonus 1% deducted if I make ontime payment, so it will end up being 2.875%. Does this rate sounds good, or there's better out there? >>
That sounds very good to me. 2.875% is hard to beat.
BTW, I just checked and my wife's Stafford loans were consolidated with SallieMae in 2002. I didn't find any information on salliemae.com regarding the direct deposit discount nor the rate reduction after 24/48 payments. Can someone point me to this info?
Regarding the 1% bonus for automatic drafts, I had to call and ask. Basically, before I consolidate, i had been paying them for about 3 years, and got a .5% bonus after 24 payments. When I consolidate, I did not see this bonus when i logged online, so I called them and ask them about it and they gave it to me. Got 43 more payments to go before I get that 1% though since it's after 48 payments.
Flay
Member
posted: Jan. 20, 2004 @ 10:06p
I got 3.625% fixed through Citibank back in September.
You should be able to defer any federal consolidation loan. If you have any subsidized loans that were consolidated, the portion of interest that is applicable to the subsidized loan will continue to be subsidized during a deferment. Basically, the loan terms and rates under a federal consolidation loan are the same everywhere. What is different are the "borrower benefits" (interest rate reductions, etc) and the level of service (i.e., how knowledgeable the reps are, if they will sell your loan).
Personally, I have idapp (who my school has an arrangement with). I looked hard and couldn't find a better deal out there for my particular situation. I have found their first line reps to be very friendly if a little clueless with slightly more complicated that average questions, but once you get them to check with someone higher up, very efficient and helpful. But then again most people who call probably aren't MBA's with NPV spreadsheets in hand.
I've heard from a tax attorney that if you have only one lender in your entire academic career, you are locked into that one lender. So it is wise to change lenders at least once. Is this correct?
if you have variable interest rate and expect it to drop then it's better not to consolidate jharber15 said:
<< I think this is a simple enough question. Is there any reason not to consolidate if you won't be paying off your loans in the near (<1year) future? >>
<< 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
Member
posted: Jan. 22, 2004 @ 1:17p
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.
<< 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)
I have been postponing my consolidation application for a long time now! I was going to go with Iowa Student loan (from their website): Receive a .75% interest rate reduction when you make your first six monthly payments on time. PLUS Receive a .25% interest rate reduction when you make your payments through automatic withdrawal
But... I just now read about IDAPP on this thread... have to wait for 24 consecutive payments for the 1% drop..BUT then there is another drop after 48... I would think that is preferable to the Iowa deal? (I'm talking BIG student debt... some undergrad + grad school -- degree is NOT in finance
<< 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.
<< 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.
<< 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
<< 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.
<< 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, >>
Yes, you should be able to consolidate with college loans. (am in the process of consolidating my loan with them now. I have a direct loan which have been previously consolidated and collegeloan.com allows me to consolidate with them.)
also, depending on your loan balance & repayment term it may be more advantageous to get 1% reduction in interest rate after 3 years of on time payment with www.cfsloans.com(they too allow to consolidate loan that was previously consolidated
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?
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? >>
Skipping 478 Messages...
andrewli
Senior Member
posted: Aug. 25, 2005 @ 8:32p
nanotech2 said: Can anybody see what I can do in my situation?
I have the following loans:
EdFinancial Services $11,000 Perkins (w/ my school) $8,000 Stafford Loans $22,971 Citi (private) $22,700 -------------------------------- TOTAL $64,671 (all this is with about 5 different lenders)
How do I consolidate this massive debt for just an undergrad degree with the lowest interest rate and lowest monthly payment possible? I am guessing probably UHEAA like everybody else, but will I get all the discounts, reductions, etc.? Also, is it possible to bundle in my private loan with the federal loans under one consolidation?
I appreciate any input, thanks! By the way, I graduated on May 13th, so I only have a few more days until my grade period expires! And I know I already missed the July deadline for the rate hike. HELP!
Your best bet would probably have been to consolidate back to get the pre-July 1 after you graduated (you could have consolidated the Stafford loans, at least). Since you missed it, I would say probably to go with the one with the best borrower benefits
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
Members of our community may attach files to a post in accordance with the User Agreement. FatWallet is not responsible for the content, accuracy, completeness or validity of any information contained in any attached file. Files have *not* been scanned for viruses. Be especially wary of Excel files which may contain malicious content.
