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-   -   Student loan consolidation (https://www.yorkietalk.com/forums/off-topic-discussions/131850-student-loan-consolidation.html)

Tillys_mom 05-28-2008 04:14 PM
Student loan consolidation
 
Does anyone know of a good company to go through? Hubby and I are finding out more and more companies no longer consolidate your student loans, oh joy!!! Sallie Mae & Chase both no longer do it. We have no clue where to go or what to do. Citi bank has a really high interest rate. :rolleyes: We are in the process of buying a house and this is the only set back. It's aggravating! We owe lots and lots to hubby's school. A good education must not be worth squat anymore. This is a lesson to us....save save save for your children's college education!!!!!! :mad:

cindy0721 05-28-2008 04:39 PM
what about bank of america? OR Citifinancial? Or how about applying for a low low or interest free credit card?

cindy0721 05-28-2008 04:39 PM
I am still in school and its so scary to hear this!

Tillys_mom 05-28-2008 04:45 PM
Yes it is so scary! :( How do they expect society to improve when they keep doing crap like this? Well that's a whole new discussion I'd rather not get into. LOL Citi had the really high rates. I tried to google consolidation companies but I'm afraid to just give our information to just anyone. Ugh! Our loan officer informed us more and more are doing away with loan consolidation. Without consolidating I really don't know how we will make it.

LuvMySissy 05-28-2008 04:52 PM
When did Sally Mae stop consolidating loans? My daughter has a few student loans through them and gets consolidation notices all the time.

Tillys_mom 05-28-2008 04:54 PM
Quote:
Originally Posted by LuvMySissy (Post 2017170)
When did Sally Mae stop consolidating loans? My daughter has a few student loans through them and gets consolidation notices all the time.
Just recently. The company we are using for our home loan is owned by Sallie Mae and he told us they just had a meeting and they are no longer doing student loan consolidation.

Erin 05-28-2008 05:11 PM
What about a credit union? My student loans were all through the Department of Education and I just called them and they set it up, but I had to do it within a certain time frame and you only get one chance. I went to a state school though - it's different for private school or private loans.

I know you don't want to hear it, but my best advice is rent for a year and work on paying off the loans and you will be in a much better position. Trust me... I'm just a few years ahead of you. Been there... done that... it's not worth struggling just to pay a house payment.

Tillys_mom 05-28-2008 05:27 PM
Quote:
Originally Posted by Erin (Post 2017226)
What about a credit union? My student loans were all through the Department of Education and I just called them and they set it up, but I had to do it within a certain time frame and you only get one chance. I went to a state school though - it's different for private school or private loans.

I know you don't want to hear it, but my best advice is rent for a year and work on paying off the loans and you will be in a much better position. Trust me... I'm just a few years ahead of you. Been there... done that... it's not worth struggling just to pay a house payment.
That's the thing with rent. Where we are moving the rent is higher than your mortgage payment. Where your mortgage would be 800 your rent is 1,700. We can't afford that. :(

FL Tink 05-28-2008 05:28 PM
Once upon a time I was a financial aid counselor for a college!

There is a huge diff between FEDERAL loans and Private loans.

Federals loans will most likely be dismissed if your husband should die because they are federally insured.
If you get a private loan, you will most likely have to pay for the debt if he dies.

I am not sure with private loans, but you may be able to get a federal loan at a locked-in low interest rate.

YOU really need to do your investigation before your husband signs anything.
my loans were sold several times before i paid them off.

If you have any specific questions i will try to help you:D

Tillys_mom 05-28-2008 05:33 PM
We have slightly more private loans than in federal. We are pretty comfortable with the federal payment it's the private. If we can cut down on the private loan payment it would help so much. I never knew this was going to be such a headache! LOL

Erin 05-28-2008 05:38 PM
Quote:
Originally Posted by Tillys_mom (Post 2017263)
That's the thing with rent. Where we are moving the rent is higher than your mortgage payment. Where your mortgage would be 800 your rent is 1,700. We can't afford that. :(
That doesn't make sense. Are you factoring in taxes, insurance, etc? That stuff tacks on an extra $500/month to our mortgage payment. Make sure you have ALL the information first.

If it's that cheap to buy a house then why would rents be so high? Generally when real estate is less expensive rent should be too. You could probably rent someone's house who can't sell and is desperate for just enough to cover their mortgage. Like our neighbors couldn't sell and they are renting out their townhouse that's identical to ours...

Tillys_mom 05-28-2008 05:44 PM
Quote:
Originally Posted by Erin (Post 2017297)
That doesn't make sense. Are you factoring in taxes, insurance, etc? That stuff tacks on an extra $500/month to our mortgage payment. Make sure you have ALL the information first.

If it's that cheap to buy a house then why would rents be so high? Generally when real estate is less expensive rent should be too. You could probably rent someone's house who can't sell and is desperate for just enough to cover their mortgage. Like our neighbors couldn't sell and they are renting out their townhouse that's identical to ours...
I don't know if rent is so high because it's a pretty nice area and there is a large college there. You can find rent cheaper but you pay for it. We found that out when we rented a house that we thought was a good price for what is was. Come to find out it had mold like no other and a terrible landlord. The house we are looking to buy isn't very expensive compared to what you probably live in. :) Our home only would cost $125,000. It also is a liitle farther from town where all the rentals are.

For My Coby 05-28-2008 05:54 PM
We're splitting college with my oldest daughter (I thank God for a basketball scholarship for the 2nd one!). Sallie Mae stopped consolidating IN THE MIDDLE of my last consolidation loan of our half. I don't know what Kayce will do when she graduates next year!! I'm hoping that when the economy improves, companies will resume consolidation.

For us, we're considering a home equity line of credit for our portion. That doesn't help you at this point tho! And it won't help my daughter next year. They're going to have a lot of kids in trouble in the next several years!!

Tillys_mom 05-28-2008 05:56 PM
Quote:
Originally Posted by For My Coby (Post 2017319)
We're splitting college with my oldest daughter (I thank God for a basketball scholarship for the 2nd one!). Sallie Mae stopped consolidating IN THE MIDDLE of my last consolidation loan of our half. I don't know what Kayce will do when she graduates next year!! I'm hoping that when the economy improves, companies will resume consolidation.

For us, we're considering a home equity line of credit for our portion. That doesn't help you at this point tho! And it won't help my daughter next year. They're going to have a lot of kids in trouble in the next several years!!
I thought life was going to get easier. LOL I have the worst luck I swear! It's like we tried to hard for years to better ourselves and it seems like we get nothing out of it.

For My Coby 05-28-2008 08:22 PM
Quote:
Originally Posted by Tillys_mom (Post 2017323)
I thought life was going to get easier. LOL I have the worst luck I swear! It's like we tried to hard for years to better ourselves and it seems like we get nothing out of it.
It does seem that way at times. But the good Lord always provides for us when we have faith. My advice to you, as a young family, is to never turn on each other in money matters. Just a warning - that is going to be tough some days! ;)

On a positive note, I love your (new?) tagline about the wag of a dog's tail!!


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