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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!!

sheilajom 05-28-2008 08:54 PM
I have student loans and I declined to consolidate them. The government interest rate is way better. At most you would save about half of a percent if you did even if you got a good rate. You won't save that much money by doing so. The payment will only be for a longer period of time and in the end you will have paid more. The government will work with you if you need a deferment or a lower payment for a short amount of time. Just call them and tell them what you need, they are very accommodating. Depending on how much you owe you could reasonably pay it off in about 5 or 6 years if you pay over the minimum payment. I think of mine like a car payment and pay according to that. The student loan will take around 10-15 years to pay off if you only pay the minimum payment. Consolidation will not change that, only maybe make it a longer time.

Tillys_mom 05-29-2008 06:07 AM
Quote:
Originally Posted by sheilajom (Post 2017600)
I have student loans and I declined to consolidate them. The government interest rate is way better. At most you would save about half of a percent if you did even if you got a good rate. You won't save that much money by doing so. The payment will only be for a longer period of time and in the end you will have paid more. The government will work with you if you need a deferment or a lower payment for a short amount of time. Just call them and tell them what you need, they are very accommodating. Depending on how much you owe you could reasonably pay it off in about 5 or 6 years if you pay over the minimum payment. I think of mine like a car payment and pay according to that. The student loan will take around 10-15 years to pay off if you only pay the minimum payment. Consolidation will not change that, only maybe make it a longer time.
I don't think we would ever be able to pay it off in 5 or 6 years. I'm not even sure how long they are putting us on but before consolidation with all his student loans our payment will be $1,035 a month. With all our other bills we can't afford that. When my husband called the Department of Education they told him he can't do a deferment longer than the six months he is already in. I dont know if this is something new or not :confused: I would love to get these stupid loans paid off in 10 years but hubby keeps saying 30, (one of the many many reasons again to prove how our families view financing lol). I told him I don't want to be 50 and still paying on them, by then our son, (and maybe other children), will be out of college. My husband is all for live today then when you can't pay your bills worry about it then. I'm the planner. If I can see now that in six months we wont be able to afford to live I want to fix it now. LOL :) Men!

Tillys_mom 05-29-2008 06:09 AM
Quote:
Originally Posted by For My Coby (Post 2017566)
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!!
You're right! Even though I do have the worst luck I always seem somehow to manage. Thanks on the tagline. I've had it up there for a few months. I thought it was a cute saying :)

Tiramisu 05-29-2008 06:58 AM
We are paying off student loans for three of our children - one through Sallie Mae (last payment this month), one through Nelnet, and one through Bank of America. Good luck!

FL Tink 05-29-2008 07:02 AM
my student loans were 8% interest. when i consolidated i got locked in with 4% interest and my payment was lower. I was able at the time to double up on payments and finally paid them off. So just because you consolidate DOES not mean you will be paying more in the end;)

sheilajom 05-29-2008 01:35 PM
Quote:
Originally Posted by Tillys_mom (Post 2017932)
I don't think we would ever be able to pay it off in 5 or 6 years. I'm not even sure how long they are putting us on but before consolidation with all his student loans our payment will be $1,035 a month. With all our other bills we can't afford that. When my husband called the Department of Education they told him he can't do a deferment longer than the six months he is already in. I dont know if this is something new or not :confused: I would love to get these stupid loans paid off in 10 years but hubby keeps saying 30, (one of the many many reasons again to prove how our families view financing lol). I told him I don't want to be 50 and still paying on them, by then our son, (and maybe other children), will be out of college. My husband is all for live today then when you can't pay your bills worry about it then. I'm the planner. If I can see now that in six months we wont be able to afford to live I want to fix it now. LOL :) Men!
They also have payment options that change the payment amount. I know I did this for the first few years that I paid mine. Mine wasn't near the amount that you have to pay, but I paid about 200 a month when I was supposed to pay around 350. They have many different options. You should call and talk to them and explain the situation. They have always worked with me on this. I got a deferment for a second time a while back for 3 months with out any reason for it. It was called a general deferment. Just talk to someone and don't hang up or give up talking until they help you lower the payment. They have many ways to do it, but you have to inquire about them, they sometimes will not tell you unless you ask. They also have income based payment options and income based deferment.

ladybugg74 05-31-2008 04:55 AM
Try Nelnet. Last time the consolidation rate was like 4%. You can only consolidate once.The deferred payment is only good for 6 months to give you time to get a job and money coming in and then there are those nice payments on student loans. I will be glad when mine is paid off.

SladesMommy 05-31-2008 07:47 PM
Glad you ask this question, I have a few loans myself I need to consolidate!

I saw on the view this past week and Suze orman was saying the worst possible thing to do was get a college loan from a bank b/c they can raise the intrest rate to 14%+ and there isn't anything the borrower can do about it.

Thank gooodness all my loans were gov't.

Tillys_mom 06-01-2008 11:59 AM
Quote:
Originally Posted by ladybugg74 (Post 2021994)
Try Nelnet. Last time the consolidation rate was like 4%. You can only consolidate once.The deferred payment is only good for 6 months to give you time to get a job and money coming in and then there are those nice payments on student loans. I will be glad when mine is paid off.
We tried Nelnet because that's where my uncle did his consolidation through years ago, but they currently aren't doing them. :(

Tillys_mom 06-01-2008 12:04 PM
Quote:
Originally Posted by SladesMommy (Post 2023170)
Glad you ask this question, I have a few loans myself I need to consolidate!

I saw on the view this past week and Suze orman was saying the worst possible thing to do was get a college loan from a bank b/c they can raise the intrest rate to 14%+ and there isn't anything the borrower can do about it.

Thank gooodness all my loans were gov't.
We have both federal and private. Ugh! :rolleyes: I know that on July 1st the federal loan interest is going to be going down. :cheer:

Baby Madeleine 06-01-2008 12:19 PM
My consolidation was through Chase and my interest rate is 4%

StewiesMom 06-01-2008 07:24 PM
I consolidated mine through the Federal Direct Loan (gov't) and my interest rate went up significantly. I called to "unconsolidate" when I got my letter/statement in the mail and they told me that I had 24 hours after it took effect to reverse it. How was I suppose to call within 24 hours if it took 2-3 days to get to me in the mail? yuck


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