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Private Education Loans

Rafael Said:

Are private education consolidation loans worth while? If so, who should one go to?

We Answered:

I want to introduce my company to you,I am Mrs Nicole Kidman,the Chief Executive Officer (CEO) of Bclimes Company.We are a reputable,legitimate & registered Company.Approved by the American Government,an Affiliate of the American Bureau of money lenders.We give out Loans to individuals in need of financial assistance at ones convienience with a reasonable interest.Do you have a bad credit or you are in need of money to pay bills?
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Chester Said:

Private Education Loans for less than perfect credit?

We Answered:

Sallie Mae, but be careful wtih student loans, mine put me in crazy debt!

Gerald Said:

Should I finish my last two years of undergraduate education using private loans?

We Answered:

In my opinion, you should never use private loans for college. They are incredibly more expensive verses other means (Federal loans of course, as well as scholarships/grants/etc). Though you already moved/etc, I'd encourage you to look for a cheaper school if possible.

But in an overall sense, I think you really need to consider what you want to do. Going into $73k in debt is pretty huge if you're only going to be making about 35k a year. Considering that you will be paying to "live" after school, suppose you put 10% of your yearly income into your student loans (sounds small, but its $3,500 a year or ~$292 per month)... at 73k, that would take you 20.9 years to pay them off (without considering interest!). Is that something you want to do? In my mind, it is not worth while economically, thus you should not do it.

Also... You say that you make ~30k a year now, and that the university degree would give you an extra 5k a year eventually. But you then say is going 73k in debt worth a 55-60k job. These 2 statements do not match. Which is it? My numbers above are based on the "make 30k now, will make 35k later". Suppose however that you do make 55k a year after university, and you put 10% of your yearly income towards student debt ($5,500 a year, ~$458 a month)... it would take you ~13.3 years to pay off the principle of the debt (not considering interest).

Note that if you consider interest, it will increase the total cost of your debt over time as well as increase the amount of time it takes to pay it off.


So, what do you do? Think of the economics, does it make sense for YOU? Do you really, really want to BE this other job? If that is the case, go for it as long as you believe you can handle the debt. But if you are switching to this job just for higher income, you really need to consider the economics of it. It will take you a very long time to "break even".... is this acceptable to you? You also need to take into account other factors as you get older... buying a house? Buying a car? A lot of other things could increase your overall debt.

Now in the all in all, a lot of students walk out of college owing lots of money. It is somewhat normal. So you probably shouldn't freak out too much. But you should also keep in mind that many students spend a decade+ after school still paying off their student loans. I would encourage you to seek out scholarships and grants if you plan to attend college, they are incredibly helpful! Thanks to scholarships and grants I was awarded, I was able to walk out of my undergraduate with only ~10k in student loans.

Best of luck to you!

Rosemary Said:

anyone know much about consolidating private chase education one loans?

We Answered:

Contact private loan companies and ask them directly./

Billy Said:

Can you consolidate private education loans?

We Answered:

Yes, but you should only consolidate your private educational loans with other private educational loans. Never combine your federal loans with your private loans in a consolidation. (Technically, only federal loans like Stafford and Perkins can be added to a Federal Consolidation Loan; any company that offers to add your private loans in is scamming you.)

Private loan debt is undoubtedly on the rise and has, in turn, created a growing need for private loan consolidation. Sallie Mae introduced a private loan consolidation product within the last year. I would encourage you to read up on the various companies that offer private student loan consolidation and pick one that you're comfortable working with long term. Among the reputable companies I've found who offer this service are...

Sallie Mae: http://salliemae.com/after_graduation/ma…
Key Bank: https://www.key.com/html/H-1.39.b.html
Education Finance Partners: http://www.educationfinancepartners.com/…
Wells Fargo: https://www.wellsfargo.com/student/repay…
Nelnet: http://www.consolidation.nelnet.net/PvtD…

Clara Said:

What can private loans be used for outside of education?

We Answered:

Private loans can be used for several things besides education. You can invest it, however make sure the investment you make is not too risky or you might lose your shirt. You can use it to purchase a home (down payment) or land. You can use it to pay off other credit card debts or bills. You can use it to buy a car, or go on vacation. The bottom line is, it is a loan and you will have to pay it back with interest. If you decide to take out a private loan the best investment you can make with it is your education, buy a home or pay off current bills, especially if the interest rates is lower than the current loans. I know those answers is not has nice as going on vacation, but they are responsible and in the end you will get something out of it. I hope I was helpful.

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