Harry Said:

Student loan consolidation?

We Answered:

Hi
I saw your question I have decided to help people out due to the fact that I myself has been scammed twice by fake lenders in my search for a loan but at last I got a reliable lender that gave me the loan($60,000 USD) that I was in dire need of even with a bad credit. Hence I decided that I will refer anybody I come across to this God sent lender he is reliable and his terms are fair. You can get to him via his email address charles_lenders@yahoo.com Please tell him that Deborah Kirk he gave out a loan to me . I have search for a legit lender until I got him and I decided to help my fellow humans with this because there are a lot of fake lenders out there and I do not want any body to fall a prey please get to him and tell him that I referred you to him.

Thanks.
Deborah Kirk

Donald Said:

Private student loan consolidation?

We Answered:

Consolidation loans have all but disappeared in the last year or so... even in the big companies like Sallie Mae and Wells Fargo. It is simply not worth it for these companies to make these loans anymore. (Why loose money by consolidation when they are already getting 15% interest from you). I'm sorry I'm not much help.... but you couldn't have combined your loans with his anyway. My advise is to pay them off quickly.

A home equity line of credit isn't a viable option either, unless of course you own a home and actually HAVE $100,000 worth of equity in it. With the housing market as it is, most folks are upside-down on their mortgage. (Owe more than the house is worth). If you have this much in equity in your home (owe only 25K on a 125K house, for example), than more power to you. Go visit the bank Monday and ask. Personally I would not want to risk my house for private student loans, but that decision is up to you.

Also keep in mind that the interest you pay on student loans can be deducted off your income at tax time (without itemizing).... this is simply not the case with a home equity line of credit.

Sorry I was not much more help.

Michelle Said:

Student loan advice / consolidation?

We Answered:

you will never be able to consolidate the federal and the private loans together. So your options are limited. This is why private loans are evil and should be avoided at all costs. Your better option is to get a second job, or to ask the spouse, if you have one to get another job!

Melissa Said:

Student loan consolidation? what advice do u have?

We Answered:

When you consolidate your loans you are basically rolling them into one loan. I used to work for a student loan consolidation company back when the rates were at 2.8%. If you consolidate during your grace period it will waive your grace period and put you directly in to repayment. If you go back to school after you consolidate, you will need to put your loans in deferment or forbearance. If you do not do this, you will continue to get billed. If you take out more loans you can re-consolidate again later. I consolidated mine with the Department of Education directly. There are a whole bunch of companies willing to consolidate your loans but be careful. Some of them are telemarketing companies that are hired by major companies who will guarantee and service the loans. It is far better to use a company directly instead of going through a third party.

Also, make sure that if you have a Perkins loan that you DO NOT include it in your consolidation. They already have a fixed interest rate of 5% anyway. Perkins loans have certian forgiveness rights for people who are in the education field and the Peace Corps. If you consolidate a Perkins loan, you lose those rights.

Maureen Said:

Need advice on student loan repayments?

We Answered:

I would go with a company called Educational Direct because they will help you lock in a fixed rate so it doesnt increase your interest rate and for now until you find a job to put your loans on deferment NOT forbearance because if you put your loans on forbearance you are responsible for the interest that builds on it. When it's deferred you won't be responsible for the interest. Calculate what you're going to pay and make sure you are on time with every payment and if you can pay over the minumum balance to make your payments less if your finances allow it. The goal is to pay your loans off on time so you can get it paid off sooner than later because you're late with payments and it will keep the defaults off your credit history. Make sure that you stay ahead of things and any notices you get keep them because if sudden changes happen to your payments where the company isnt posting them you got written proof that you were notified of any changes or adjustments.

Here's a tip keep a calendar and mark on each month when your payments are due and that should remind you so you don't forget when a payment is due so you're not late. If you can pay it online so it gets there faster so you're not trying to hunt down a stamp to mail off checks and money orders. I hope this helps you :-)