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For those of you who have had to start paying back loans I wanted to get your input. So I have about 1000$ a month in 4 seperate loans. One thru discover, one thru citi banks, one thru Great Lakes and the rest in Fed subsidized loans. I have been thinking about consolidating them to possibly lower my monthly payment because even with a decent job I wouldn't be able to pay rent and car/ insurance with that 1000 bucks I'm shelling out. So what do u think RCMB ballers, any insight would be much appreciated!
I have never consolidated student loans, but it seems to me there has to be a catch somewhere. I think one issue is you are locking yourself into a higher fixed payment in the long-term, instead of having the ability to pay off one early. So in this case, I think it would help to know the amount you pay for each loan and how long is left.
Personally, if you have just the four I would set up recurring payments for each until they are gone and not pay someone else extra to manage it for you. But there may be something I am missing.
Holy shit, how many years did you go to school? What is the loan term on those? My payment is less then $200 a month (3.5 years at half tuition)...
Where's the question?
Yes, consolidate now. I think rates are low at the moment. I consolidated private loans, so it's possible to do so. I don't think you can consolidate federal loans with private.
If you can consolidate your private loans and save cash monthly, I'd do it. If you currently have variable rates on your loans, you might also want to convert to a fixed rate. I assume your federal loans probably already have a low, fixed interest rate and the ability to alter payment terms (i.e., pay a percentage of your income, graduated payments, etc.) so you might want to keep those separate.
I'll be graduating soon and have started to look at different option because I have a hefty debt amount through various lenders.
First, you won't be able to consolidate your private and federal loans into one. You can consolidate all your federal loans into one, but they'll stay separate from your private loans. (You can get more info here: https://loanconsolidation.ed.gov/AppEntry/apply-online/appindex.jsp)
Second, consolidating your private loans is a personal decision that depend on loan amounts and terms and your ability to manage making payments to the different accounts. If you have great interest rates on all of them I would leave them separate and order them from largest balance to smallest balance. Then make the monthly minimum on the 2 largest while making double payments on the smallest. Once it's paid off, move to the next one. It's known as the snowball technique and is widely suggested.
However, if your terms and interest rates vary wildly or you suck at managing accounts, look into Wells Fargo's private student loan consolidation. They offer both fixed and variable interest rate options.
Third, hope that the Fairness for Struggling Students Act of 2013 passes some time this year because one of the provisions would allow you to roll your private student loans over into federal student loans and consolidate. Ignore the discharging loans in bankruptcy part of the law. That would be a dumb idea and you don't want to fuck with bankruptcy.
Hope this helps.
This is a Pallas’s cat. Their round pupils give them an odd human quality. They disturb me...deeply.
I pay 275/mo on 5 loans. How is yours so high?
A man's gotta eat!
I would bet 1000 dollars that his balances are higher than yours.
meh I was paying 900/month on a half a dozen loans until I paid off Sally mae. Sally mae is a bitch with the highest interest.
Now its about 600/month. Still sucks.
Consolidating is only really necessary if you can get a better interest rate, or if you're having trouble remembering to pay 4 different people/month. But thats not really a problem anymore with autopay stuff.
People pay those back? I'd just move and not leave a forwarding address.
Ok so here's the info on my loans: I had one federal that is gonna be 340/mo not sure if that can be lowered. I have started making payments on my Citi Bank loans 110/mo, Citi sold some loans to Discover which I would pay 300/mo and the other is Great Lakes 100/mo. I've had a job for about 4 months now after awhile of putting my loans on forbearance. I have to start paying them all April 2nd. I went to school for 4 1/2 years so not too bad, but yeah I could probably only afford 500 max/mo.
So really my question to you all is are there any places that have better rates at this time or do basically all banks/unions give the same rates and also would the payment total go down?
In regards to your federal payments, give them a call. If you talk to them they can usually switch you over to an income based plan that can save you some per month money.
As far as rates go, it'll depend on your credit score but I've found Wells Fargo to have the best rates among the banks. I haven't checked credit unions though.
Awesome, thanks for the feedback Zeno!
I still don't understand why your monthly payments are so high. What's the length on these ?
Get a public sector job and apply for them to be dismissed after 10 years.
Thank god I went to school when I did. No private loans. Sucks that you can never be rid of those.
Sparty is our mascot, we are Spartans.
All of my student loans are private loans through Sallie Mae, but I have looked into refinancing with another bank as my loans are all variable rates, and some of them are quite high (prime plus 4). The problem I have found is not many places are willing to do this. Wells Fargo does, however last time I checked they would not refinance anything over $100k.
So, to the OP, I can't answer your question, but I feel your pain as I am currently paying $1000 a month to Sallie Mae. And to those questioning how this is possible, the answer is having a shit load of student loan debt, about $140k for me.
ah thats the problem. I had sallie mae as well. Not only were the interest rates the highest, but they were also only on a 5 year plan and wouldn't extend it to 10 years. Screw em, I paid that one off first
I want to rape Sallie Mae in a dark alley.
For your federal loans switch them to an income based repayment plan. It will probably decrease your payments significantly. The answer on whether to try and consolidate loans is much more dependent on the interest percentage on each of them rather than your monthly payment. All of my loans are federal loans so I know less about the private loans.
My loans on the standard 10 year repayment would have been around 2k per month. Instead I switched everything to income based and I pay like 400 until my income goes up next year. I did not consolidate because I want to pay off the $80k at 8.5% first and then knock out the 70k at 6.5% and finally knock out the last $100k at 4.7 last. As someone said snowball effect.
If you consolidate these fed loans it averages the percentage out which doesn't allow you to knock out the high percentage first. Sorry this only answers the fed stuff and not private.
You have 250k in student loans? Are you a doctor?
Thank god I don't have Sallie Mae. I think all mine are on the 10 yr plan.
Jesus titty fucking christ... 140k? I was out of state with no scholarships or aid or anything and didn't even hit that.
If you are a doctor just go work in the UP for a couple of years they will pay off all of your loans for you.
trying to get mine lowered too...just spent over an hour on hold with a message telling me that there is high call volume and my wait will be 10 minutes. after hearing that 183 times I gave up.
I called EdManage yesterday and selected the option to have them call me back. They never did.
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