i already consolidated once...also do anyone know if there is help with paying your student loans?
122014
Federal loan borrowers are not meant to be able to consolidate the same loans more than once.  Currently, however, there exists a loophole in the system that allows students who have borrowed and consolidated under the Federal Family Education Loan Program to "reconsolidate" their loans through the Direct Loan Program. HOWEVER...\n\nThe Higher Education Act has just been reauthorized and, effective July 1, 2006, this loophole will be closed. After July, FFELP consolidation loan borrowers may only receive a Direct Loan consolidation loan for the following reasons: (1) for the purposes of income-contingent repayment if the loan has been submitted to the guarantor for default aversion; (2) if a lender denies a FFELP borrower a consolidation loan or income sensitive repayment; and (3) for the purpose of resolving a default. Direct loan consolidation borrowers may not reconsolidate unless new loans are added.
307404
Don't worry they will figure it out and demand it back right away.That happened to me with a student loan one time but I didn't take the money I called them and told them about it because I knew they would figure it out and I would have to pay it back right away, best to not touch it and let them know.
39383
Your best bet is NOT to use a consolidation company for a loan.  This will reflect more negatively on your credit.  The best bet, I think, would be to pay off your credit cards, highest interest rated card first.  Hope that helps!
393698
My grandson just did that, although we do not have a citi bank in our community, He called them and had all of his loans consolidated.And locked them in at a low interest. Then he had to defer them, work wasn't too good, not many hours.Citibank I understand is really good with students. Won't hurt to contact them. Good Luck.
502863
I am ever so slowly working on repairing mine. I went from having bad credit to no credit and now I have recieved offers from about 4 different places (two of which are department stores, the other two are regular credit cards), so I am just at the bottom, but I am going the right way! (My bad credit was caused by my getting married too young and having an ex who got me to sign checks that we knew would bounce...I'm just damn lucky I didn't end up in jail!) But I don't know how good your credit score has to be to get one of those home loans. I'm not to that point yet. My personal near future worry is paying off student loans since I will be finishing up a masters degree, so I won't be able to think about a house for a while yet. But it sounds like you (and me) are going the right direction! Good Luck!
366412
I was like that for a long time, and I am only now starting to get out of it.  It is hard, but call all of your debtors, and make a payment plan.  I set it up as I would pay them each ten dollars a week, and then when I got one paid off I would pay the difference to the next smallest debtor.  A lot of times they don' t like to deal with weekly payments, but if you tell them what you can afford, and as long as you send your payments regularly, then it shouldn't be a problem.  I read a book that helped me with this as well, it was called The Four Laws of Debt Free Prosperity By Blaine Harris and Charles Coonradt with Lee Nelson.  This book really helped me, I wish you luck!
391837
Hello Lisa,\n\nUnfortunately alot of people are in the same situation across the country... In fact i hear situations like this on a daily basis..\n\nAlot of student loan companies (sallie mae, nelnet, etc) will give student laons to both parents and students... All sounds fine but what they do alot of the tiem is make the parent think they are just goin gto be the "co-signer"\n\nUnfortunately what it really means is the parent will be the "borrower", and the child will be the "beneficiary"...\n\nSo, on credit the loans are under the parents name ONLY... Meaning the child has no financial obligation to the loan...\n\nSo, being the child has no financial obligation to the loans, the government will NOT allow you to consolidate the parent polus loans into your own federal loans...\n\nBut, that does not mean you are out of luck...\n\nYou will actuually benefit greatly by consolidating the loans you have in your name to one bill.. And then have your parents do the same thing...\n\nThis will make things easier especailly if your parents expect you to pay them back for the loans they took out in your name... \n\nYou will have your consolidation loan (1 payment) and your parents will havfe their loan (also 1 payment)\n\nYou also will still get all of the regualar benefits and rate discounts offered by the department of education for doing  a consolidation program...\n\nI work with Student Aid Lending, we are a nationwide title IV lender administered by the Department of Education... I would be happy to assist you with the consolidation process.. \n\nTake a look at my yahoo 360 profile.. There is alot of helpful information there for anyone to view.. You can also find the direct link to my website..\n\nhttp://360.yahoo.com/my_profile-HlUDUhMib7M9Wlj6o6L2SfGcEYtkt9xsaQ--?cq=1\n\nIt is actually a VERY SIMPLE process, it can be completed in 10 minutes over the phone and internet...\n\nFeel free to call or email me at any time.. Im available at all tiem to answer any questions or concerns you may have..\n\nI hope this helps!\n\nJason Fry\nStudent Aid Lending\n1-800-964-0642 ext 114\njasonf@StudentAidLending.com
645681
Only consolidate if you have over 10k in loans, otherwise it's really not a big $$ savings. If you want to lock in your rate, it locks your loan in, and you can't move it to another lender.
592784
I can answer this from experience. I used to be a financial counselor in Orlando for a consolidation company. We were always advised to tell the consumer to contact your lender first to see if they would accept payments from a third party. Remember that you would be paying the consolidation company, who in turn pays the lender on your behalf. If you are looking to consolidate your private loans for a reduction in the interest rate, you probably won't get it. \nAlso, if you are looking to consolidate them for the convenience of one monthly payment, I would be careful. Alot of times private student lenders won't allow you to change the payment date for the convenience of the consolidation, and they won't be happy when your payments start coming in a few days late because of it. The possible late fees aren't worth the headaches. I would consolidate just the high interest debt (such as credit cards) and leave the private student loans alone. Continue to pay them seperately.
290229
If you could provide a little additional information, that would help.  What kinds of student loans do you have?  Have they been consolidated? Are you a teacher?\n\nIf the loan is private, there isn't much that you can do to lower your rate -- most private loan rates are variable meaning that they change with the market and, sometimes, with your credit.  \n\nIf your loans are federal I have to ask: Are you sure the rate is 8.5%??  Federal Stafford loan interest rates have been capped at 8.25% for years.  And the only way your rate would be FIXED that high there would be if you had consolidated when rates were at an all-time high (the last time rates were that high was in 1999).  \n\nIf you haven't consolidated yet, consider doing it right away -- it's the easiest and safest way to (1) lower your monthly payments and (2) lock in a low interest rate while still maintaining the protection of the Federal student loan programs (just make sure you apply for a *Federal* Consolidation Loan).  When you consolidate, any eligible, Federal student loans that you have will be lumped into one new loan, your rate will be fixed at today's rate (5.3% if you're consolidating only Stafford loans) and your repayment term will be extended out beyond the standard 10-year repayment term (for a loan of $46,000, you will probably receive 25 years to repay). Extending your repayment term will mean that your monthly payment will be lowered (often significantly).\n\nIf you have consolidated, the only way that you can re-consolidate is if you...\n\n(1) borrow a *new* Federal student loan (probably not a wise decision, financially, as it wouldn't change your overall rate much)\n\n(2) if you "have been unable to obtain a Federal Consolidation Loan with income-sensitive repayment terms acceptable to [you]," you can obtain a Direct Consolidation Loan, which is the other type of student loan consolidation that the federal government offers. \n\nThis might be your best option. Just make sure that your current loan is a Federal Consolidation Loan (if it's already a Direct Consolidation Loan, you're out of luck). If it is, check the Dept. of Ed's website to see if you are eligible: http://loanconsolidation.ed.gov/borrower/beligible.shtml . There's no credit check on these loans, so it can't hurt to try!\n\nThere are private companies out there that claim to be able to "reconsolidate" any federal consolidation loan. These companies are SO disreputable that I hesitate to even mention them. DON'T DO IT. They're in business only to make money off of you. Many of them don't even deal in Federal Consolidation Loans, so you could end up with a "reconsolidated" private loan with horrible terms and none of the benefits and security of the Federal student loan that you started with.\n\nFinally, about student loan forgiveness: loan forgiveness is almost always not an option for someone who has consolidated, so you will need to make the choice between Loan Consolidation and Loan Forgiveness.  Before deciding, keep in mind two things: \n(1) interest rates are on the RISE and scheduled to rise to 6.8% in July, so if you want to consolidate, you should do it before July 1\n(2) Forgiveness (a.k.a. "cancellation") of Stafford loans is rare unless you are a teacher in a low-income area.  To see if you qualify for teacher forgiveness, read this site carefully:\nhttp://studentaid.ed.gov/PORTALSWebApp/students/english/teachercancel.jsp?tab=repaying\n\nBy all means, if you qualify, go for it!
651002
In addition to the answers already noted, here are some other reasons:\n\n~ the interest rates on consolidated student loans is tax deductible, whihc may lower your "real" cost of borrowing\n\n~ with consolidation, you may be able to extend your repayment period to give you more time to pay back your loans without fear of default or hurting your credit rating.\n\n~ speaking of credit rating, by consolidating your student loans into a single loan, you can effectively decrease the number of creditors on your credit history, thereby enhancing your overall credit score.
634098
Yes!  I consolidated my debt using  a company called Auriton- they have a wonderful customer service team and it was easier than you'd believe.  Less than three years later and I am 100% debt free!
482255
I have a Sallie Mae loan and you absolutley right, they will not Allow you to consolidate they call you every 10 minutes it's retarded. I really wish I would have never got a loan through them.
384681
yes. they are cuthroat with student loans. student loans never go away. the goverment can do this because they own the loan. a normal company would be past the statute of limitations. call the loan company and ask for a deferment or to set up payment plans. they are also the easiest of creditors to deal with in my experience.
130636
Hi, RecoverySue:\n\nFirst, your credit report is NOT the best indicator.  Don't rely on that.  Sometimes, it takes months or even years (if ever!) before a creditor reports to a credit agency.  If they don't report on a regular basis, you could still owe money and be delinquent, and never know!\n\nHopefully, you still have your loan paperwork.  If so, contact the phone number listed ASAP.  In general, I've had good experiences with student loan companies, however, they have hundreds of thousands (millions?) of accounts so don't rely on them to follow up with you.\n\nIf you don't have your loan paperwork, contact your college for the contact information for the loan company.  They should have it.\n\nIn general, the guideline is this:  If you dropped out of school DURING the allowable time and you were entitled to a refund of your tuition, then that tuition money should've been credited back to the financial aid office.  However, if you dropped out AFTER the deadline and you can't get any refund, then you may be (and probably are) still responsible for 100% of the tuition that was loaned to you.\n\nWhatever you do, don't delay in finding out.  The longer you wait, the harder it is to get copies of medical records and other information that may help strengthen your case.  Also, if you need to be put into a repayment plan, you need to know that ASAP before your loan goes into default (which results in higher interest payments, nasty letters, etc.).\n\nI've attached the link below to the FSA/US DOE Web site, which may help you, if all other attempts to contact the school and reference your loan paperwork fail.\n\nGood luck!
307162
try to consolidate your loans and set up payment arrangements that can fit your budget ...or try to find some federal programs that will either reduce or total eliminate your debt by partcipating in them and possibly getting a good job while doing so
574771
You can consolidate while you are in-school.  Some lenders allow you to keep your grace period after leaving school, others do not. Because interest rates are rising 1.84% July 1, 2006 I would strongly recommend attempting to consolidate before midnight tonight.\n\nThe consolidation of loans allows you to lock the current interest rate in, otherwise the rate will continue to fluctuate as the economy does. Rates are set to rise on July1 to 6.54% for Stafford Loans if you are currently in school/grace period and to 7.14% for those of you in repayment. Right now rates are at 4.7% for in-school/grace and 5.3% for repayment. Consolidation will round your interest to the nearest 1/8 percent so in-school/grace consolidated rate will be 4.75% and repayment rate will be 5.375% (this is for loans borrowed after 1996, rates are slightly higher on loans borrowed prior to fall of 1996).\n\nRepayment will also allow you to extend your repayment out longer than 10 years, lowering your monthly payment. Because of the large jump in interest rates it is highly recommend that students consolidate their loans by the end of the day today.\n\nThe Perkins loan may also be consolidated, it has a fixed (or locked-in) interest rate of 5%. So many students will opt to leave that loan out of the consolidation if the are still in-school so their interest rate isn't made higher in the weighted average of loans and their interest rates during the consolidation process. You can run examples using loan consolidation calculators at www.finaid.org.\n\n You may also want to consider this if you are in education or nursing fields:  When you consolidate a student loan you no longer qualify for the Teacher Loan forgiveness or Nursing Loan forgiveness programs. So yes this a drawback. It would be a good idea to calculate your interest savings of consolidation for the 5 years you are required to work & pay on your loan to qualify for the program versus taking what portion of your loans that will be left at that time that will qualify for the loan forgiveness.\n\nTo find a listing of all your loans you can use the National Student Loan Database www.nslds.ed.gov. You will need to know your Dept of Ed PIN to access this info. To retrieve your PIN you can request a duplicate be emailed to you within 4 hours at www.pin.ed.gov\n\nYou do have the choice of choosing another lender to consolidate with and their are many to choose from. And it is typically easiest to go with your current lender. \n\nMany people on this site are recommending Direct loans. They are reputiable but many other are as well. To consolidate with Direct Loans you can call their phone number 1-800-557-7392 or complete an application on their website www.loanconsolidation.ed.gov. To consolidate at the website you will need your Dept of Education PIN and the amounts borrowed for each loan (and whether they are subsidized or unsubsidized). The PIN can be emailed within 4 hours so if you request it now you can still get your application completed (www.pin.ed.gov).\n\nRemember you only have until midnight on June 30, 2006 to complete the application if you select to consolidate your loans