What are the advantages and disadvantages of consolidating a Stafford Loan?
364532
It depends upon if you consolidate before or after July 1, 2006 because the laws are changing.  \n\nIf you consolidate before July 1 then you will be able to lock your interest rate in to a fixed rather than the current variable interest rate for a Federal Stafford Loan. \n\nConsolidations after July 1 will be at a variable interest rate. \n\nIf you have a Federal Perkins Loan, those are already at a fixed interest of 5%. \n\nYou will still have the ability to have one payment.  \n\nSome of the disadvantages to consolidation are loss of the grace period and loss of loan forgiveness (like for some teachers).
981142
There are several debt consolidation loans that are available, to be quite honest with you the ones that you see on television are not all they are cracked up to be, and you should really wiegh all the pro's and con's of putting certain debt into your mortgage. IE car loans depending on your circumstance usually do not make since to put into a mortgage if you are going to be in the mortgage for a longer period of time than the car loan which is the case 99% of the time. To get information on different types of debt consolidations loan and even use tools to help you decide which type is best for you along with qualifying for that loan, low rates log onto http://www.justgetaloan.net/  or you can reach me Jenold Freeman at 866 530 7300 ext 7305 or email me at jfreeman@justgetaloan.net.
918794
Hello Melissa,\n\nAs the other responders have said, YES, it makes complete sense fo ryou to consolidate!\n\nEspecially being that you have such a large amount of student loan debt...\n\nThe government offers this program to students as a way to teach people a more effective way to manage your debt.. By combining all of the loans into one loan it simplifies your finances..\n\nThink about it, at the end of each month, do you wan tto be sending a9-10 seperate payments to 9-10 seperate lenders, or do you wnat to make one payemtn to one lender???\n\nImagine the checks, stamps, and envelopes you would use in just 1 year if you stayed the way you are..\n\nNot only that but look at the more important issue..\n\nAll loans taken out before July 1st 2006 are variable rates.. In the last few years interest rates have been on the rise... If you dont consolidate into a fixed rate, your rates will rise on all of your loans..\n\nTHIS MEANS YOUR PAYEMTNS RISE AS WELL!!!\n\nBy consolidating you get what is called a weighted average interest rate.. The take an average of your interest rate based on the amount of each loan... More importantly the interest rate is FIXED on the new consolidation loan..\n\nSo, it make s complete sense to consolidate your student loans!!\n\nRemember, the government offers this program FREE OF CHARGE!!!!\n\nMy name is Jason Fry, i am a financial advisor for Student Aid Lending.. We are licensed nationwide and are a title IV lender administered by the Department of Education..\n\nTake a look at my personal yahoo 360 page.. You can find alot of helpful information as well as a direct link to our website...\n\nhttp://360.yahoo.com/my_profile-HlUDUhMib7M9Wlj6o6L2SfGcEYtkt9xsaQ--?cq=1\n\nFeel free to call or email me at any time with questions, or curiousities..\n\nI will take time to answer any and all questions!!\n\nGood Luck!\n\nJason Fry\nStudent Aid Lending\n1-800-964-0642 ext. 114\njasonf@studentaidlending.com
863104
Yes. Regular stafford loans do not require a cosigner, they are not credit based. Sallie Mae offers these as do many other banks like Wells Fargo, Chase, US Bank...the list goes on and on. Follow the link below, it is a great resource that will answer many of your questions.
1019214
As far as I know consolidation is only on govt loans you cant consolidate a private loan.
554779
You do not need a co-signer for Stafford Loans (this is the type of loan your school should have offered you). They also do not require a credit check and are guaranteed by the government, so if you do not pay after you finish school they really will garnish your wages, take your income tax, ext. until they are paid in full.
1157375
That's too general of a question.  If you've been responsibly paying your debts and have responsibly consolidated to reduce the interest you pay, it's different from the kind of consolidation done in response to credit problems.\n\nWebsites aren't going to be able to answer that question.
757166
That probably varies from person to person. My best guess would be that they consolidate when they finally realize they are paying exorbitant interest rates on one or more of their credit cards and that a consolidation loan would lower their overall monthly debt at a lower rate.\n\nChow!!
828556
DON'T CONSOLIDATE THE PERKINS LOAN!!! Why? B/C perkins has lowerest interest rate compared to stafford.  Perkins, is 5% so when you consolidate it, you will basically throwing away 5% to get what 6.8% or more.  If you want to consolidate anything, then just the stafford loan.  If perkins is about to go up, you will be notified of such then you can consolidate. then you can lock it at 5%.
196280
The advantages of GIRO.\n------------------------\nAutomated deduction of money from account.\nYou do not have to worry about funds transfer. Mail order. Wire transfer and such. Cus, the entire process is being automated. And deductions can be made from any savings account in the major banks. POSB, DBS, UOB, etc..\n\nThe disadvantages of GIRO.\n----------------------------\nYou cant choose the date, you want for the auto deduction.\nAs such, you got to ensure that you've got enough money in you account. Usually, there would be a second deduction, if that also fails, then you would have considered to have defaulted on your payment. In short, since you cant choose the date for deduction, its not as flexible, and might hinder you from planning your financial.
508650
One advantage of the trust is that it shields the house from your creditors. The trust owns the house and not you. Any judgment that might be entered against you will not be a lien the house.  Same goes for your sibling.  Any judgment against them does not affect the house while it is in trust.  Another advantage is that no one will know you own a house from the public records.  If they don't know you own property, your creditors are less aggressive in going after you.  \n\nAnyone who sells their interest is subject to tax on the profits.  If it was over a year then its capital gains tax at 15%.  No tax is due until the interest has been sold.  \n\nThe only disadvantage for leaving the property in trust is that it is pretty hard to refinance the mortgage with the trust as the owner.  If you don't need to refi, leave things alone.
559736
M.K\n\nActually you can consolidate your loan with the government now http://www.loanconsolidation.ed.gov (Borrowers Services) and it's actually not as bad as you think. \n\nBefore you consolidate your loan check out the Borrowers Services and see if you can get a better rate. You can consolidate any amount even your $50,000 debt and its free to consolidate your loan!\n\nI know Salliemae is one of the best student loan consolidators but sometimes their rates can be a little high depending on your situation.\n\nDoesn't hurt to check them both out. Hope you get it worked out soon!
362302
Thanks to the recent Deficit Reduction Act, a LOT will be changing with Federal Student Aid.  Student Loan interest rates tend to change every year, but this year its different because not only are the rates changing, they are becoming fixed (so when they do change, they change "for good").\n\nCurrently Stafford Loan interest rates are reset every July.  They were capped at 8.25% but for the past 3 years have been much lower than that cap (in some years, rates were lower than 3%).  For the 2005-2006 academic year, these interest rates are as follows:\n\nFor borrowers in school or in their grace period : 4.7% \nFor borrowers in repayment: 5.3%\n\nBeginning July 1, 2006, Stafford loan rates will become FIXED at 6.8%.  If you want to consolidate to "lock in" today's 4.7% (or 5.3% if you are already in repayment) do it before July 1st.  You can save yourself a lot of money by knocking 2% off your rate.\n\nPLUS loan interest rates will also become fixed.  Currently they are variable and, for 2005-2006, are set at 6.1%.  Beginning July 1, they will become fixed at 8.5%, though most lenders offer additional benefits which could lower this rate to 7.25% or more. PLUS loans can be consolidated, too, (with each other or with any loans borrowed by the same person) so anyone with a PLUS might want to do so to lock in today's 6.1% rate.\n\nPerkins loan rates won't change.  They've been fixed at 5% for ages.
1167746
No go ahead and consolidate them. You should if you get any other student loans be able to add them on. I'm pro for student loans.
749369
This is from an article at http://www.reversemortgagepage.com...\nAm I comfortable with the disadvantages of a Reverse Mortgage?\nThis is perhaps the most important question you must ask yourself.  You first must know the disadvantages of a reverse mortgage.  In a home equity mortgage the borrower pays down the debt over a set term, usually 30 years.  Yet, in a reverse mortgage, the borrower builds up debt while they live in the home.  \nIn addition to building up debt, there can be significant up front costs when brokering a reverse mortgage.  If you plan on only taking out a small portion of money or plan on living in your home for only a short time then these costs can push the effective rate on the home up considerably.  \nThe last significant disadvantage of a reverse mortgage is that you leave your heirs with a noticeably smaller legacy.  While this is uncomfortable to discuss, it is something that needs to be discussed by you and your heirs.  When you take out a reverse mortgage, you will have less equity in the home and likewise, the heirs will have a smaller portion of the home’s value.  Also, the longer you live in the home, the more interest builds up, which further lessens the equity you have in the home.\n\nThe answer, I think, is that reverse mortgages do have up-front fees, but are still a good idea in the right situation.
722071
This isn't specific to Sallie Mae -- it's the result of Federal regulations.  The regulations for the refinancing of Federal student loans are very different from mortgage refinancing. Whereas you could refinance a mortgage as often as you want (well, sort of), reconsolidation isn't technically supposed to be possible for student loans. There a a few loopholes, though. The only way you might be able to "re-consolidate" would be:\n\n(1) if you borrow a *new* Federal student loan. If you have another loan that is unconsolidated, you can apply for a new consolidation loan that would combine this new loan with your old consolidation loan. However, this would only lower your rate a little bit since your new interest rate would be based on the weighted average of the rate for your new loan and the rate of your old loan. So, if you currently have a Federal Consolidation Loan of, say, $20,000 at 8% and you borrow a new $5,000 Stafford Loan at 4.7%, you'd have four times as much at 8% than you do at 4.7%, so your consolidated rate would become 7.375% -- not much lower, huh?\n\nThat said, you won't be able to obtain a new Federal student loan unless you are a student, so this may not even be a viable option for you.\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. 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.
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If that one car loan is your only debt, filing bankruptcy is a terrible idea.  \n\nAuto loans are a secure debt, and you will be expected to repay the whole thing, or liquidate it.  The only advantage is that the interest rate can be forced down a little bit.  But the advantages do not overcome the disadvantages here.\n\nSell the car and try to pay off the balance somehow.\n\nAnd I agree, they really hosed you on the interest rate!  What in the world were you thinking?