should i consolidate my student loan?
405361
Im guessing you got that notice in the mail from some consolidation company. If you've taken student loans, I would first consult with the financial aid office or the equivalent, or your personal bank and make sure it's not an adjusting rate as you pay it off.
839845
Bad Idea. I find it hard to believe you'd get a better rate on a student load by using the mortgage (unless she didn't go through the gov't but only through a bank or used credit cards otherwise, the rates are extremely low and you can take lots of time to pay back). \nTrying to build a little equity? You must already have some equity otherwise you couldn't do this. They are not going to consolidate it into a loan for more than the property is worth.\nWhy waste that equity you have now already on something low interest, that you can take a lot of time to pay back.
293556
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.
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).
1172794
You did not say if you have subsidized or unsubsidized loans. I think  there is a difference between the both in terms of your repayment options.\n\nBut the following link would be a good start.\nhttps://www2.eac-easci.org/resources/RepaymentBro.pdf\n\nThe Estimated Student Loan Monthly Payment Chart and \nLearn About Repayment Plans sections provide an idea about your monthly payments and various repayment plans.\n\nYou might also want to look into consolidating your loans. ( Note: rates go up, on July 1st ). ( If you want to consolidate your loans, do it before then ).\n\nThe best thing would be to talk to your financial aid department if you are still in school. They will discuss the various options available, and you could choose the best one for you.
808584
have you checked on deferment. They have a lot of options. You can get it deferred if you are underemployed (not making a lot). They also have a income sensitive repayment. You pay 4%-50% of your monthly income at long at it is at least the interest. You can also pay interest only for up to 4 years. Interest will accrue but look on the bright side..when you die, it's paid off. I would contact the place you have your loan and ask them about these. If you have more than 1 loan, I would consolidate them and just make one payment.
679324
I myself have quite a few student loans through a private college.  Our financial aid department did most of our loans through Citibank, which offers a consolidation of your loans w/ minimal monthly payments that I'm paying now (about $5 a month for every $2,000).  Most banks want to take your debt and consolidate it (it's how they make their money), so I'd shop around or ask your financial aid department for suggestions of banks that will work in your favor.  Also, try looking into the bank your checking or savings account is at, they usually offer discounts to customers.  Hope this helped a little.
1084614
Great questions!  \n\nThere are pros and cons to consolidating, especially when you are still in school. \n\nThe biggest advantage is that you would obtain an interest rate that's almost 2% lower than the one you'd recieve next year (after 7/1/06).  The biggest downside to consolidating is that you will lose your 6-month grace period (9 months for Perkins), so your first payment will probably be due within a month after you graduate. You will, however, retain the ability to apply for deferments and forbearances. Even better, the subsidized portion of your Stafford loans will retain their interest subsidy (meaning that, even if you consolidate your Subsidized Stafford loans with other unsubsidized loans, the government will continue to pay interest on those Sub loans any time that you are in school or in-grace -- a great "perk" if you plan on going to Grad. school).\n\nIf you decide to go to graduate school, your consolidation loan will be eligible for an in-school deferment (just as your Stafford and/or Perkins loans would be if you didn't consolidate). \n\nKeep in mind that the loan for your last semester (Fall 2006, I assume?) might not be able to be added into this pre-July consolidation unless it's been fully disbursed by the time you apply to consolidate.  But if you consolidate now and later borrow new loans (in grad school, or in the 1 semester you have left), you DO have the option to obtain a new consolidation loan that can include (a) your old consolidation loan and (b) your new Stafford and/or Perkins loans.  (Basically, this is the only case in which a student is ever allowed to "reconsolidate.")  If you choose to do this, just remember that your future Stafford Loans will be offered at a rate of 6.8% -- so adding them into your consolidation (which you'll get at about 4.75%) will probably increase the overall interest rate on your Consolidation Loan. \n\nIt gets a little complicated, I know.  All things considered, if you think you can handle losing your grace period, consolidating is probably your best move.  2% in interest can really add up over 12-30 years.
871492
Double up on both.  If you can find a way to consolidate the two, cancel one, and then make one payment, you'll reduce the debt even more.  If you own a house, consider a Home Equity Loan (not a Line of Credit - the actual fixed-rate loan.)  The interest is much lower and you'll have tax-deductions.\n\nWhatever you do - cut up BOTH credit cards immediately and stop using them.
39873
Yes you can,there are many co's who will help you out in consolidating all your bills into one.And being a loan officer I like to suggest you that its better to consolidate your bills with you house mortgage if you have one.
1160579
You should consolidate, since rates will be going up to 7% or higher.  The interest is deductible, but you're still paying more with higher interest rates.  Say you're in the 25% tax bracket, and have $10,000 in loans.  At 5%, you pay $500 in interest. The tax deduction on the interest comes out to $125, so you've paid $375.  At 7%, you pay $700 in interest, the tax deduction is $175, you've paid $525.  The worse the interest rate gets, the more (net) you'll have to pay.
1177072
At present, the biggest advantage is the ability to lock in a rate that, in a few weeks, will increase by almost 2%.\n\nThe biggest downside to consolidating is that you will lose your 6-month grace period (9 months for Perkins), so your first payment will probably be due within a month after you complete the application. You will, however, retain the ability to apply for deferments and forbearances. Even better, the subsidized portion of your Stafford loans will retain their interest subsidy (meaning that, even if you consolidate your Subsidized Stafford loans with other unsubsidized loans, the government will continue to pay interest on those Sub loans any time that you are in school or in-grace -- a great "perk" if you plan on going to Grad. school).\n\nIf you decide to go to graduate school, your consolidation loan will be eligible for an in-school deferment (just as your Stafford and/or Perkins loans would be if you didn't consolidate). \n\nIt gets a little complicated, I know. All things considered, if you think you can handle losing your grace period, consolidating is probably your best move. 2% in interest can really add up over 10-30 years... (And no one yet knows that rates will be come July 2007, so you might end up saving more than 2%.)  \n\nOne final note: if you have a Perkins Loan, you can consolidate it with your other loans. However, Perkins Loans carry additional loan cancellation/forgiveness benefits which can be lost if you consolidate.  So, read up on these and if you think you qualify (if you might become a teacher, cop, child care provider, etc.), leave the Perkins out of the consolidation. \n\nSome examples: \n\nSay you have $10,000 in Stafford Loans.  Your current Stafford interest rate is 4.7% and will increase to 6.54% in July.  Once your 6-month grace period is up, you will begin repayment and your rate will increase to 7.14% (and if you don't consolidate, your rate will continue to change every July 1st).  Using 7.14% as a sample rate... $10,000 at 7.14%, over 10 years adds up to a monthly payment of $116 and an overall cost of $14,020\n\nIf you consolidate this month, you can "lock in" the current rate (4.7% rounded up to the nearest 1/8th of a percent equals a consolidation rate of 4.75%, sometimes lower).  $10,000 at 4.75% over 15 years (you get longer to repay when you consolidate) will amount to a monthly payment of $78 and an overall cost of $14,001.  \n\nSo, from a financial standpoint, you need to determine if these savings are worth losing your grace period.
321559
you should get a consolidation loan but without a job that may be rather difficult.  you could try finance companies but the interest is very high
324322
If you haven't consolidated your loans already then do so before July 1 as interest rates will be going up.  Plan at least 6 weeks to make that happen.\n\nThere are a number of pay back options including ones that are weighted to be smaller early in the payback period with larger payments later.  You can also extend payments for 30 years or select a program that is income dependent.\n\nYou could consider working in a State underserved area or for the federal government or sometimes there are even private arrangements.  Try the 3R Network.  You could also consider the IHS or NHS.  I have heard some horror stories associated with both of those last two organizations, however.  I would be sure that you really wanted to practice some place before I accepted one of their assignments.  My sister found a place that reimbursed her for her loans in exchange for a five year committement, meanwhile she is earning nice bonuses with the practice she works for.  Good luck.
88921
Save enough to pay off the school is your first step, then use Americorp to help pay your current tuition (interest rates on student loans are higher now than a few year years ago).  You may also think about "consolidating" your Stafford loan to get a fixed rate before June 30, 2006.
608383
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!
1141167
Probably.  There are pros and cons to any financial decision (particularly one that is more or less "binding" like consolidation). \n\nAt present, the biggest advantage is the ability to lock in a rate that, in a few weeks, will increase by almost 2%.\n\nThe biggest downside to consolidating is that you will lose the  6-month grace period that Stafford borrowers typically receive after graduation (9 months for Perkins), so your first payment will probably be due within a month after you graduate (or, if you are already finished, within a month of completing the application). \n\nYou will, however, retain the ability to apply for deferments and forbearances. Even better, the subsidized portion of your Stafford loans will retain their interest subsidy (meaning that, even if you consolidate your Subsidized Stafford loans with other unsubsidized loans, the government will continue to pay interest on those Sub loans any time that you are in school or in-grace -- a great "perk" if you plan on going to Grad. school).\n\nIf you decide to go to back to school, your consolidation loan will be eligible for an in-school deferment (just as your Stafford and/or Perkins loans would be if you didn't consolidate). \n\nIt gets a little complicated, I know. All things considered, if you think you can handle losing your grace period, consolidating is probably your best move. 2% in interest can really add up over 10-30 years... (And no one yet knows that rates will be come July 2007, so you might end up saving more than 2%.) \n\nOne final note: if you have a Perkins Loan, you can consolidate it with your other loans. However, Perkins Loans carry additional loan cancellation/forgiveness benefits which can be lost if you consolidate. So, read up on these and if you think you qualify (if you might become a teacher, cop, child care provider, etc.), leave the Perkins out of the consolidation. \n\nSome examples: \n\nSay you have $10,000 in Stafford Loans and you just graduated (so you're still in your grace period and are therefore receiving a Stafford rate of 4.7%). Your Stafford rate will increase to 6.54% in July. Moreover, once your 6-month grace period is up, you will begin repayment and your rate will increase to 7.14%.  If you don't consolidate, your rate will continue to change every July 1st. Using 7.14% as a sample rate... $10,000 at 7.14%, over 10 years adds up to a monthly payment of $116 and an overall cost of $14,020\n\nBut if you consolidate this month, you can "lock in" the current rate (4.7% rounded up to the nearest 1/8th of a percent equals a consolidation rate of 4.75%, sometimes lower). $10,000 at 4.75% over 15 years (you get longer to repay when you consolidate) will amount to a monthly payment of $78 and an overall cost of $14,001. \n\nSo, from a financial standpoint, you need to determine if these savings are worth losing your grace period.