Should I consolidate my student Loans?
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
876224
I'm doing this right now. It's best if you have or can get a low interest rate loan and pay off balances all in one spot. Debt consolidation companies ARE NOT necessarily the best way to go. Some creditors will not work with these companies. Also, it can reflect negatively on your credit report. \n\nI recently transferred two of my three credit card balances to one loan, then cut up the cards. Now, I'm making two payments instead of four, and it had helped a lot.\n\nI'd say talk to several credit counselors for ideas. Read a lot of websites. There are plenty out there. \n\nGood luck to you!
4622
Consolidation loans cost way to much. What I have done sucessfully when I was in the position you are, was to create a letter to each creditor, in which I stated 1.that I admit I owe them the full amount, 2.that I plan to pay them in full and as soon as possible, 3.that I can afford monthly payments of $ and am enclosing the first payment, 4.that I am requesting a reduction or elimination of interest, fees, and late charges. Then for each creditor, you get a copy made, print "COPY" in large red letters across the letter, and send it, by certified mail, signature required, to each creditor. Now here is the law, if they sign the letter and accept that payment, they have, in effect, made a binding contract with you, on the terms you offered. In most cases, they will reduce or suspend all interest. Once you have an agreement with each and all of your creditors, then you can move out! Be faithful in your payments, and you will be amazed at how quickly your debts melt away. Hope this helps!
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.
121317
If the payments end up being lower and if you can consolidate them with a lower interest rate.
638498
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
1109396
Check with your student loan provider.  Ask about Consolidation - they will consolidate all of your student loans into one payment.  There is also a graduated payment plan where you start out with smaller payments the first couple of years and they gradually go up as your income likely goes up. \n\nFinally, if you are in a financial bind, you can ask for a forebarence and they will stop your payments - but not your interest - four a couple of months.  \n\nBut to pay them off fast - pay as much toward it as you can.
1155833
i really think it would be best not to have to  worry about loans or paying them off while you are trying to go through college...if it is just as good a college and you can get your degree is the best thing...there is so many expenses with going to college you will need all the money you can... clothes books, etc, without worrying about loans...
774254
Hi tthere Kit t,\n\nWhat happens alot of the time is when consolidating the lender does not consolidate all of your loans..\n\nIf this happened to you then you will actually be in luck,...\n\nIf you have one outstanding loan, my compnay can then consolidate you again by consolidating what ever samll loans you still ahve out there into your large consoliodated loan..\n\nThe reason this will benefit you is because we will offer you up to 3 years of forebarence at that point..\n\nMeaning, you wont have to worry about making a  payment to prioncipal or oibnterest for 3 years.. You can choose to send interest payments if you choose, but you will not be obligated..\n\nThis is what ido for alot of students that are looking to go back to school.. It can give you a little more breathing room until you are working full time makin genough moneY..\n\nGive me a call when you have a moment.. I would =eb happy to pull up yopur loans on the NSLDS (national student loan database system) This will tell us if we can re-consolidate you or not..\n\nAlso feel free tio check us out online.. Here is a link to my yahoo 360 profile which has links to our website as well..\n\n\n\nhttp://360.yahoo.com/profile-HlUDUhMib7M9Wlj6o6L2SfGcEYtkt9xsaQ--?cq=1\n\n\nLook forward to hearing from you!\n\nJason Fry\nStudent Aid Lending\n1-800-964-0642 ext 114\njasonf@studentaidlending.com
1018833
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
1172662
Actually I work for a company that consolidates student loans, I can help you. Call 1800 710 0114 first thing monday morning and ask to speak with Yvette. \nI'd be happy to help you and anyone else you know that needs help locking into to the interest rate for this year. Good Luck!!!!
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.
736317
You got a consolidated loan setup to lower interest on multiple loans you had trouble paying. That's your fault. Keep on the plan you have now or declare bankruptcy.
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%.
1062019
You should have no problem paying off the debt if you start managing your money better.  You really ought to be able to pay it off in a few years with that kind of income!  My wife has more in student loans and makes less money and we will pay it off, though not in a few years.
99738
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!
33351
There is no free money to pay off your student loans.  Call them and have them put you on a payment plan.  Or go to www.DirectLoans.com, they will help you by consolidating your student debt and put you on a repayment plan that you can handle, whether it be $5/month or $500/month.  Student debt is something you can never get out of.  The gov't has actually said this year that they *will* garnish your SSI checks when you are older if you still have outstanding student loan debt.