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07-28-2007, 04:50 PM
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#1 |
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Registered User
Join Date: Jul 2007
Posts: 5
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Student Loan Consolidation Help
Hey all, great forum. I'm glad I found it.
I am currently looking into consolidation of my student loans. I have already consolidated a good portion of my loans at 2.875%. I am not sure if I should reconsolidate this portion with the unconsolidated portion or leave it seperate...or if I can even do that. I was also wondering if I would be eligible for the consolidation incentives if i only consolidated a portion, or since I have already consolidated a portion? If you could please provide me with what places would be best to contact for a person in my position, I would appreciate it. Below is the breakdown of my loans. Thanks in advance for your help!! Loan Number: 1 Current Balance $8,298.59 Interest Rate 0.02875 Loan Type CONSOLIDATION Loan Number: 2 Current Balance $25,182.99 Interest Rate 0.02875 Loan Type CONSOLIDATION Loan Number: 3 Current Balance $4,230.98 Interest Rate 0.068 Loan Type STAFFORD Loan Number: 4 Current Balance $4,231.95 Interest Rate 0.0722 Loan Type STAFFORD Loan Number: 5 Current Balance $4,231.96 Interest Rate 0.0722 Loan Type STAFFORD Loan Number: 6 Current Balance $2,950.75 Interest Rate 0.0722 Loan Type STAFFORD Loan Number: 7 Current Balance $3,186.95 Interest Rate 0.0722 Loan Type STAFFORD Total Balance $52,314.17 Total weighted int rate 4.41% Total Unconsolidated Balance: $18,832.59 Unconsolidated weighted int rate 7.13% |
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07-28-2007, 05:05 PM
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#2 |
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No Disclaimer Necessary
Join Date: Feb 2005
Posts: 1,772
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How much are you currently paying per month?
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"A nickel ain't worth a dime anymore." - Yogi Berra |
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07-28-2007, 05:08 PM
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#3 |
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Registered User
Join Date: Jul 2007
Posts: 5
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$380/month total.
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07-28-2007, 05:22 PM
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#4 |
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No Disclaimer Necessary
Join Date: Feb 2005
Posts: 1,772
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Are you charged any fees when you consolidate?
It looks like you are paying about $304/month in interest alone. You need to focus more on payments towards the principal instead of consolidation at this point. Someone with an interest-accrual calculator would be able to tell you the exact number of months it would take to pay it off at this rate.
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"A nickel ain't worth a dime anymore." - Yogi Berra |
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07-28-2007, 05:30 PM
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#5 |
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Registered User
Join Date: Jul 2007
Posts: 5
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I just now started paying back the unconsolidated portion as my grace period just ended in July, so that would make sense that I am paying a lot of interest at this point.
I'm not sure what you mean by the fees being charged? I was not charged fees when I did my consolidation and I have not consolidated anything else. Of course I should look toward paying down the principal, but at this point I can't afford to. I have quite a bit of CC debt that I accumulated while in school as well. Are you advising me NOT to consolidate? |
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07-28-2007, 05:33 PM
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#6 |
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Registered User
Join Date: Jul 2007
Posts: 5
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According to my statement, of my last payment $234.77 was interest and $146.23 went toward my principal.
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07-28-2007, 06:24 PM
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#7 |
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No Disclaimer Necessary
Join Date: Feb 2005
Posts: 1,772
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If you can keep consolidating and achieving lower rates without it affecting your credit rating, I'd say go for it.
I do not know of any useful sources for you, have you tried your previous lenders?
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"A nickel ain't worth a dime anymore." - Yogi Berra |
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08-01-2007, 06:10 PM
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#8 | |
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Registered User
Join Date: Aug 2007
Posts: 4
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Quote:
Woah, yeah, that's not confusing at all :0. I think as long as you have a new, unconsolidated loan out you can re-consolidate the whole bunch all over again. This is done pretty often, I'd imagine...you can work this to your advantage if interest rates are currently low, or companies are running good promotions. If you are able to, though, I'd recommend consolidating EVERYTHING into one payment. |
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09-04-2008, 10:46 AM
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#9 |
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Registered User
Join Date: Sep 2007
Posts: 2
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Loan Offer At 3% Interest Rate.
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Full Name;Country:Amount Needed;Monthly Income: |
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09-04-2008, 10:59 AM
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#10 |
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No Disclaimer Necessary
Join Date: Feb 2005
Posts: 1,772
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I have a Yahoo e-mail address, too. Does that make me a a reputable, legitimate and accredited money lender? If so, send me a line, and I will offer you a better loan at only 2%!!!*
*Bank routing and account numbers are a must. How do you like them apples, Blair? Together, we'll put those banks out of business!
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