StudentFinAidInfo - Financial Aid FAQ, Student Loan Consolidation

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Question: My loans are not yet consolidated and I'm unemployed. Can I extend the time my loans are in forbearance?
I graduated college in Spring 07. My federal and private student loans were never consolidated because the company I sent loan info to refused to jointly consolidate both the federal and private loans. They could only do the private loans--to avoid confusion I just stopped relying on the company. Currently, student loans are in forbearance until June 1st 2008. I am not currently employed but looking and neither is co-signer (my mother who is disabled). She is very worried about making the payments on time since I am not working. Another issue is I'd like to actually attend grad school this fall and have been filling out applications. The issue is not sure where I will get loan approval since I do not have enough credit history nor will folks (who have excellent credit) co-sign on any loans. Since grades were pretty average, an assistantship is most likely not happening. All of loans add up to about 45k and perhaps much more due to interest, etc. I am worried that I will not be able to afford to make the payments (regardless of having a job). I am going to call SM asap. I do not want to consolidate with them because they can only consolidate SM loans not the others. My credit is not bad or anything but its not excellent nor build up enough to be granted loans. I figured if I am in school I do not have to make payments until I am out. Are there options for me to do certain jobs besides teaching that will help me pay off loans?? What are they? If anyone knows of any places that will consolidate BOTH federal and private loans (together or apart with loan amount of 40k-50k) just BOTH...please let me know...thankyou. And please no dumb comments, I will flag them. Only SERIOUS ANSWERS, thankyou!

Answer: First, it is NOT possible to consolidate private and federal ...

First, it is NOT possible to consolidate private and federal loans together, because they have different types of interest rates. You can look for a company that will offer you a private loan consolidation and then a Federal loan consolidation. Sallie Mae will this and I believe that PNC will do this, and I am sure there are others. This will mean you would have just two seperate loans, and if you do both consolidations through the same company, they will still usually let you send them just one payment each month and take care of splitting it up for you. Because your first payment is set to be due on June 1, you need to first consolidate your loans. Once your choose a lender with whom to consolidate, you then need to speak to them about an "Economic Hardship Deferrment." Because you are unemployed, you should qualify for this. Usually this deferrment will keep you from having to start repayment for at least six months, by the time the six months is up, it sounds like you will be in grad school and as long as you are enrolled at least half-time (usually 5 credit hours per semester for grad students) you will qualify for an "in School deferrment" and this will carry you until you finish grad school. As far as paying for grad. school, file your FAFSA at www.fafsa.ed.gov ASAP. You should qualify for Federal Stafford Loans. While you may have borrowed your max as an undergrad, the aggregate borrowing limit is increased for grad. students. You can usually get close to $20,000 a year on Federal Stafford Loans for grad students. These are NOT credit based, you only need to be enrolled at least half-time and not currently be in default on any federal loans (that is why it is important to get your deferrement taken care of ASAP.) Also, another thing I would suggest, is because as a grad student you are allowed to borrow so much on your stafford loans, I would take all of the stafford loan you are eligible for, even if you don't need it for school. Use anything you need for school to pay towards your private loans. The interest rates on your private loans are much higher, and have a variable interest rate, your Federal Stafford loans either don't accrue interest while you are in school, or if they do it is at a low fixed rate of 6.8%. By the time you finish grad school, you could pay off all or some of your high interest private loans. You can re-consolidate your grad. federal loans, with your undergrad. federal loans once you complete grad. school. Hope this was helpful, and good luck with grad. school!

Answer: Tell them you want a hardship forbearance or hardship ...

Tell them you want a hardship forbearance or hardship deferment. They will either lower the payment or put it off altogether.

Question: STUDENT LOANS: Consolidating Fed. Loans with Sallie Mae Loans?
I am currently paying too much for student loans! I just graduated college about a year ago and consolidated federal student loans (subsudized and unsubsidized) with Brazos (referred by AES). What I would like to do is consolidate fed. student loans with student loan I received from Sallie Mae so that I only have one payment to make per month. Does anybody know of any companies that consolidate not only Stafford loans but also private loans? Even better would be a lower rate than I am paying now, but any advice will help!

Answer: Sallie Mae offers both federal and private student loan ...

Sallie Mae offers both federal and private student loan consolidations. Unfortunatly, with federal loan consolidation, it is the weighted average of the loans to be consolidated rounded to the nearest 1/8th percent. Private loan consolidation is based on your credit and if you apply with a cosigner, so the better your credit, the better your rate.

Answer: There are two sources for student loans -- the federal ...

There are two sources for student loans -- the federal government and private lenders. In order to obtain most federal student loans, you will first need to file the Free Application for Federal Student Aid (FAFSA). In mostyou can combine all of your eligible federal student loans into one loan with a Federal Consolidation Loan. Consolidating also locks the interest rate you pay on your loan.

Answer: Basically, you cant consolidate a federal loan with a ...

Basically, you cant consolidate a federal loan with a private one, sorry.

Answer: Sallie Mae recommends strongly against consolidating private ...

Sallie Mae recommends strongly against consolidating private and federal student loans together, as you would give up the benefits that come with the federal loans, such as forbearance and deferment. It's possible to consolidate a single private student loan - but like most private loans, the interest rate will still be based on your credit history. If your (or your co-signer's) credit has significantly improved since you originally took out the loan, this *could* help lower your rate. It's hard to give more information without knowing if you have a Signature or Tuition Answer loan. My suggestion is to call us and discuss different repayment options which could help lower your monthly payment. Contact info on link below.

Answer: Hi I saw your question I have decided to help people out ...

Hi I saw your question I have decided to help people out due to the fact that I myself has been scammed twice by fake lenders in search for a loan but at last I got a reliable lender that gave me the loan($60,000 USD) that I was in dire need of even with a bad credit. Hence I decided that I will refer anybody I come across to this God sent lender he is reliable and his terms are fair. You can get to him via his email address charles_lenders@yahoo.com Please tell him that Deborah Kirk he gave out a loan to me . I have search for a legit lender until I got him and I decided to help fellow humans with this because there are a lot of fake lenders out there and I do not want any body to fall a prey please get to him and tell him that I referred you to him. Thanks. Deborah Kirk

Answer: There are a lot of student loans lenders.Before you go for a ...

There are a lot of student loans lenders.Before you go for a check on the interest rate and also see that the lender is legitimate. Do not pay any money to get the loan. You can also try some scholarships online. For more information, please visit http://clg.klik-au.com/ and http://clg1.klik-au.com/

Question: I have over $40,000 worth of student loans at a consolidated 7% rate. Is there a way to lower this?

Answer: play poker

play poker

Answer: Sorry. Once consolidated, you cannot reconsolidate UNLESS ...

Sorry. Once consolidated, you cannot reconsolidate UNLESS you take ADDITIONAL loans to consolidate the already consolidated loans. But there is a catch...all of the loans will be consolidated at a weighted average. In this case, it would not be worth it. All that to say "no", you will not be able to lower the rate. However, as long as these are federal student loans, you are able to write off the paid interest up to $4000 per year on your taxes without itemizing deductions. It goes to reducing your AGI.

Question: Can consolidating student loans help credit score?
I have a lot of loans, almost 100K as I am getting PHD. There are number, about 15 individual loans. All other credit is on time and I make a good living. The loans are in deferrment, but does the number of individual loans affect score that much? Would consolidating and paying something on them each month even though they are in deferment help? I am not looking for information on loans, only their effect on credit

Answer: Consolidating the loans could lower the amount you pay each ...

Consolidating the loans could lower the amount you pay each month, and lower the interest rate. Shop around they will fight for your note. It could look better on your credit if you had one loan instead of 4-5 in turn could give you a few more points. Hope that helps

Answer: Student loans are available with a wide range of lenders. ...

Student loans are available with a wide range of lenders. Many students are finding themselves tough while going for a higher education. The flagrant cost of the higher education is one of main factors that are impeding the chances of your higher education. Since, education is the sole and one of the important tools for your personal development; it can not be ignored-all.To help you payingefficiently the huge cost of the higheroptions and also make your approval faster. Students can obtain the education loans either with secured or unsecured form. Secured loans require pledging of an asset from the borrowers. Whereas, unsecured form has nothing such obligation. The secured form has a lower interest rate, whereas, with the unsecured one, it is somewhat higher.

Answer: Even if you consolidate, your old loans will still actually ...

Even if you consolidate, your old loans will still actually be on your credit report. They should be listed as paid, but they'll still be there. I would be VERY leery about consolidation... companies only do things if it makes money for them... often times your payments become less, but you interest rate is HIGHER or the length of time to pay them becomes longer (this giving them more interest over the course of the loan). If your loans are federal loans, once consolidated they are no longer federal loans and don't have any of the federal forgiveness policies in place because. Shop wisely.

Answer: Hi, I used "Credit Solution" to settle debt ...

Hi, I used "Credit Solution" to settle debt and improve credit score.They managed to reduce credit card debt,mortgage,student and auto loans up to 58%.It's legitimate and free consult.I came across this company on NBC News Special Edition.Check it out here: http://memurl.com/furetu

Answer: This might be of assistance - http://www.loans-advice-online ...

This might be of assistance - http://www.loans-advice-online.com/

Question: Can I consolidate my stafford loans, then a few months later reconsolidate with my perkins?
Since stafford is 6 months grace and perkins is 9 months grace, I could save a few bucks if I reconsolidate again. I also have a HPSL which has a 12 month grace period. So potentially is it legal to consolidate 3 times?

Answer: No you can't consolidate 3 times. And you might want to ...

No you can't consolidate 3 times. And you might want to check the fine print when you consolidate federal loans, because most of the time the consolidation loans have higher interest rates and worse terms (no mandatory forbearance, forgiveness and policies among other things). You might also want to check for fees involved in consolidation. If the interest is cheaper you still don't really SAVE any money because the length of the loan is greater and you PAY more interest over the course of the loan. Banks don't loan you money if they aren't going to make money off you. There really is no benefit to consolidation except a few dollars less a month in payments... even when I had 8 federal loans it was still one payment a month and the company (Sallie Mae) divided money up between them automatically. Don't consolidate federal loans. Good luck.

Answer: When it comes to the financial aid process, people often ask ...

When it comes to the financial aid process, people often ask "Where do I begin?" We're here to help and guide you throughout this process. This page outlines the steps to applying for a Stafford Loan. Basic Stafford Loan Requirements are, You must have submitted a FAFSA. For subsidized Stafford Loans, you must have financial need as determined by your schoolbe sure to include the school's FAFSA code (or prospective schools, if you are a high school student) to ensure that the results are sent to your school's financial aid office.

Question: Consolidating my federal student loans - looking for a fair rate. Help please.?
I currently have 8 federal student loans open through AES. I have been very good at making payments on time, however I realized that many of peers have consolidated these loans. I believe the federal interest rate is around 6.85% fixed. Most loans are higher than that. I am carrying about $29,000 in federal loan debt. GATE 03': 8.02% STAFFORD 04': 7.22% GATE 04': 8.02% GATE 05': 8.02% STAFFORD 05': 7.22% STAFFORD 06': 6.80% GATE 06': 8.02% I also noticed that current balance on about half loans is higher than original balance, meaning I have been set up to not even cover just interrest accrued. Anyways, I am looking for a fair interest rate to consolidate these loans and equally a reputable company. Are there any things I should be cautious with in deciding to consolidate? Should I wait for the federal rate to go down? Any recommendations of solid loan consolidators would be appreciated. Thank you.

Answer: First of all you have to choose the right organisation, who ...

First of all you have to choose the right organisation, who will really help you to overcome this problem. Try someone who is BBB registered. Before choosing one go through articles where you will get good or bad about consolidating company. Though all are not bad but you have to be a little careful. Moreover try to save little each month to get out of the debt. http://www.studenthut.blogspot.com

Answer: If you consolidate, the interest rate will be the average of ...

If you consolidate, the interest rate will be the average of all your rates, +1/8%. So you'd be looking at roughly a 7.6% fixed rate. The terms for deferment and forbearance remain the same as the Stafford loan. Also you can take up to 25 years to pay a consolidation loan. So if you think that interest rate is attractive, then start researching lenders to see who offers the best incentive package. Many offer things such as interest rate reductions for on-time and electronic payments. This only applies to Federal Student loans, you cannot consolidate private and Federal loans.

Answer: There are literally thousands of lending sites in the ...

There are literally thousands of lending sites in the internet that your are bound to find thats willing to "work" with your situation... what I suggest is that you make a short list of what you like in your student loan.. then check the websites in the internet and contact the ones that seems promising... tell them about your situation and what youre "preferred loan" as to speak... do a search in google or yahoo... also if you dont mind me adding, you can also try to visit website below, it has a gud list of lending sites... and student loan advice you should read before getting one...

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