Government Debt Consolidation Loans – Update

Jason H asked:


I’m about to graduate, and my $50,000.00 in Student loans will come into repayment in 6 months, there’s no way in hell I am going to be able to make the payments, what can I do?
Anyone have any luck with consolidation loans or applying for a stay on some loans?

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youresoscene_xxx asked:


The one site I found was http://www.loanconsolidation.ed.gov

Has anyone ever tried that site for their loan consolidation? I didn’t know if I could get away with paying much lower, but I had calculated that my total student loans would be $236 and using that service I would save almost $45 a month and my monthly payments would be $153 plus $40 that I was just gonna pay cash every month since I didn’t defer my loan for $40.

Are there any better sites out there to use? I wasn’t sure if they were all the same or if one was better than the other.

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moonie asked:


I have a question about student loans consolidation. I am going to finish my undergrad this summer and going to graduate school this fall, should I consolidate my loans now or after graduate school (3 years from now)? I am getting a lot of mail and phone calls from these company and I was just wondering if it was a wise decision to consolidate now? I have about 16,000 in debt from undergrad, and after graduate school, the total will be about 100,000. Thanks!!!!!!!!

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JJ1231 asked:


I am currently a junior in college and I desperately used credit cards to pay off college since financial aid didn’t cover it all so now I owe around 4,000 in debt. What is the best thing for me to do, since all of the accounts are closed, is there a college student credit card debt consolidation loan or?

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Arthur asked:


Like a fool, I went to a very expensive school that I could not afford, but got the tuition from Sallie Mae. They are a terrible company and I do not want to work with them anymore.

My question is:
What would be a good company to go through in consolidation all my Sallie Mae loans?

I know I would most likely need a co-signer, which I don’t have.
I didn’t know I cout try to re-negotiate the interest rate. They haven’t been the nicest company. After my co-signer forgot about approving one of the loans, he had me (sort of unintentionally) accused of identity theft. It wasn’t the kind of thing that involved law enforcement, it was just with Sallie Mae. I explained the situation to them and they always flat out refuse to work with me on any issue.

I was just on the phone with a rep a little while ago and she asked me why I’m having trouble paying the bill. I explained to her how difficult it is to pay more than a thousand dollars per month while working part-time. She just paused for a second and then asked for the money.

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s.tarryn asked:


I have a lot of debt (credit cards, student loan, mortgage) but a decent credit score (about 690). I have never missed a payment but i cannot get approved for a consolidation loan because I have “excessive financial obligations”. We haven’t owned our house for very long so there is not much equity in it yet. We are paying out the nose on our cards and I just want to lower the payments so we are not living paycheck to paycheck. Does anyone have a suggestion?

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Amy B asked:


I had several student loans from various lenders for my undergraduate and masters studies. Because I was tired of paying many payments each month to different lenders, I rushed into consolidating without knowing the facts. Now I am stuck at a much higher interest rate and will end up paying 30-40% more in the end!! What are my options at this point??? How can I get myself out of a bad consolidation?

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sf2cp asked:


Hi, back in 06, I was mislead by Sallie Mae through the consolidation process (another story all together) and long story short, I have did not consolidated my stafford loans. It equals to about 22k. My question is, since I am extremely dissatified with Sallie Mae’s service and dishonesty so far – can I switch to another company now and maybe consolidate at a later time?

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ylh asked:


I will need to consolidate $13k in private loans when I graduate. That’s just a small part of my loans, but the rest are federal. I’m pretty sure I can consolidate my federal without an issue & by myself.

I will need a co-signer for my consolidation of private student loans. My mom is the co-signer on them. If she was able to co-sign the loans, will it be likely she can co-sign the consolidation?

I have 4 years of credit history built up. I’ve never had any late payments on my 3 credit cards. My student loans are in deferrment. I pay my entire blances every month. I don’t have any other credit. My credit report shows all 13 accounts in good standing. When I consolidate, I’ll hopefully be working & will be making at least $30k.

My co-signer, my mom, will have a credit score of 720+ with a $250k mortgage, 10k parent plus loan & income of $75-80k a year. She also pays off her entire balance on her credit cards every month. She doesn’t have car loans, because she paid cash. She also has a lot in liquid assests as well.

On top of this information. What else can I do as a college student to raise my credit score? I’ll keep paying my credit card bills in full, but I’m not sure what else I can do.

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mocowiz asked:


As you devour this article, remember that the rest of it contains valuable information related to Student Debt Consolidation Loans and in some way related to Student Loan Consolidation Rules, Government Student Loans Repayment, Students Foreign Travel, Affinity Direct Student Loan, NSLDS Student Loan or Educational Loans For College for your reading pleasure.

Now, you may be scared of this, assuming you will just fall deeper into debt. However, this is not the reality. You will not incur any new debts; you are simply rearranging the debts you already have, into an easy to make monthly payment. Generally, this payment is much lower than the ones you would have had, without consolidation.

Several different programs exist that allow students to consolidate student loans, but the best seems to be the Federal Student Loan Consolidation program. First, it has the lowest interest, varying from 1.5% to approximately 4.5% with payment terms of ten to twenty years. Depending on the amount of loans you have been outstanding, taking a Federal Student Loan Consolidation can reduce your payments as much as 50% a month. Additionally, these loans do not require income verification or credit reports, so those who have just begun a new job or will soon and have bad or no-credit still qualify to consolidate their student loans.

Federal student loans are designed to assist students in paying for tuition and other expenses. Additionally, they have many advantages over other loans. One advantage is that student loans do not need to be paid back until you’re done with school. This takes away much of the stress of taking out a loan and not knowing whether you’ll be able to pay it back or not. Even when you do enter repayment, there are several repayment options that student loans allow you to choose from that can be changed with some restrictions based on what might suit your financial situation.

Reference From citibanks-student-loans.blogspot.com



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