by May 18th, 2010. Filed under: Financial Aid.
bigjayzizzle asked:
i graduated in december 08, i have had my loans in deferment / forbearance until now. i have multiple loans for a total of $30,000. I am currently working 2 jobs but am not making enough to pay 200+ a month and i have about 8 student loans. i am considering trying to consolidate all my loans so i can just pay one monthly payment instead of trying to keep up and keep track with multiple lenders but i do not know too much about consolidation or what company to go to for the consolidation loan. i do know that i will end up paying more in the long run, but rite now im barley paying my bills and rent as is and i don’t mind consolidating. i would really appreciate any advice or info anyone can give me on the topic. here is my current student loan picture some are at a fixed rate others are variable… none are in default…
i graduated in december 08, i have had my loans in deferment / forbearance until now. i have multiple loans for a total of $30,000. I am currently working 2 jobs but am not making enough to pay 200+ a month and i have about 8 student loans. i am considering trying to consolidate all my loans so i can just pay one monthly payment instead of trying to keep up and keep track with multiple lenders but i do not know too much about consolidation or what company to go to for the consolidation loan. i do know that i will end up paying more in the long run, but rite now im barley paying my bills and rent as is and i don’t mind consolidating. i would really appreciate any advice or info anyone can give me on the topic. here is my current student loan picture some are at a fixed rate others are variable… none are in default…
stafford unsubsidized: $5,619
stafford subsidized: $18,279
Federal Perkins: $1,500
direct consolidated subsidized: 5,500
total = $30,898
Kansieo.com
Filed under: Financial Aid
May 20th, 2010 at 8:44 am
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200 dollars a month for 30K worth of loans is nothing…. 200 dollars a month may SEEM like a lot now, but it will get better for you in a few years as your income goes up.
200 dollars a month for 10 years is tolerable.
After consolidation… plan on paying like 180 a month for 25 years. THAT is intolerable… Consolidation for a few bucks less a month is not worth it. Do something else to get that extra cash, cancel your internet, your phone, don’t go out to eat, something, ANYTHING to NOT make you pay back that stupid loan until you are old gray and retired. It will get old REAL fast… all for a few bucks less a month. So not worth it.
Plus, your PERKINS loan has the best rate (less than what your consolidation loan will be, heck, lower than what your consolidation loan will be) and the best forgiveness policies, as do most federal loans. Once you consolidate, you are no longer eligible for those federal perks.
Don’t do it. Don’t do something in the short term that will remedy itself after a few years.
May 20th, 2010 at 11:31 pm
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Well I think that if you are having a hard time paying off your loans try consolidating it.Understood that you are paying 200 every month but see if you can find ways to make more money, or cut your current expanses.Write down on a piece of paper all your expanses, and bills and see what you can live without.
and meanwhile find more ways to make money.
and for student loan consolidation see if you can sum up all your loans and find a better rate to pay them off.
Best of luck and never give up every day is a new day!!