Government Debt Consolidation Loans – Update

ChanceThis asked:


Hello! A couple of weeks ago I accepted an unsubsidized loan from the government for college. I have plenty of extra money left over every month after paying bills therefore I would like to pay the interest on the loan while I’m going to school.. how do I get that set up? I don’t want to get charged interest on top of interest over a 4-6 year period. Can anyone give me some information on how to go about getting this set up? Thanks in advance!

government student loans

r h asked:


Hello,

I have 3 students loans that I have accrued throughout my college career. I recently graduated and have begun thinking of repayment options. Two of the loans are government loans, and one is private, Stafford Loan, Perkins Loan, and NJ Class loan respectively.

I was wondering what the best option was for repaying i.e. loan consolidation or paying each loan separately. The Perkins I would not include in consolidation as it experiences a fixed rate of approx. 4%.

I was thinking it might be possible to take out a regular bank loan (especially with these low interest rates) and use the proceeds to pay back all my loans and only have to worry about this new bank loan. Does anyone know if that is possible?

Thanks very much in advance.

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joliejulia06 asked:


Hello all,

So, I need some serious help and I am pooling ALL of my resources to see if anyone has any help for me.

I am currently trying (and have been, for the past month or so) to consolidate my student loans. I have about $35,000 in private loans outstanding, and my grace period will be up come mid-March. I have applied for 7 different consolidation loans, through 7 different companies- all have been denied because they say I need a cosigner, as my credit is not strong enough to get this loan on my own.

Assuming a co-signer is NOT an option (which, as of now, it is NOT an option), does anyone know of anywhere I can turn? Any companies that do not base their decision SOLELY on credit? Companies that examine your situation, your income?

I am about ready to move out of the US and totally bounce on these loans guys (kidding… half kidding, anyway). If I don’t consolidate, I can’t repay, and if I don’t repay, I ruin my credit even further! If anyone has ANY resources- names,

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