Student loan debt, reconsolidation??? - Chicagoland Sportbikes
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post #1 of 17 (permalink) Old 02-18-2007, 10:25 AM Thread Starter
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Student loan debt, reconsolidation???

Have any of you ever reconsolidated your student loans? What are the pros and cons of it? We keep getting all these advertisements that makes me suspicious, but we are interested in doing it since my rate has gone up to about 8%. Currently my loan is thru sallie mae.

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post #2 of 17 (permalink) Old 02-18-2007, 10:33 AM
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Criminy.. I remember when student loans could not be above 5% and 1-3% was the norm.

The con side is always paying more money for the original amount you borrowed unless you can find a way to get the interest rate reduced. (Sometimes rolling it into a mortgate where at least you get to deduct the interest off your taxes).

I'd suggest calling the current lender and asking them to reduce your rate because you are shopping around to take the loan elsewhere. (This means they will lose interest revenue). Depending on the amount outstanding and the interest they stand to lose, they may play ball, they may not. It never hurts to ask.

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post #3 of 17 (permalink) Old 02-18-2007, 10:34 AM
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u can consolidate only 1 time...so you are locked in...i suggest calling the people who have your loans and talking to them...so whatever rate u get locked into, you cant change it after that...i wanted to redo my loan after the #'s all dropped, but i wasnt allowed to according to my bank...so shop around or look into a loan from a bank and then pay off your loan to the school and just pay the bank directly...

...plus my gf was with me saying "omg slow down, slow down" and I was thinking "Lose annoying squalk box in passenger seat, afford more mods and have less weight in the car and on the back of the bike"...so i dumped her and I'm single again as usual...HERE KITTY KITTY!!!
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post #4 of 17 (permalink) Old 02-18-2007, 10:43 AM
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I did when I first graduated. I consolidated the federal loans, none of the businesses at the time wanted to touch the private loans, so I was stuck with those rates. I constantly check the rates, and I still have one of the best rates for my federal loans at 3%, so I will stick with it unless I see them come down. If you have any luck consolidating the private loans, let me know, I have a Sallie Mae loan I would love to refi as well.

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"Ride it like you have 30 monthly remaining payments" should keep most people out of trouble.
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post #5 of 17 (permalink) Old 02-18-2007, 10:44 AM
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I consolidated through Sallie Mae and it was worth it I think I am paying 60 a month for the next hundred years at 3.5%.

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post #6 of 17 (permalink) Old 02-18-2007, 10:46 AM
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I consolidated through Sallie Mae and it was worth it I think I am paying 60 a month for the next hundred years at 3.5%.
I know how you feel about the hundred year deal.

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"Ride it like you have 30 monthly remaining payments" should keep most people out of trouble.
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post #7 of 17 (permalink) Old 02-18-2007, 10:48 AM Thread Starter
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they are all federal loans 2 were subsidized 2 were not subsidized all thru sallie mae, been paying for a bout a year, I dont have any private loans, how do i get it to 3% that would be great!

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post #8 of 17 (permalink) Old 02-18-2007, 12:07 PM
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Go to the Sallie Mae Web site and see what info is there.

www.salliemae.com

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post #9 of 17 (permalink) Old 02-18-2007, 12:30 PM Thread Starter
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Go to the Sallie Mae Web site and see what info is there.

www.salliemae.com


to me (this is rick now)

Thats like asking a carsalesman how much you should spend on a car. I dont trust the institution

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post #10 of 17 (permalink) Old 02-19-2007, 08:31 AM
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I used Great Lakes Student Loan Consolidation. I'm paying about 1/2 of what I was paying before I consolidated. They are all federally backed blah blah blah. All I care is that instead of paying a ton for the next 40 years I'm only paying a manageable payment. ha
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post #11 of 17 (permalink) Old 02-19-2007, 08:53 AM
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I reconsolidated right before I graduated. I think my rate is 3.5%

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post #12 of 17 (permalink) Old 02-19-2007, 11:13 AM
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I used Great Lakes Student Loan Consolidation. I'm paying about 1/2 of what I was paying before I consolidated. They are all federally backed blah blah blah. All I care is that instead of paying a ton for the next 40 years I'm only paying a manageable payment. ha
+1

I also reconsolidated with Great Lakes. Payments went from $225/mo to $151.

Do it

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post #13 of 17 (permalink) Old 02-19-2007, 04:16 PM
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i went through www.acs-education.com. ~3% with decreasing every 2yrs if all payments are made on time
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post #14 of 17 (permalink) Old 02-19-2007, 04:52 PM
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try this site,

http://www.educationfinancepartners....ionloan.html#5

you request a certain amount and payoff all your loans and pay one payment to them

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post #15 of 17 (permalink) Old 02-19-2007, 06:50 PM
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i went through www.acs-education.com. ~3% with decreasing every 2yrs if all payments are made on time
I have that one too

For a small personal loan I took through the school...very easy to work with.

Tom

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post #16 of 17 (permalink) Old 02-19-2007, 08:39 PM
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I did mine through CFS. When I graduated, I saw I had like a 10% loan, and through CFS i got down to 2.65%. Then, I signed up for automatic withdrawl from my bank account and they gave me another .25% decrease, so now I'm only paying 2.4% for 15 years (about 12 more years).
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post #17 of 17 (permalink) Old 02-19-2007, 08:45 PM
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I would be more concerned with the term rather than the rate. It all depends.

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