Student Loan Consolidation Tips
I have about $ 140K in student loans and trying to find a legitimate / company low interest to consolidate. Help?
I about $ 140K in student loans and I'm trying to find a company (in this poor economy) that are consolidated for me. Nelnet and Sallie Mae no longer offer consolidation. Some useful tips you can provide would be welcome.
Japayne: I have repeatedly answered this question In recent weeks, so I had the opportunity to investigate a little fast to determine which of the major lenders are still accepting applications for consolidation for student loans. To be honest, I found only four – does not promise that this is a complete list, but I have found almost all the companies that made them A few years ago – this is all that remains. The four are: Chase Collegiate Financial Risk Management EduCare Student Loan Financial Group I note that all four of these lenders submit its request for consolidation of a rigorous and conservative in their future ability to pay. Please note that loans private and government loans (Stafford, Perkins, PLUS) can not be consolidated on the same loan package. These two types of loans must be consolidated separately. If any of your loans are government loans, their first choice and best apply to the consolidation of loans granted by the Department itself of Education Loan Program consolidation loans. You can find information about this program here: http://www.loanconsolidation.ed.gov/ I'm not going to give a lecture on how it could borrow $ 140,000 in student loans – but I hope that you put toward a graduate degree highly paid professional in a field. A 30-one-year consolidation loan (ouch) at a very competitive price of 8.5% would require a minimum monthly payment of $ 922.70. That is more than $ 11,000 a year. By the time he had made the 360th and final payment on that loan, you will have repaid $ 332,000 – representing the main $ 140,000 and almost $ 200,000 more in interest payments only. Best of luck to you – I really hope this works for you.
