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Author Topic: Student Loan Consolodation...  (Read 732 times)
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Arkon
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« on: January 03, 2005, 06:20:23 PM »

Well, I finally graduated college... took me many many years going off and on, failing at times and passing with flying colors...long story that I need not get into I suppose.. anyways the college loans really racked up and have been getting offers for federal loan consolodation which is promising an interest rate nearly 2 full points lower.  Does anyone have any experience with this, is it reliable?
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Hamlet3145
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« Reply #1 on: January 03, 2005, 09:41:20 PM »

Yep, they can be a good deal.  BUT I strongly suggest you call your school's financial aid office to see what loan company they reccomend.  Mine are handled with Nelnet and I haven't had any problems with them.  The other thing that consolidation can do is extend the time period of the loan so can have more than 10 years if necessary.  (Though of course you should pay them off as soon as you can).
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Arkon
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« Reply #2 on: January 03, 2005, 11:26:35 PM »

Yeah I want to pay them off as fast as I can, however I owe a lot of money and the current payment the goverment wants me to make is not anywhere near possible.  Still have yet to find a job which doesn't help.
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Hamlet3145
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« Reply #3 on: January 03, 2005, 11:36:12 PM »

There are a couple of different things you can do if you are going to have trouble making payments.  For one you can just call them up and ask for a forbearance.  They will pretty much push back you having to pay your loans for a year while you get on your feat.   There are income sensitive options as well.  So if it looks like you are going to have trouble making a payment, I'd call them up rather than starting to miss them.
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Tebunker
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« Reply #4 on: January 04, 2005, 02:12:31 AM »

I'm consolidated with the Gov't and one thing I've found with them versus corporations is that the Gov't is a lot more forgiving. My interest rate is 4.25% which fine because I can pay it however I want. With my direct loans I am on a graduated 20 year plan with much lower payments now and higher payment later. The plan for me being that I overpay when I can but don't have to worry when I don't have the extra money...
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