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Anyone graduate recently? How are you handling the school loan?

MustangSVT

MustangSVT

Lifer
I recently graduated and was thinking about school loan consolidation.

It is all government loan for about 20k right now.

I've heard some will give me credit (3%) and give me fixed apr that is lower (6.5% with current).

How did you handle it?

any tips on good consolidation companies?

 
99% of the loan consolidation deals are gone. No more discounts on 24 on time payments, no more discounts for payments via EFT.


I handled it by buying stock in Costco, and then buying bulk KY from Costco
 
yup...they are gone. i waited because I wanted to see what the rates would be like this year. Boy was I stupid.

it's gonna be an interesting for me in the next 30 years🙁
 
Originally posted by: Gibson486
yup...they are gone. i waited because I wanted to see what the rates would be like this year. Boy was I stupid.

it's gonna be an interesting for me in the next 30 years🙁
Click to expand...

lol I opted for 10 years even though the monthly amount is ridiculous. I couldn't imagine paying that thing over 30 years.
 
Scholarships/TA'ing paid mine
Click to expand...
Paid for most of mine too.

lol I opted for 10 years even though the monthly amount is ridiculous. I couldn't imagine paying that thing over 30 years.
Click to expand...
I also opted for 10 years for the rest of the owing amount, and pay it off in 6 years.

IMHO, it is best to paid it off as quickly as possible hence giving you more financial freedom once you are well establish in the workforce.

 
Originally posted by: Ns1
Originally posted by: Gibson486
yup...they are gone. i waited because I wanted to see what the rates would be like this year. Boy was I stupid.

it's gonna be an interesting for me in the next 30 years🙁
Click to expand...

lol I opted for 10 years even though the monthly amount is ridiculous. I couldn't imagine paying that thing over 30 years.
Click to expand...

I took mine over 20 years. If I could have done longer repayment, I would have. My loans go away if I die... no one inherits the debt. I figure I'll take the lowest payments I can, and if I die before I'm done paying, I win... kind of...

R
 
Originally posted by: Ns1
Originally posted by: Gibson486
yup...they are gone. i waited because I wanted to see what the rates would be like this year. Boy was I stupid.

it's gonna be an interesting for me in the next 30 years🙁
Click to expand...

lol I opted for 10 years even though the monthly amount is ridiculous. I couldn't imagine paying that thing over 30 years.
Click to expand...

I could have done the 10 year plan, but I would be living in poverty if i did that😉
 
If you just graduated then I would wait to consolidate if you have perkins loans, since it removes the 6 month deferal you get after you graduate.

the best place to consolidate is direct loan, the US Government. They are the only place you should look.
 
Originally posted by: MustangSVT
damn.. oh well.. they are all gone? 🙁

anyway I do have it in direct loans right now. I guess I wont move it.

hrmmmm.
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You can still have your direct loan be changed to a fixed rate, if you think rates will go up.
 
I have almost $100k in loans, most of them private. I finished my consolidation online with Citibank (www.studentloan.com) this week. It only took a few minutes, you get a decision almost immediately (a few minutes), and you get lower rates for EFT and all that jazz. Mine is for 30 years, but I'll probably pay it off pretty quickly.
 
I'm doing my $13,000 over 3 years, I just can't imagine being in debt like that for 10 freaking years, that seems absurd to me. I know people get 30 year house loans, but that's different since the house is increasing in value. I'm trying to pay debt off as fast as possible, so I'm still living like a poor college student until I get a positive net worth (still like negative $10,000).
 
I opted for the interest payments first and I just pay 3x that amount.

The govt gives u $2,500 each year in student loan interests.

So if you select interest only payments first you will probably pay off all the interest the first year thus getting most of that money back from tax credits
 
Originally posted by: rgwalt
Originally posted by: Ns1
Originally posted by: Gibson486
yup...they are gone. i waited because I wanted to see what the rates would be like this year. Boy was I stupid.

it's gonna be an interesting for me in the next 30 years🙁
Click to expand...

lol I opted for 10 years even though the monthly amount is ridiculous. I couldn't imagine paying that thing over 30 years.
Click to expand...

I took mine over 20 years. If I could have done longer repayment, I would have. My loans go away if I die... no one inherits the debt. I figure I'll take the lowest payments I can, and if I die before I'm done paying, I win... kind of...

R
Click to expand...

:laugh:
 
Originally posted by: CycloWizard
I have almost $100k in loans, most of them private. I finished my consolidation online with Citibank (www.studentloan.com) this week. It only took a few minutes, you get a decision almost immediately (a few minutes), and you get lower rates for EFT and all that jazz. Mine is for 30 years, but I'll probably pay it off pretty quickly.
Click to expand...

Out of curiosity, for that $100K investment, what kind of education did you get out of it, and what are your current income prospects?
 
i work for the federal government. many federal gov agencies will offer loan repayment as an incentive to hire new employees. some agencies even offer sign-on bonuses (i didn't get this) depending on the job and demand for people in those jobs.

if you are interested in working for the government and a chance to eliminate some or all of your student loans, go to the website of any government agency you might be interested in working for and check for employment/jobs. when you talk to a recruiter or HR person ask them about loan repayment. good luck guys!
 
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