College loan consolidation

[SagaLore]

I have loans through AES - some federal/stafford, some private through keybank.

I'd like to consolidate them all using a different private lender so I have a single bill and a lower interest rate. Please advise.

 

[Gibson486]

I would not consolidate your govt with private. Usually, conslidation of private has higher interest than private consolidation of govt.

 

[DaWhim]

student loan consolidation incentives have dried out since last year. The best you can do is like .25% reduction if you set up auto debit and 1% reduction after x payments. it varies...

 

[rasczak]

Can't you go to your bank and ask for a consolidating loan? I ended up doing the same thing. Do you own a home? Maybe you can take out a HELOC?

 

[Beev]

Ugh, I hate AES. But yeah, try your bank.

 

[LuckyTaxi]

Never had a problem w/ AES. It's sallie mae that i hate.

 

[Special K]

Originally posted by: DaWhim
student loan consolidation incentives have dried out since last year. The best you can do is like .25% reduction if you set up auto debit and 1% reduction after x payments. it varies...

Umm, what other incentives were there before? I consolidated in 2005 have the exact same incentive you mentioned above, although I locked mine at 2.6%, which is probably not possible to do anymore with federal loans having a fixed, high interest rate of 6.8%.

 

[DaWhim]

Originally posted by: Special K

Originally posted by: DaWhim
student loan consolidation incentives have dried out since last year. The best you can do is like .25% reduction if you set up auto debit and 1% reduction after x payments. it varies...

Umm, what other incentives were there before? I consolidated in 2005 have the exact same incentive you mentioned above, although I locked mine at 2.6%, which is probably not possible to do anymore with federal loans having a fixed, high interest rate of 6.8%.

These are history now. My student loan grace period was over in feb, i couldn't find any deal on consolidation.
link

 

[AmpedSilence]

mixing private and federal is a bad idea. No Bank that visited would allow me to do that, at least economically. Just keep them seperate, but consolidate the private's together and public's together.

 

[Special K]

Originally posted by: DaWhim

Originally posted by: Special K

Originally posted by: DaWhim
student loan consolidation incentives have dried out since last year. The best you can do is like .25% reduction if you set up auto debit and 1% reduction after x payments. it varies...

Umm, what other incentives were there before? I consolidated in 2005 have the exact same incentive you mentioned above, although I locked mine at 2.6%, which is probably not possible to do anymore with federal loans having a fixed, high interest rate of 6.8%.

These are history now. My student loan grace period was over in feb, i couldn't find any deal on consolidation.
link

The FW thread said some lenders will still give you the interest rate deduction for automatic debit, plus another reduction after a certain number of on-time payments.

What other incentives were there before?

 

[Ns1]

Originally posted by: Special K

Originally posted by: DaWhim

Originally posted by: Special K

Originally posted by: DaWhim
student loan consolidation incentives have dried out since last year. The best you can do is like .25% reduction if you set up auto debit and 1% reduction after x payments. it varies...

Umm, what other incentives were there before? I consolidated in 2005 have the exact same incentive you mentioned above, although I locked mine at 2.6%, which is probably not possible to do anymore with federal loans having a fixed, high interest rate of 6.8%.

These are history now. My student loan grace period was over in feb, i couldn't find any deal on consolidation.
link

The FW thread said some lenders will still give you the interest rate deduction for automatic debit, plus another reduction after a certain number of on-time payments.

What other incentives were there before?

VERY few. They are, for the most part, gone. Try wells fargo for private loan consolidation

 

[Special K]

Originally posted by: Ns1

Originally posted by: Special K

Originally posted by: DaWhim

Originally posted by: Special K

Originally posted by: DaWhim
student loan consolidation incentives have dried out since last year. The best you can do is like .25% reduction if you set up auto debit and 1% reduction after x payments. it varies...

Umm, what other incentives were there before? I consolidated in 2005 have the exact same incentive you mentioned above, although I locked mine at 2.6%, which is probably not possible to do anymore with federal loans having a fixed, high interest rate of 6.8%.

These are history now. My student loan grace period was over in feb, i couldn't find any deal on consolidation.
link

The FW thread said some lenders will still give you the interest rate deduction for automatic debit, plus another reduction after a certain number of on-time payments.

What other incentives were there before?

VERY few. They are, for the most part, gone. Try wells fargo for private loan consolidation

No, I'm asking what *WERE* the incentives? What were they before they were gone? What *USED* to be offered as an incentive before they were pulled? Obviously I cannot find this information out anymore since the incentives are no longer offered.

I already consolidated a few years ago when interest rates were at an all-time low. I'm just curious to know what exactly people mean by incentives, other than the 0.25% interest rate reduction for auto-debit and the 1.25% reduction for 48 consecutive on-time payments. Both of those are still available according to the FW thread.

Sorry if my question wasn't clear.

 

[kalrith]

Originally posted by: Special K

Originally posted by: Ns1

Originally posted by: Special K

Originally posted by: DaWhim

Originally posted by: Special K

Originally posted by: DaWhim
student loan consolidation incentives have dried out since last year. The best you can do is like .25% reduction if you set up auto debit and 1% reduction after x payments. it varies...

Umm, what other incentives were there before? I consolidated in 2005 have the exact same incentive you mentioned above, although I locked mine at 2.6%, which is probably not possible to do anymore with federal loans having a fixed, high interest rate of 6.8%.

These are history now. My student loan grace period was over in feb, i couldn't find any deal on consolidation.
link

The FW thread said some lenders will still give you the interest rate deduction for automatic debit, plus another reduction after a certain number of on-time payments.

What other incentives were there before?

VERY few. They are, for the most part, gone. Try wells fargo for private loan consolidation

No, I'm asking what *WERE* the incentives? What were they before they were gone? What *USED* to be offered as an incentive before they were pulled? Obviously I cannot find this information out anymore since the incentives are no longer offered.

I already consolidated a few years ago when interest rates were at an all-time low. I'm just curious to know what exactly people mean by incentives, other than the 0.25% interest rate reduction for auto-debit and the 1.25% reduction for 48 consecutive on-time payments. Both of those are still available according to the FW thread.

Sorry if my question wasn't clear.

I went with ELC (Educational Loan Company) last summer to consolidate the federal loans for my wife and me. We are currently getting .25% interest-rate deduction for auto debit. We will get an additional 2.25% interest-rate deduction after 48 consecutive on-time payments.

A 2.5% interest-rate reduction FTW!

 

[Ns1]

Originally posted by: Special K

Originally posted by: Ns1

Originally posted by: Special K

Originally posted by: DaWhim

Originally posted by: Special K

Originally posted by: DaWhim
student loan consolidation incentives have dried out since last year. The best you can do is like .25% reduction if you set up auto debit and 1% reduction after x payments. it varies...

Umm, what other incentives were there before? I consolidated in 2005 have the exact same incentive you mentioned above, although I locked mine at 2.6%, which is probably not possible to do anymore with federal loans having a fixed, high interest rate of 6.8%.

These are history now. My student loan grace period was over in feb, i couldn't find any deal on consolidation.
link

The FW thread said some lenders will still give you the interest rate deduction for automatic debit, plus another reduction after a certain number of on-time payments.

What other incentives were there before?

VERY few. They are, for the most part, gone. Try wells fargo for private loan consolidation

No, I'm asking what *WERE* the incentives? What were they before they were gone? What *USED* to be offered as an incentive before they were pulled? Obviously I cannot find this information out anymore since the incentives are no longer offered.

I already consolidated a few years ago when interest rates were at an all-time low. I'm just curious to know what exactly people mean by incentives, other than the 0.25% interest rate reduction for auto-debit and the 1.25% reduction for 48 consecutive on-time payments. Both of those are still available according to the FW thread.

Sorry if my question wasn't clear.

FWIW it used to be some 2-2.5% reduction TOTAL after a few years. That's all long gone, I don't actually know of any lenders that can afford to do any of those incentives (and I actually posted in that FW thread a few times), so if you know any names off the top of your head, that'd be great

 

[Jmman]

Text

You guys need to check out CFNC.org. They still offer up to a 2.25% interest rate deduction for ontime payments. Best deal out there.........

 

[Ns1]

Originally posted by: Jmman
TextYou guys need to check out CNFC.org. They still offer up to a 2.25% interest rate deduction for ontime payments. Best deal out there.........

In addition to meeting federal requirements for a Consolidation Loan, you also must have a North Carolina Connection to borrow from College Foundation, Inc. (CFI). Your connection must be through one of the following means:

* You are a resident of North Carolina; or
* You have one or more Federal Family Education Loans guaranteed by the North Carolina State Education Assistance Authority; or
* You are a current or former participant or beneficiary in the North Carolina College Savings and Investment Program (provided that, the savings account was not closed due to a rollover to another qualified tuition program); or
* You attended a North Carolina college or university eligible to participate in the Federal Family Education Loan Program.

 

[ColdFusion718]

Originally posted by: Gibson486
I would not consolidate your govt with private. Usually, conslidation of private has higher interest than private consolidation of govt.

This is not an absolute. It's better to do some research first. I consolidated with a private company and I got a 2.875% rate vs. getting a 3.5% had I gone with uncle sam, YMMV though.

 

[Ns1]

Originally posted by: ColdFusion718

Originally posted by: Gibson486
I would not consolidate your govt with private. Usually, conslidation of private has higher interest than private consolidation of govt.

This is not an absolute. It's better to do some research first. I consolidated with a private company and I got a 2.875% rate vs. getting a 3.5% had I gone with uncle sam, YMMV though.

you sure you're talking about the same thing here?

private companies consolidate federal loans under federal loan consolidation program

private loans rape you in the asshole with variable interest rates, usually prime +x%

 

[Jmman]

Originally posted by: Ns1

Originally posted by: Jmman
TextYou guys need to check out CNFC.org. They still offer up to a 2.25% interest rate deduction for ontime payments. Best deal out there.........

In addition to meeting federal requirements for a Consolidation Loan, you also must have a North Carolina Connection to borrow from College Foundation, Inc. (CFI). Your connection must be through one of the following means:

* You are a resident of North Carolina; or
* You have one or more Federal Family Education Loans guaranteed by the North Carolina State Education Assistance Authority; or
* You are a current or former participant or beneficiary in the North Carolina College Savings and Investment Program (provided that, the savings account was not closed due to a rollover to another qualified tuition program); or
* You attended a North Carolina college or university eligible to participate in the Federal Family Education Loan Program.

Open a college savings account for $25. Pretty painless, especially considering the consolidation benefits..........