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college loan repayments

W

wudood

Member
so i've been getting a lot of loan consolidation letters in the mail.. and what with college ending, i think it's about time to figure out the best way to repay my college loans. i have no idea where to start.. anyone have any ideas (eg, where's a good place to go to get loans consolidated? i don't even know if that's the right question to ask.. 😕 )
 
Probably the more important things to consider is FINDING A JOB. Find a job first dawg, worry about repayment a little later.
 
Originally posted by: bleeb
Probably the more important things to consider is FINDING A JOB. Find a job first dawg, worry about repayment a little later.
Click to expand...

word to yo momma B, that's straight up the truth yo
 
I didn't shop around for consolidation loans. Probably a bad thing, but I know I locked in the rate. I've dealt with my current lender for awhile now so I understand how they suck as opposed to an unknown but still sucky other bank (not a big fan of banks).

Anyway, bottomline advice: CONSOLIDATE NOW! The Fed is going to raise the interest rate at least .25% in a couple weeks, possibly more, and the low interest rate that exists right now is NOT likely to return in the lifetime of your loans. That .50% could cost quite a bit of money over the long run.

Check online with your current lender for information on consolidation. Also check out the US Department of Education, which I believe has links to different consolidation programs as well as plenty of info. You'll want to apply for a US Dept of Ed PIN so you can apply for a consolidation loan online, but you might run out of time anyway with the impending rate hike. See about downloading a consolidation package and mailing it in immediately (my lender had multiple options, the online one worked for me since I'm in Japan -- my application is pending right now).
 
Anyway, bottomline advice: CONSOLIDATE NOW! The Fed is going to raise the interest rate at least .25% in a couple weeks, possibly more, and the low interest rate that exists right now is NOT likely to return in the lifetime of your loans.

I've read this, too but I've also read the following:

"According to lender Sallie Mae, the variable rate on federal Stafford loans for current students and recent graduates will drop (in July) to 2.77 percent from 2.82 percent. Graduates past their grace period will pay rates of 3.37 percent, down from 3.42 percent."

here
 
Originally posted by: bleeb
Probably the more important things to consider is FINDING A JOB. Find a job first dawg, worry about repayment a little later.
Click to expand...

very true, but lock in the rates NOW!!!
You dont want to consolidate AFTER the 6 month grace period.
 
Originally posted by: sniperruff
when do we have to pay our stafford loans (subsidized) after we graduate? a month? 6 months? im confused =(
Click to expand...

You best bet is start paying whatever you can NOW. Your "grace" period is for 6 months after your graduate, but the interest will still be accumulating, and depending on how much you owe, you could be adding several more payments by "holding off" to repay.
 
Hmm...I will graduate with around $20,000 in Stafford loans. Doesn't 'reconsolidate' suggest that I have loans from multiple sources?

...or is there any way to lower the interest rate on these as well?
 
Originally posted by: allisolm
Anyway, bottomline advice: CONSOLIDATE NOW! The Fed is going to raise the interest rate at least .25% in a couple weeks, possibly more, and the low interest rate that exists right now is NOT likely to return in the lifetime of your loans.

I've read this, too but I've also read the following:

"According to lender Sallie Mae, the variable rate on federal Stafford loans for current students and recent graduates will drop (in July) to 2.77 percent from 2.82 percent. Graduates past their grace period will pay rates of 3.37 percent, down from 3.42 percent."

here
Click to expand...

I'm a lucky 2.8 percenter. If you set up a recurring withdrawl for the payment you can get that down more, 2.5-6.
 
Originally posted by: MadCowDisease
Hmm...I will graduate with around $20,000 in Stafford loans. Doesn't 'reconsolidate' suggest that I have loans from multiple sources?

...or is there any way to lower the interest rate on these as well?
Click to expand...

Consolidate requires that they're different loans. I consolidated my unsubsidized Stafford loans after college just fine.

-geoff
 
Originally posted by: MadCowDisease
Hmm...I will graduate with around $20,000 in Stafford loans. Doesn't 'reconsolidate' suggest that I have loans from multiple sources?

...or is there any way to lower the interest rate on these as well?
Click to expand...

You can consolidate a single loan too.
 
dayum.. thanks for all the info, people.. now it's just a matter of sorting out and making sense of the wisdom.. 🙂
 
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