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Consolidating student loans

M

MorphineChild

Senior member
As my college career is reaching an end, I am going to be in need of consolidating my loans. At that time I should have around $80k in loans!!! I have just started looking and found a place ( I believe lending tree or at least linked off their site) to say that my payments would be around $480/month, I am guessing for 15 years. What is the best place to go to for student loan consolidation? Are there any places I need to know about to just avoid all together? Most of my loans are Direct loans, but there are also some private ones as well.
 
I'm also looking into the same thing. Only with me I want to consolidate both me and my wife's loans (about 6 of them totalling $50K). Direct Loans has a consolidated loan plan but the new rate will be the weighted average of all the loans (which sucks cause I'd want to lock in a low current rate).
 
Can you still deduct the interest from your taxes if you consolidate? I noticed that ever since I hit the 5-6 year mark the repayment of my loans, Sallie Mae has been trying to hit me up to consolidate. What they conveniently don't tell you is that it's for another 10 years although at a lower interest rate. I believe the interest repayment is like a house, most of your loan payment goes towards interest the first couple years, while a little goes towards the principle. After 5 years, you're starting to pay mostly principle and not interest. Am I correct on this?

Anyways, that's somethinig you may want to look carefully at before deciding to consolidate. In your case it would probably make sense since you haven't been paying yet.
 
Mind if I ask what degree's you will have and from what school? 80k in loans sounds like a helluva lot to me. You going into medicine?
 
$80,000 is alot, but it is not surprising. My first year in college i took out a $20,000 loan. now multiply it by the number of years you attend college. Not everyone can be so lucky to get financial aid and scholarships.
 
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