student loan consolidation, need advice!
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student loan consolidation, need advice!
| Sat, 05-07-2005 - 10:09am |
I am soooo confused! I am graduating college tomorrow and while I am excited I am sick to my stomach with worry about the student loans I have accumulated. I am about 40K in student loan debt. I have about 20 in federal loans and 20 in private loans. My lender is Sallie Mae for everything except a perkins loan that I have through my university. I was told that I can consolidate my federal loans through sallie mae but that the private ones cannot be consolidated. I also called around and started asking questions and came across a company called nexstudent. They are offering a lower interest rate but they can also consolidate my private loans and extend them over 30 years. I guess my head is swimming, I'm not sure what the better option is. My payments would be a bit lower with sallie mae but my perkins loan of 3800 dollars would be left out. That is a payment of 120 dollars 4 times a year. No big deal really. Anyone recently consolidated student loans? Can you help me out? Have you worked with either of the comppanies I mentioned...? Any help would be appreciated. According to nexstudent I have until May 15 to decide if I am going with them and I just don't know if there are better options out there or even how to figure it out. I am in a lot of debt and not sure where to turn to get the best deal.
Not only that...but my bf of 6 years (would be fiance if we had any money to buy a ring or plan a wedding! lol) is about 34K in debt. Together we have over 70K in debt and we are 22 years old. It's enough to make me want to throw up. Please give me some advice!
Not only that...but my bf of 6 years (would be fiance if we had any money to buy a ring or plan a wedding! lol) is about 34K in debt. Together we have over 70K in debt and we are 22 years old. It's enough to make me want to throw up. Please give me some advice!
Signatures On
| Sat, 05-07-2005 - 8:03pm |
I don't know about the company you mentioned but please don't beat yourself up about this. Use this as incentive to not rack up frivolous debt. Suzie Orman once said, and i never forgot it, student loans are an investment in yourself." That is my attitude every time I make a payment. Don't default on them. They allowed you to get your degree. Hang in there. Some people are caught up with rings. Thankfully I'm not. When DH and I got married almost 15yrs ago I didn't even think I'd get a ring since we were both struggling students. I misplaced the ring after a cleaning - no idea where it is .... don't even miss it or want another. I have a great guy!!!!! - which is the important thing.
| Sat, 05-07-2005 - 8:58pm |
Yes consolidation is an excellent idea and do it now before the rates go up in July. We consolidated with Nelnet, which dropped our payments in half. Also, you need to look at your income. When you consolidate you'll be given the option of level payments, income based, graduated, etc.
