Student Loan Headache, need help!
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Student Loan Headache, need help!
| Mon, 05-15-2006 - 7:29pm |
Ok, so I posted a few days ago about my student loans.
| Mon, 05-15-2006 - 7:29pm |
Ok, so I posted a few days ago about my student loans.
This is not a "number crunching" response - it's my own gut reaction.
All my best,
Danni
On the other hand I agree with Danni -- it's always good to have the option to defer if you need to.
Good luck on this confusing decision. I have heard that the rates are supposed to go up in July.
Megan
Aerandel,
Wow, this isn't really straightforward is it? Let's see...
Well, sounds to me like the CFS loan is NOT a student loan anymore if you consolidate that. I agree that you want to make sure you still have student loan 'rights' including assuring that, if you went that way, you could still deduct the interest. No deferment though would be a major negative.
In terms of your grandmother cosigning, that is a tough one. I probably would ask for it since it is a limited time horizon of only 2 years until you can get her off of there. I would not ask her if you had any reason to think that the impact it would have on her ability to acquire any debt she might personally need would be problematic. Any lender will hold her accountable for that loan amount even though she's just cosigned.
Be careful also of putting through too many applications because that can negatively affect your credit score if there are too many inquiries.
I think I would go with Sallie Mae w/the cosigner. Did you ask them if that was the very lowest payment available on the fed loan yet? That might buy you some breathing room.
Peg
Hello,
I would suggest *not* asking your grandmother to cosign your consolidated loan. When a bank mentions that a cosigner would improve your interest rate, what they are really saying is: "We're not sure you will be able to pay these payments so we need someone else to bill if you default."
You might tell yourself that you won't default and that you'll remember to take your grandmother's name off the loan in 2 years, but if you are hit by a truck,
Sincerely,
Lindsey Schocke
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