I have a ton of student loans, that I’ve been deferring for financial reasons. I have federal loans with Sallie Mae and private loans with Wachovia/AES. Any ideas on how to put them all together so I have one monthly payment, to say a bank rather than various companies, like I have now? Any good banks I should try or talk with?
Your Federal Student Loans can not be consolidated with your Private Student Loans through the FFELP Consolidation Loan Program. In addition, if you were given the option to consolidate your Federal Student Loans and your Private Student Loans together I would not suggest doing so; if you did do this you would lose all your Federal Benefits on your Federal Student Loans.
You can consolidate your Federal Student Loans and your Private Student Loans separately though. If I were you I would keep in mind that July 1st is the interest rate change date every year, so it would be in your best interest to do so before July 1st. If you are interested in Private Student Loan Consolidation, I would wait until after July 1st when programs are expected to improve in that area.
One thing that you may be very interested in when dealing with your Federal Student Loans is; when you consolidate your Federal Student Loans together you not only lower your monthly payments, but you also reset your Deferment and Forbearance time to zero giving you a fresh 3 years of both. For more information please see the source below.
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Student loans and student loan consolidation Private Federal Knowing your payment is always beneficial when you are determining which Student Loan would be the best out of the many Student Loan Programs available.In the meantime, soak up all , or at least much of the information that is available to you on this site. Student Loan consolidation Programs are very tricky and getting one without some knowledge of how they work can cost you a lot of money and, maybe even a good education! All the information on this site is FREE and has been compiled from many reliable sources. So, dig in. Gain the most important knowledge of all the knowledge your education will bring you. That is, the knowledge that shows you how to finance your education! Without this knowledge, it’s very tough to get started down the road to your diploma! to learn more about this exciting offer please visit our website at Private Fast Loans.com
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I've got 10 different student loans so my FICO score reflects 10 different installment loans. Would consolidating them into one loan do anything to the FICO score or would it just be a wash since the total amount of debt wouldn't change.
My downside is that if I consolidate It will take longer to pay off the loans than if I just leave them alone…. I'm wondering how much my FICO score is being hurt by them. Its currently 762.
It should improve you FICO score. You have a pretty good score already though.
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I had 6 student loans equaling a total of $20,000 from 2 different companies. My mistake was i didn't put them into forebarence in time i was late about 2 months. One of the companies wiped it off my credit, the other showed that i had been late. I decided to consolidate my loans with the company that wiped it off my credit. My question is will this help my credit because with the company that had the late payment the loans will have been paid off and with the other i will have been current on all of my payments? Thanks for the help.
Your loan won't show as paid off .. but rather as "sold to another lender". Also, the detail will also still show for the time you had a loan with them. (ie: payments late, highest balance, etc)
Your credit score will increase w/on-time payments … not by changing the owner of a loan. Prior to consolidating, I was surprised to see just how many different lenders once owned my student loans — though I took them all out from the same company. And all those sales amounst the lenders did not affect the credit score.
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Some students leave college and you expect them to heave a sigh of relief because at long last the long hurdle is over. No more sleepless nights studying for lessons, no more academic books to read, no more exams to take and most of all no more tuition fees to be paid. But what if the student just relied on student loans all throughout his or her studies? That must have been a lot of loans to pay. Fortunately there is a thing called student loan consolidation.
Student loan consolidation is combining all previous loans into one loan to make it easier for the students to pay the debts. If your loans are consolidated, you need not pay multiple loans every month, you only have a single loan to pay and this makes it less confusing and burdensome.
Through consolidation, a student or a graduate can have some sort of relief. Most student fret and think of their loans while still studying and often miss out on their education. On the other hand, fresh graduates that are in debt could not focus or advance in their careers because they have this huge debt to pay.
You may be wondering if student loan consolidation is a good idea. Here are a few reasons why you should consider consolidating your loans –
It lowers your monthly payment
Often times if a student has multiple loans to pay, it means paying higher as the student is paying for interest for multiple loans.
Lower interest rates
Consolidation offers students a fixed monthly interest that is usually lower than the interest rates of their previous loans.
New interest rates
Consolidating your loans will most likely mean that you are going to have a new interest rate. You may get lower interest rates because interest rates these days are decreasing.
More convenient payment scheme Because all the previous loans are combined into one, payment is easier and more convenient when student loans are consolidated.
Helps you save more money
Typically, consolidating your loans can help you reduce your monthly payments to as much as 54 percent depending on the interest rates. But no matter what the interest rate, bottom-line is your still going to save money.
Extends repayment period
Usually consolidation gives the students more time to pay their debts. This is a good thing so students wont feel pressured to pay their consolidated loans because it lowers the monthly payment.
Different types of loans can be consolidated
Student consolidation is not only limited to one or two types of loans. There are actually a lot of different types of loans that can be consolidated. Some loans that can be consolidated are direct subsidized and unsubsidized loans, federal insured student loans, federal Perkins loans, national defense student loans, etc.
While student loan consolidation provides a lot of advantages, there is also a negative side to it. You may want to consider these disadvantages before deciding to consolidate your loans.
Increases overall total amount paid Because consolidating all your loans extends repayment period, it will lower your monthly payments but this will result in an increased overall total amount paid.
Lose incentives
If you consolidate all your loans you may lose several incentives that are offered to you by your lenders.
Lose benefits for Perkins loans Consolidating Perkins loans means cancellation of your benefits and losing interest subsidy.
Reading the pros and cons of student consolidation may have given you an idea on whether or not consolidation is a good idea. The advantages obviously surpass the disadvantages but it is still up to you if you want to consolidate your loans.
Before indulging in the consolidation scene, you need to do research on that consolidation companies offer the best deals and will really help you lower your payments.
The best way to research is through the internet because you will be able to compare different plans conveniently. You can find information and news on consolidation. Some sites even offer quotes and this makes it easier for you to compare and choose among different companies.
Save up to 45% in this 10 minute application Reduce monthly payments by as much as 45% Lock in a low, fixed interest rate as low as 5.37% 1 Make one single monthly payment on your loans Consolidate your loans online in only 10 minutes Start Here Need to consolidate your non-federal/alternative
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I have a lot of loans, almost 100K as I am getting my PHD. There are number, about 15 individual loans. All other credit is on time and I make a good living. The loans are in deferrment, but does the number of individual loans affect score that much? Would consolidating and paying something on them each month even though they are in deferment help?
I am not looking for information on loans, only their effect on my credit
Consolidating the loans could lower the amount you pay each month, and lower the interest rate. Shop around they will fight for your note. It could look better on your credit if you had one loan instead of 4-5 in turn could give you a few more points.
Hope that helps