College Loan Consolidation

[JustJon]

I have two outstanding loans from college still and I was considering consolidating them so I have one less bill to pay each month, but I was wondering if anything knew anything more about them.

Will my combined payments be larger than my two payments? Should I watch for certain things in the interest rates? Will my payment schedule be expanded beyond the current schedule or will it still be in the same time frame?

[EliSnow]

I have two outstanding loans from college still and I was considering consolidating them so I have one less bill to pay each month, but I was wondering if anything knew anything more about them.

Will my combined payments be larger than my two payments? Should I watch for certain things in the interest rates? Will my payment schedule be expanded beyond the current schedule or will it still be in the same time frame?

If you consolidate, the combined payment should be less or equal to your current payments if done right. As for the payment schedule, it should stay for the same time frame, but they may offer to go beyond that time frame.

I've consolidated all my loans and it made things a lot easier.

[drjoek]

As with any loan try not to extend the life and put whatever extra you can into them to pay down the principle. Paying extra principle makes loans go away fast. College loans udes to have a pretty sweet interest rate back in the day Im not sure if thats the case. Make sure if its consolidated that you don't bump up the rate otherwise it could take a lot to make the loan refinance pay off.
Do as much reseach as you can

[Furtherman]

Listen to the experts. I just want to say I recently finished my school loans. Almost 10 years. I got so used to writing checks that they actually sent me two checks back and a note telling me to stop - I was done. It's made me very happy.

[LordJezo]

Dave Ramsey (XM 165 3 - 6) endorses this company:

College Loan Corporation

https://www.collegeloan.com/mp/collegeloanwelcome.aspx?scc=131-719-3

Give them a call and talk to them about it.

From what I have heard on the Dave Ramsey radio show over the past 6 months he is a pretty good human, he never puts his name on anything he does not believe and his whole mission in life is to get people out of debt. Be careful of all the scam companies out there, there are a million, but with Dave's name associated with these guys I wouldn't hesitate to call them, I have never once heard him try to sell anyone anything shady.

Maybe call his show and ask this question on the air. Next to O/A and Ron and Fez he is my favorite thing being broadcast over XM. I'm listening right now to it over his online stream, I hope to hear your call soon.

[Snoogans]

I have two outstanding loans from college still and I was considering consolidating them so I have one less bill to pay each month, but I was wondering if anything knew anything more about them.

Will my combined payments be larger than my two payments? Should I watch for certain things in the interest rates? Will my payment schedule be expanded beyond the current schedule or will it still be in the same time frame?

how are you still paying for college, you are like 45

[PhishHead]

i consolidated my law school loans and it was the best thing I ever did, if federal loans it locks in a great interest rate which is only 3% for me, while I was not able to consolidate the Private Loan, i still pay all 3 at once which is great.

Your payment should be less and the time frame should be the same but you can extend it based on how much you owe they will tell you how long you can put it out for and when you extend it your monthly payments would be lower.

[PhishHead]

how are you still paying for college, you are like 45

Mine end at age 45.

[Thebazile78]

I have two outstanding loans from college still and I was considering consolidating them so I have one less bill to pay each month, but I was wondering if anything knew anything more about them.

Will my combined payments be larger than my two payments? Should I watch for certain things in the interest rates? Will my payment schedule be expanded beyond the current schedule or will it still be in the same time frame?

Are they subsidized government loans or are they private unsubsidized loans?

It's my understanding that you can only consolidate like loans, but, since I paid off one of my two loans 5 years ago I'm not much help.

You can probably get more information at the DoE student loan website to be absolutely sure about that.

[EliSnow]

Listen to the experts. I just want to say I recently finished my school loans. Almost 10 years. I got so used to writing checks that they actually sent me two checks back and a note telling me to stop - I was done. It's made me very happy.

I think I'll be paying school loans until my late '40s early '50s. Of course when you borrow $120k to attend law school, that'll happen.

[PhishHead]

I think I'll be paying school loans until my late '40s early '50s. Of course when you borrow $120k to attend law school, that'll happen.

it sucks doesn't it? freaking law school, overpriced crap

[Furtherman]

I think I'll be paying school loans until my late '40s early '50s. Of course when you borrow $120k to attend law school, that'll happen.

Yea, I'd love to go back to school. Not for lawyerin' of course. But no way in hell am I taking any more loans unless I hit the lottery.

[cougarjake13]

is it true that you can only consolidate school loans once ???

[ralphbxny]

almosted over looked this thread...very useful info boys!!

[Thebazile78]

is it true that you can only consolidate school loans once ???

There should be information in your lender's agreement.

If you have government loans, there's a ton of information available online.

Also, if you're still in school and are about to graduate, the information should be covered in your entrance/exit interviews. . .which you can probably do online by now. (When I was in school, my entrance interview was something I had to report to the Financial Aid office to view on their terminal but by the time my exit interview rolled around, I could click a link and finish it on the internet . . . in the comp lab.)

[JustJon]

There should be information in your lender's agreement.

If you have government loans, there's a ton of information available online.

Also, if you're still in school and are about to graduate, the information should be covered in your entrance/exit interviews. . .which you can probably do online by now. (When I was in school, my entrance interview was something I had to report to the Financial Aid office to view on their terminal but by the time my exit interview rolled around, I could click a link and finish it on the internet . . . in the comp lab.)

I kinda got the notice for the exit interview a couple weeks before I graduated and I blew it off. Then my loans were deferred because I went to grad school, so I got to have a few years before I even started paying them off, not that I would have paid them off by now.

[Thebazile78]

I kinda got the notice for the exit interview a couple weeks before I graduated and I blew it off. Then my loans were deferred because I went to grad school, so I got to have a few years before I even started paying them off, not that I would have paid them off by now.

I think they have the exit interview at the Federal Student Aid website, dude.

It has a quiz to make sure you remembered what they told you.