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futuremrsmultari
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NWR : Student Loan Debt
I know this has been touched on so many times but I need advice....
I have TONS of student loans both private and federal. They're with about 4 different lenders now and each one wants about $300/month or more. I just can't do it. One of my lenders is impossible to deal with in terms of getting deferments, etc. If I consolidate some of loans with lower interest will go up due to consolidation with higher interest loans.
I really have no idea what to do and it's stressing me out beyond believe. Should I go speak to a financial advisor? Do I shop around and consolidate?
I tried Nelnet and the payment was smaller but still HUGE!
HELP! 
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Posted 7/17/07 10:50 AM 
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tinadansr
All about the poll
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6/26/2009 7:00 PM
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Re: NWR : Student Loan Debt
research nyour payment options consolidations would prob be your best bet!
I would go speak to someone! Good luck Ill be in your boat in a couple years!
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Posted 7/17/07 10:59 AM
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Nina_m74
working my way back to 5k
Member since 5/07 2278 total posts
Wedding Date:
10/13/2007 10:30 AM
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Re: NWR : Student Loan Debt
I would talk to a financial advisor. When I got out of school my loans were crazy and I couldn't afford the payments - i kept deffering them and set up different payment plans on others, finally I consolidated all of the federal loans, so I had only 2 payments: the federal and the private.
last year FH looked at my loans and it turns out on one of them I had only been paying the interest and on the ones I consolidated, the term had been extended to 10 years!
I was very stressed over the payments and didn't look into what I was doing enough, we corrected the one loan so I am paying on principle now (but the payment went from $128 to $485 a month!) but the other loans are still at a long term, frankly we couldn't afford if that loan went up to $500 also, so I won't be refinancing that one for awhile.
Definatley talk to someone who has your best interest in mind.
Good Luck! College shouldn't be so expensive ...but that's another debate I won't get into here 
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Posted 7/17/07 11:00 AM
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futuremrsmultari
<3 h-a-p-p-y <3
Member since 2/07 3727 total posts
Wedding Date:
2/29/2008 6:30 PM
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Re: NWR : Student Loan Debt
Posted by Nina_m74
I would talk to a financial advisor. When I got out of school my loans were crazy and I couldn't afford the payments - i kept deffering them and set up different payment plans on others, finally I consolidated all of the federal loans, so I had only 2 payments: the federal and the private.
last year FH looked at my loans and it turns out on one of them I had only been paying the interest and on the ones I consolidated, the term had been extended to 10 years!
I was very stressed over the payments and didn't look into what I was doing enough, we corrected the one loan so I am paying on principle now (but the payment went from $128 to $485 a month!) but the other loans are still at a long term, frankly we couldn't afford if that loan went up to $500 also, so I won't be refinancing that one for awhile.
Definatley talk to someone who has your best interest in mind.
Good Luck! College shouldn't be so expensive ...but that's another debate I won't get into here
AGREED! 
Thanks ladies. I now need to find a good financial advisor!!!
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Posted 7/17/07 11:00 AM
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JB1122
MARRIED!!!!!
Member since 5/07 3649 total posts
Wedding Date:
8/29/2008 3:00 PM
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Land's End
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Re: NWR : Student Loan Debt
I'm going to be in this position next year and I also need advice.
I am on a full ride to law school, so all of my debts are undergrad debts. the first few undergrad loans I took out had a fantastic interest rate (I had a cosigner). For the last loan, I was approved on a standalone basis (they didn't give me the option for a cosigner at that point) and I just looked the other day and the interest rate is RIDICULOUS (13%).
Am I locked into this interest rate forever, or can I somehow bring this down by refinancing or consolidating? Any advice??
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Posted 7/17/07 11:05 AM
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rkl1130
I'm a Mrs!
Member since 12/06 3187 total posts
Wedding Date:
8/24/2007 3:30 PM
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Re: NWR : Student Loan Debt
Definitely talk to someone and research your options. I ended consolidating my student loans all under SallieMae, which also gives you several payment options. I actually ended up with a graduated payment option where the monthly in the beginning is low (taking into account your are not making much yet) and will gradually increase over time and your earnings increase. They also allow you to change your payment plans when you want depending on your financial situation.
They always tell you to go out and get a college education, but it's so expensive. College should not be that expensive!
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Posted 7/17/07 11:06 AM
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rkl1130
I'm a Mrs!
Member since 12/06 3187 total posts
Wedding Date:
8/24/2007 3:30 PM
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Re: NWR : Student Loan Debt
Posted by Jess125483
I'm going to be in this position next year and I also need advice.
I am on a full ride to law school, so all of my debts are undergrad debts. the first few undergrad loans I took out had a fantastic interest rate (I had a cosigner). For the last loan, I was approved on a standalone basis (they didn't give me the option for a cosigner at that point) and I just looked the other day and the interest rate is RIDICULOUS (13%).
Am I locked into this interest rate forever, or can I somehow bring this down by refinancing or consolidating? Any advice??
Consolidating your loans usually brings down your rates. 13% is insane...I pay, I believe about 4% (if even) on my loans. Most places will also lower your rate after you have kept up with payments for a certain number of months.
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Posted 7/17/07 11:08 AM
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JB1122
MARRIED!!!!!
Member since 5/07 3649 total posts
Wedding Date:
8/29/2008 3:00 PM
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Land's End
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Re: NWR : Student Loan Debt
Posted by rkl1130
Definitely talk to someone and research your options. I ended consolidating my student loans all under SallieMae, which also gives you several payment options. I actually ended up with a graduated payment option where the monthly in the beginning is low (taking into account your are not making much yet) and will gradually increase over time and your earnings increase. They also allow you to change your payment plans when you want depending on your financial situation.
They always tell you to go out and get a college education, but it's so expensive. College should not be that expensive!
I did my undergrad at NYU, so man oh man do I feel the pain of that expensive education, lol! 
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Posted 7/17/07 11:08 AM
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tbone66
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Re: NWR : Student Loan Debt
Posted by Jess125483
I'm going to be in this position next year and I also need advice.
I am on a full ride to law school, so all of my debts are undergrad debts. the first few undergrad loans I took out had a fantastic interest rate (I had a cosigner). For the last loan, I was approved on a standalone basis (they didn't give me the option for a cosigner at that point) and I just looked the other day and the interest rate is RIDICULOUS (13%).
Am I locked into this interest rate forever, or can I somehow bring this down by refinancing or consolidating? Any advice??
You can look into consolidating that loan with other loans depending on whether or not it is private. If it is a private loan, your options are limited. One thought is if you own a home, you can refinance and pay off the loan and the interest rate would probably be lower than 13%
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Posted 7/17/07 11:08 AM
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JB1122
MARRIED!!!!!
Member since 5/07 3649 total posts
Wedding Date:
8/29/2008 3:00 PM
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Land's End
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Re: NWR : Student Loan Debt
Posted by rkl1130
Posted by Jess125483
I'm going to be in this position next year and I also need advice.
I am on a full ride to law school, so all of my debts are undergrad debts. the first few undergrad loans I took out had a fantastic interest rate (I had a cosigner). For the last loan, I was approved on a standalone basis (they didn't give me the option for a cosigner at that point) and I just looked the other day and the interest rate is RIDICULOUS (13%).
Am I locked into this interest rate forever, or can I somehow bring this down by refinancing or consolidating? Any advice??
Consolidating your loans usually brings down your rates. 13% is insane...I pay, I believe about 4% (if even) on my loans. Most places will also lower your rate after you have kept up with payments for a certain number of months.
How can you be paying 4% (that's less than prime)? I think maybe you're talking about federal loans? I'm talking about private....
I have fantastic credit, so there should be no reason for a high rate other than the fact that I was 20 years old at the time I was approved as a standalone.
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Posted 7/17/07 11:09 AM
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JB1122
MARRIED!!!!!
Member since 5/07 3649 total posts
Wedding Date:
8/29/2008 3:00 PM
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Land's End
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Re: NWR : Student Loan Debt
Posted by tbone66
Posted by Jess125483
I'm going to be in this position next year and I also need advice.
I am on a full ride to law school, so all of my debts are undergrad debts. the first few undergrad loans I took out had a fantastic interest rate (I had a cosigner). For the last loan, I was approved on a standalone basis (they didn't give me the option for a cosigner at that point) and I just looked the other day and the interest rate is RIDICULOUS (13%).
Am I locked into this interest rate forever, or can I somehow bring this down by refinancing or consolidating? Any advice??
You can look into consolidating that loan with other loans depending on whether or not it is private. If it is a private loan, your options are limited. One thought is if you own a home, you can refinance and pay off the loan and the interest rate would probably be lower than 13%
Fortunately, we are homeowners and if my consolidation options are limited on the private end, I think that's actually a great idea - we can definitely take a home equity loan or refinance at about 5% interest for just that one loan if I can't figure out another option. Wow, I feel relieved - thanks!!!
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Posted 7/17/07 11:11 AM
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BbyJenny
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Member since 4/07 221 total posts
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8/31/2008 7:00 PM
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Re: NWR : Student Loan Debt
For stafford (federal) loans Congress sets the interest rate for consolidation each July. I believe the current rate is about 6.25%. Timing matters a lot. When I graduated law school interest rates were even higher, so now I'm locked in at around 7%. FH graduated two years later and rates had dropped dramatically. He locked in around 3.8%. With incentives (consolidation while in grace period, automatic deduction for payments, 36 consecutive months, he will be at 1.8% in a few months, which is almost like free money. If you consolidated now, you'd probably be around 5% if you used the incentives, which is pretty good.
The 13% loan has to be commercial, which means you can't use federal consolidation. But at that rate you'd probably do better just taking about a line of credit with a bank! That's almost credit card interest. My commercials are adjustable, and they are about 8% right now.
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Posted 7/17/07 11:43 AM
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rkl1130
I'm a Mrs!
Member since 12/06 3187 total posts
Wedding Date:
8/24/2007 3:30 PM
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Re: NWR : Student Loan Debt
Posted by Jess125483
Posted by rkl1130
Posted by Jess125483
I'm going to be in this position next year and I also need advice.
I am on a full ride to law school, so all of my debts are undergrad debts. the first few undergrad loans I took out had a fantastic interest rate (I had a cosigner). For the last loan, I was approved on a standalone basis (they didn't give me the option for a cosigner at that point) and I just looked the other day and the interest rate is RIDICULOUS (13%).
Am I locked into this interest rate forever, or can I somehow bring this down by refinancing or consolidating? Any advice??
Consolidating your loans usually brings down your rates. 13% is insane...I pay, I believe about 4% (if even) on my loans. Most places will also lower your rate after you have kept up with payments for a certain number of months.
How can you be paying 4% (that's less than prime)? I think maybe you're talking about federal loans? I'm talking about private....
I have fantastic credit, so there should be no reason for a high rate other than the fact that I was 20 years old at the time I was approved as a standalone.
I lucked out in that all my loans were federal, so I was able to get a low rate. I also consolidated a while ago when the rates were lower.
If it's a private loan, your options may be more limited. At 13%, you can always get a consolidation loan at the bank or a line of credit to consolidate, which will probably give you about 8%.
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Posted 7/17/07 11:46 AM
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JB1122
MARRIED!!!!!
Member since 5/07 3649 total posts
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8/29/2008 3:00 PM
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Re: NWR : Student Loan Debt
Posted by BbyJenny
For stafford (federal) loans Congress sets the interest rate for consolidation each July. I believe the current rate is about 6.25%. Timing matters a lot. When I graduated law school interest rates were even higher, so now I'm locked in at around 7%. FH graduated two years later and rates had dropped dramatically. He locked in around 3.8%. With incentives (consolidation while in grace period, automatic deduction for payments, 36 consecutive months, he will be at 1.8% in a few months, which is almost like free money. If you consolidated now, you'd probably be around 5% if you used the incentives, which is pretty good.
The 13% loan has to be commercial, which means you can't use federal consolidation. But at that rate you'd probably do better just taking about a line of credit with a bank! That's almost credit card interest. My commercials are adjustable, and they are about 8% right now.
Yes, I am referring to a commercial, private loan.
Since I finished undergrad a few years ago, I locked in my federal loans right before t he rate was increased to 6%. I believe I am locked in around 4% on my federal loans.
With respect to my private loans, the first 3 years of my undergrad are at 7.25%. This last year, where I went standalone, is 13%. So, I guess the most specific thing I'm wondering is if it is possible to consolidate the 7% private loans in with the 13% private loan. If it brings the other loans up at all, it's definitely not worth it and I think I will just take out a home equity loan. We had one previously for FH's student loan and we were approvied at around 5.5%. We've since paid that loan off, so we might as well go for another round of that, considering 13% is basically financial rape! Oh, if I only knew at 20 years old what I know now!!!
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Posted 7/17/07 11:53 AM
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JB1122
MARRIED!!!!!
Member since 5/07 3649 total posts
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Re: NWR : Student Loan Debt
Also, I'm not yet in repayment on any of these loans because I have a year of law school remaining. However, I'm accuring interest on this pain in the but 13% loan. Am I able to pay this loan off now (hypothetically, if i were to take out a home equity loan and use those funds to pay it off) despite the fact that it's not in repayment yet?
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Posted 7/17/07 11:56 AM
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BbyJenny
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Re: NWR : Student Loan Debt
Yeah, that is brutal. If I understood this stuff at all I would have waited for rates to go back down on my federal loans before consolidation...would have saved at least 3%.
I know that do have private loan consolidation available, but since Congress isn't setting the rates, they are usually Prime or Prime +, which means they are about 8-$8.5% right now (we've been helping my sister pick her lenders for law school this month). That would mean that on a blended basis you are probably paying about that much right now, so it's not that much of a savings.
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Posted 7/17/07 11:59 AM
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rkl1130
I'm a Mrs!
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Re: NWR : Student Loan Debt
Posted by Jess125483
Also, I'm not yet in repayment on any of these loans because I have a year of law school remaining. However, I'm accuring interest on this pain in the but 13% loan. Am I able to pay this loan off now (hypothetically, if i were to take out a home equity loan and use those funds to pay it off) despite the fact that it's not in repayment yet?
Technically you should be able to pay off this loan and/or the interest even if you are not in repayment and not get penalized. Talk with your loan provider though, because there are some loans that do penalize you for pre-payment.
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Posted 7/17/07 12:17 PM
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Mich0621
Forever my Love 11-18-07
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Re: NWR : Student Loan Debt
Oh my, I totally hear you...I cringe every time I go out to the mailbox. Private loan companies are criminal and disgusting...they have no consideration that we might want to eat or live with a roof over our head.
I had to take loans out for law school. I could have a house with my law school debt. One wants 900 a month! (That is the private loan). I also have no idea what to do, as I work in the public interest sector and make little...I would try to re-consolidate...good luck!
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Posted 7/17/07 12:28 PM
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futuremrsmultari
<3 h-a-p-p-y <3
Member since 2/07 3727 total posts
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Re: NWR : Student Loan Debt
Posted by Mich0621
Oh my, I totally hear you...I cringe every time I go out to the mailbox. Private loan companies are criminal and disgusting...they have no consideration that we might want to eat or live with a roof over our head.
I had to take loans out for law school. I could have a house with my law school debt. One wants 900 a month! (That is the private loan). I also have no idea what to do, as I work in the public interest sector and make little...I would try to re-consolidate...good luck!
Thanks...I hear ya...I have about $100,000 in loans and they are growing so fast with interest. Some say to take a private loan and pay off some but that's still 8%. I'm so lost. I told FH we need to buy a house just to get a home equity loan, haha....
I seriously have no idea what to do!
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Posted 7/17/07 12:31 PM
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JB1122
MARRIED!!!!!
Member since 5/07 3649 total posts
Wedding Date:
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Re: NWR : Student Loan Debt
Posted by Mich0621
Oh my, I totally hear you...I cringe every time I go out to the mailbox. Private loan companies are criminal and disgusting...they have no consideration that we might want to eat or live with a roof over our head.
I had to take loans out for law school. I could have a house with my law school debt. One wants 900 a month! (That is the private loan). I also have no idea what to do, as I work in the public interest sector and make little...I would try to re-consolidate...good luck!
Did you check this with your law school? A lot of law schools have loan repayment assistance for people in public interest!! Your school might pay back some of your loan for you.
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Posted 7/17/07 12:54 PM
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JB1122
MARRIED!!!!!
Member since 5/07 3649 total posts
Wedding Date:
8/29/2008 3:00 PM
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Land's End
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Re: NWR : Student Loan Debt
Posted by futuremrsmultari
Posted by Mich0621
Oh my, I totally hear you...I cringe every time I go out to the mailbox. Private loan companies are criminal and disgusting...they have no consideration that we might want to eat or live with a roof over our head.
I had to take loans out for law school. I could have a house with my law school debt. One wants 900 a month! (That is the private loan). I also have no idea what to do, as I work in the public interest sector and make little...I would try to re-consolidate...good luck!
Thanks...I hear ya...I have about $100,000 in loans and they are growing so fast with interest. Some say to take a private loan and pay off some but that's still 8%. I'm so lost. I told FH we need to buy a house just to get a home equity loan, haha....
I seriously have no idea what to do!
I feel your pain - I didn't take out $100,000 in principal but now with the interest over the past few years I'm just shy of 100k!! 
I'm going to talk to my dad - when he finished law school he had about $80k and somehow he was able to have it where it was just one payment of $450.
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Posted 7/17/07 12:56 PM
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Mici n KC
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Re: NWR : Student Loan Debt
Posted by futuremrsmultari
I know this has been touched on so many times but I need advice....
I have TONS of student loans both private and federal. They're with about 4 different lenders now and each one wants about $300/month or more. I just can't do it. One of my lenders is impossible to deal with in terms of getting deferments, etc. If I consolidate some of loans with lower interest will go up due to consolidation with higher interest loans.
I really have no idea what to do and it's stressing me out beyond believe. Should I go speak to a financial advisor? Do I shop around and consolidate?
I tried Nelnet and the payment was smaller but still HUGE!
HELP!
For one you don't combine your federal loans with your private. The federal loans will give you a low locked interest rate. When I consolidated all my federal loans I locked in something ridiculously low like 2.5% and it's dropped since because I signed up for auto deduction and never had a late payment so it stays forever. Private are a completely different animal. There are companies that do it and most of the time they are variable. It does make it a lot more manageable by consolidating so definitely look into it. FM me if you want the names of the companies I use.
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Posted 7/17/07 12:56 PM
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LeslieMike
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Member since 1/07 2934 total posts
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Re: NWR : Student Loan Debt
Look in to www.upromise.com
There is a lot of helpful info, plus when you purchase things, it actually deducts money from your loans!!! I know a lot of people that use it. Your family can sign up under it too, and when they buy things like groceries, etc, it helps pay off your loans!
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Posted 7/17/07 12:57 PM
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futuremrsmultari
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Re: NWR : Student Loan Debt
Posted by LeslieMike
Look in to www.upromise.com
There is a lot of helpful info, plus when you purchase things, it actually deducts money from your loans!!! I know a lot of people that use it. Your family can sign up under it too, and when they buy things like groceries, etc, it helps pay off your loans!
I just registered. Do I have to link it to my loans or something? Sorry, I'm slow today...
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Posted 7/17/07 1:15 PM
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rkl1130
I'm a Mrs!
Member since 12/06 3187 total posts
Wedding Date:
8/24/2007 3:30 PM
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MIlleridge Cottage
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Re: NWR : Student Loan Debt
Posted by futuremrsmultari
Posted by LeslieMike
Look in to www.upromise.com
There is a lot of helpful info, plus when you purchase things, it actually deducts money from your loans!!! I know a lot of people that use it. Your family can sign up under it too, and when they buy things like groceries, etc, it helps pay off your loans!
I just registered. Do I have to link it to my loans or something? Sorry, I'm slow today...
Yes you have to link your loans. You can look at their list of registered providers and all you need is your social, name and date of birth.
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Posted 7/17/07 1:54 PM
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