consolidating student loans

kfizz Posted: Apr 28, 2011 09:56 AM

consolidating student loans

Has anyone done this? I feel like I am looking a a million things to fill out the application....

It is overwhelming me MORE then the wedding right now

someone tell me it will be ok...pretty please...

ColliMac23 Posted: Apr 28, 2011 10:11 AM

Re: consolidating student loans

You will be fine! Once they are consolodated you will be happy you did it! Just breathe

IrishAli Posted: Apr 28, 2011 10:12 AM

Re: consolidating student loans

it's ok! I consolidated in October

Moonmist09 Posted: Apr 28, 2011 10:13 AM

Re: consolidating student loans

best thing you can do! make one payment instead of 10 little ones to different people! you'll feel so much better once its done!

kfizz Posted: Apr 28, 2011 11:08 AM

Re: consolidating student loans

to you ladies who have done it already...

How long did it take to be processed completely...I am hearing 3 months!

and is the payment a lot less now then doing all the individual ones?? (I am seriously hoping so bc my little payments are not very little...they are all aprox 200 each!)

NikkiB0401 Posted: Apr 28, 2011 11:43 AM

Re: consolidating student loans

I did this for 2 seperate loans I had. It lowered it but not by much. I'm paying nearly 600 a month in loans...

It sucks but at least my interest rate is very low

IrishAli Posted: Apr 28, 2011 12:12 PM

Re: consolidating student loans

I started in mid October and I was consolidated by early December

futuremrstaheri Posted: Apr 28, 2011 12:58 PM

Re: consolidating student loans

I consolidated my loans back in 2007 - I remember the process didn't take too long, but there was a lot of paperwork involved. I got all my student loans from the same place, so it wasn't too painful of a process.

Tomsbride Posted: Apr 30, 2011 12:53 PM

Re: consolidating student loans

I just did with Wells Fargo. It was a bit of a process.

payments are about $150 less

miamimerger Posted: Apr 30, 2011 03:01 PM

Re: consolidating student loans

Crashing because I used to work in Financial Aid :). It's usually worth it, but it depends on your interest rates. I'm guessing most of your rates are around 6.8% since that's been the standard rate for the past few years. DH had a couple of loans that were less than 2% , so he kept those separate! I just mushed everything together. Just make sure you keep track of all of the paperwork, e-mails, and phone calls you ever have with your student loan people if you do consolidate! It seems really taxing to do at first, but it's really easy once you have all of your loan information together!

Tomsbride Posted: Apr 30, 2011 03:29 PM

Re: consolidating student loans

I consolidate because I needed to lower my monthly payements. My orginal loan has less interest but the payment was higher and the loan was for 10 years. when I consolidated I lowered the monthly payment, extended the loan to 25 years but the interest increased.

Once we get a house we will just dump the loans into that so it ones HUGE lump sum!