Brides Helping Brides ™ - Student loan consolidation... YIKES

Post new topic

Wedding Forums > Brides Helping Brides ™ > Student loan consolidation... YIKES

Student loan consolidation... YIKES

cecil Posted: Oct 23, 2002 02:30 PM+

cecil MEMBER SINCE: 9/02 TOTAL POSTS : 257 WEDDING DATE: Mar 28, 2004

Posted: Oct 23, 2002 02:30 PM

Student loan consolidation... YIKES

I just got off the phone with Sallie Mae and am so scared to pay my student loan, I locked in at 5.38% interest, is that a good rate? I am still looking for a decent full time job... took care of 2 sick parents, do not regret a second of taking care of them. Yikes... it seems so scary 30 year loan.... it feels like a mortgage, anyone else out there paying a loan and felt the same way when they started to pay it back? I keep looking at it like paying off a car loan.

ddunne23 Posted: Oct 23, 2002 03:31 PM+

ddunne23 MEMBER SINCE: 7/02 TOTAL POSTS : 2060 WEDDING DATE: Dec 29, 2002

Posted: Oct 23, 2002 03:31 PM

Re: Student loan consolidation... YIKES

Loans are fun, huh? I have a grad school loan (for a degree I don't use!

) that I have been paying for like two years already and feel I haven't even made a dent in it. I think my payoff year is 2009!

cecil Posted: Oct 23, 2002 03:36 PM+

cecil MEMBER SINCE: 9/02 TOTAL POSTS : 257 WEDDING DATE: Mar 28, 2004

Posted: Oct 23, 2002 03:36 PM

Re: Student loan consolidation... YIKES

I know the feeling... I have not used my degree yet except to be underpaid were I work in a related field... I wonder with the job market the way it is if I am ever going to use it... Look at my latest job interview from last week... it will explain a lot.

ddunne23 Posted: Oct 23, 2002 03:56 PM+

ddunne23 MEMBER SINCE: 7/02 TOTAL POSTS : 2060 WEDDING DATE: Dec 29, 2002

Posted: Oct 23, 2002 03:56 PM

Re: Student loan consolidation... YIKES

The loans are a whip, but the way I look at it, is if I had not gone to grad school, I would have never met my friend Jesse, who convinced me to move to Dallas after graduation, where I met FI! So...something good came out of the loans!
He sure cost a pretty penny though!!!

dgtlsunshine Posted: Oct 23, 2002 04:20 PM+

dgtlsunshine MEMBER SINCE: 12/01 TOTAL POSTS : 2838 WEDDING DATE: Jul 07, 2002

Posted: Oct 23, 2002 04:20 PM

Re: Student loan consolidation... YIKES

I will look at my loans that way from now on

Becky Posted: Oct 23, 2002 08:42 PM+

Becky MEMBER SINCE: 12/01 TOTAL POSTS : 2075 WEDDING DATE: Jul 05, 2003

Posted: Oct 23, 2002 08:42 PM

Re: Student loan consolidation... YIKES

Oh yeah, I owe a morgtage to various loan holders. When people make comments about how well off lawyers are, I tell them how much law school cost me. FH mentoned something about us in 30 years and for some reason my loans popped into my head and I realized that I would be almost 60 before I pay them off

I might never own a home, BUT LOOK AT MY LAW DEGREE

5.38% is excellent. Lock into that asap. Mine are locked in at 6.75%. And I thought that was good a few years ago. Does that include electronic debit payment? Some loan holders offer a slight rebate in the interest rate if you pay by debit each month.

yabbobay Posted: Oct 23, 2002 08:50 PM+

yabbobay MEMBER SINCE: 5/01 TOTAL POSTS : 14690 WEDDING DATE: Dec 28, 1992

Posted: Oct 23, 2002 08:50 PM

Re: Student loan consolidation... YIKES

5.38 is awesome!!

Laura Posted: Oct 24, 2002 08:45 PM+

Laura MEMBER SINCE: 2/01 TOTAL POSTS : 1765 WEDDING DATE: Apr 28, 2001

Posted: Oct 24, 2002 08:45 PM

Re: Student loan consolidation... YIKES

I have debated locking in but with the rates so low now it is hard to do it--
I pay about $450 a month but it has been as high as $610---right now my payoff is 2007--- which makes me want to cry-- but someone pointed out that once we are done paying them we can then just put that money directly into college funds--talk about a cycle!!!
Laura

bride04 Posted: Oct 24, 2002 11:18 PM+

bride04 MEMBER SINCE: 10/02 TOTAL POSTS : 2175 WEDDING DATE: Apr 17, 2004

Posted: Oct 24, 2002 11:18 PM

Re: Student loan consolidation... YIKES

i consolidated through collegiate funding services www.cfsloans.com. after 3 years of on time payments they will reduce your interest rate by an additonal 1%. still in debt, but every little bit helps!

Samanthas Mom Posted: Oct 25, 2002 03:51 PM+

Samanthas Mom MEMBER SINCE: 12/01 TOTAL POSTS : 14106 WEDDING DATE: Aug 25, 2002

Posted: Oct 25, 2002 03:51 PM

Re: Student loan consolidation... YIKES

the rates dropped in july I heard

michele31 Posted: Oct 25, 2002 03:59 PM+

michele31 MEMBER SINCE: 6/01 TOTAL POSTS : 10673 WEDDING DATE: Nov 02, 2002 WEDDING LOCATION: Tavern on the Green

Posted: Oct 25, 2002 03:59 PM

Re: Student loan consolidation... YIKES

Welcome to my world. I consolidated this year. I have been out of school for a while but I owed so much (paid my way thru a Hofstra and lived there) then when I got out of school the job market was crap so I did deferements sometimes to try and get by. Since I have had a really good job the last few years I have tried to pay extra and get them lower. The considlation just makes it easier to pay one payment to one person. School debt is nothing to be ashamed of. It $ucks but in the end, you accomplished something very important.