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Thread: Interested in USAA for consolidation

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    #1

    Interested in USAA for consolidation

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    I have heard good things about USAA. We currently have private and federal student loans with an undesirable interest rate. We are looking into student loan consolidation. Is this something you do? We are thinking about switching all our finances over to USAA once DH goes active duty in order to streamline.
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    Consolidation of student loans only make sense if the new interest rate is lower than all your current loans, ando is consolidated as a student loan.
    Converting student loans to other kinds of loans can have tax consequenses, as well as other consequenses. For example, if you need to defer payments, you may not be able to, depending on the type of new loan.
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    Thanks! We are brand new out of law school. How can I find out if my particular loans have tax consequences or other consequences?
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    Quote Originally Posted by mtoletha View Post
    Thanks! We are brand new out of law school. How can I find out if my particular loans have tax consequences or other consequences?
    Oh. Sorry to hear that.
    The tax issue is as follows: interest on student loans are tax deductable. Interest on most other loans are not.
    I am guessing your interest rate is hovering around 6%? Talk to Sallie Mae about your options.
    If your interest rate is closed to 3%, your not going to find much better than that.

    Are one of you active duty? Going into jag maybe?
    If you want my opinion on your relationship or life issues, just ask Villanelle!
    Quote Originally Posted by LittleMsSunshine View Post
    I think it's really funny when people come on here, and automatically assume that everyone here is a gung-ho, hoo-rah, i-bleed-red-white-and-blue, kiss-my-military-ass, people-in-uniform-can-do-no-wrong, and i'm-entitled-to-everything bitch.
    "RIP Blackie, and Whitey, New Whitey. Goodbye Poopers and Momma Beige and Lady Grey. New Blackie and the Whitey Sisters rule the roost now!"
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    Quote Originally Posted by mtoletha View Post
    Thanks! We are brand new out of law school. How can I find out if my particular loans have tax consequences or other consequences?
    Oh. Sorry to hear that.
    The tax issue is as follows: interest on student loans are tax deductable. Interest on most other loans are not.
    I am guessing your interest rate is hovering around 6%? Talk to Sallie Mae about your options.
    If your interest rate is closed to 3%, your not going to find much better than that.

    Are one of you active duty? Going into jag maybe?

    Oh. Just reread your post. If you are paying higher than 7%, oy. The federal should only be 3 or 6. Navicat or Sallie Mae should be able to help.
    If you want my opinion on your relationship or life issues, just ask Villanelle!
    Quote Originally Posted by LittleMsSunshine View Post
    I think it's really funny when people come on here, and automatically assume that everyone here is a gung-ho, hoo-rah, i-bleed-red-white-and-blue, kiss-my-military-ass, people-in-uniform-can-do-no-wrong, and i'm-entitled-to-everything bitch.
    "RIP Blackie, and Whitey, New Whitey. Goodbye Poopers and Momma Beige and Lady Grey. New Blackie and the Whitey Sisters rule the roost now!"

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