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Thread: laon consolidation?

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    #1

    Help laon consolidation?

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    Has anyone ever consolidated student loans? I have LOTS of them, but the government bought up half of them like, 3 years ago, so now they are with two different organizations.

    We are planning on meeting with a financial adviser that works with a lot of students in the area in a few weeks, but I feel like I'm so uneducated about this.

    Any tips??
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    I know it's pretty hard to get private ones consolidated now- I looked into it but the interest rate would be higher than what I've got on all of them right now. Federal ones are really easy to consolidate, it's really not too much of a problem with that.

    you can't consolidate private AND federal into one loan, though. The best you can do is one federal consolidated loan, and one private consolidated loan.

    Just make sure you ask about how the interest rates might change- it might be better financially to just keep track of a few separate loans, even if consolidating might make paying simpler. Good luck!
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    #3
    Here is a good article from FORBES (you may have to wait through a short commercial.

    Tips On Consolidating Student Loans - Forbes.com
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    #4

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    Quote Originally Posted by glg_girl View Post
    I know it's pretty hard to get private ones consolidated now- I looked into it but the interest rate would be higher than what I've got on all of them right now. Federal ones are really easy to consolidate, it's really not too much of a problem with that.

    you can't consolidate private AND federal into one loan, though. The best you can do is one federal consolidated loan, and one private consolidated loan.

    Just make sure you ask about how the interest rates might change- it might be better financially to just keep track of a few separate loans, even if consolidating might make paying simpler. Good luck!
    And this is why we're talking to a financial advisor haha. I had to idea and little things like that would get me screwed easily.

    I may not even consolidate if I can't put my government and CFI ones together. I guess we'll just see. I have 3 with the goverment now and I don't know how many with CFI. The part that makes me nervous is that each one is going to have a massive minimum payment. I might have to consolidate just to get the total monthly payment down to <$1.5-2 a month. Crap. Life was easier before graduation.
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    You might want to also ask about alternative repayment plans- some companies do income based, graduated plans, and sometimes some variation of deferments. They'll extend the amount of time you are paying, but it will lower your monthly payments. It's definitely worth looking into as an alternative.
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    #6
    I looked into it, but since I have a decent amount of private ones it just wasn't worth it. The rate wasn't that great (they kind of average them and sometimes round up depending on the number they get) and it was more for simplicity sake. I pay out to 4 different companies. It's a pain but it's all set up to automatically debit.

    There is income based repayment. I chose the one that starts lower the first few years and gradually increases. Works better since we know DH will gradually be making more and more money and once the kids are in school I'll be for sure working at least in some way.

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