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Need help with Student loans! URGHHHGH

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Need help with Student loans! URGHHHGH

Postby acsguitar » Fri Dec 29, 2006 1:31 pm

Ok so my original balance 2 years ago was 22,000

I pay 150 a month approx. and now owe 23,500.

I want to get my payments down. I don't care if I have to pay 300 a month when I'm 30 years old or whatever but right now I can't afford it.

Any ideas on saving money on student loans :~(
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Postby Art Vandelay » Fri Dec 29, 2006 1:40 pm

Keep a close eye on consolidation companies and their interest rates. There are some very good deals out there, but you have to sift through some crap to find them. I had about half of your loan amount, but was able to consolidate at an extremely low rate, my payments are only $47/month now.
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Postby The Artful Dodger » Fri Dec 29, 2006 1:44 pm

Can't help you there, mate. Grants, scholarships, and parents paid for 85-90% in total for my college education and so the remainder is student loans which are around the same ballpark as your monthly payment and I pay them pretty much without a worry. But I hear ya. Those darn student loans are a pain, but worse if you got them through Fannie Mae (I didn't BTW).
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Postby MMoNeY24 » Fri Dec 29, 2006 1:44 pm

You can always sell the Jeep. ;-)
Last edited by MMoNeY24 on Sat Dec 30, 2006 4:20 pm, edited 1 time in total.
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Postby bigh0rt » Fri Dec 29, 2006 2:46 pm

Art Vandelay wrote:Keep a close eye on consolidation companies and their interest rates. There are some very good deals out there, but you have to sift through some crap to find them. I had about half of your loan amount, but was able to consolidate at an extremely low rate, my payments are only $47/month now.


This is excellent advice. I consolidated my loans with Citi maybe a month after graduation down from what averaged 6.4% per loan down to 2.8% after consolidating them, while still in my 6 month grace period. I'm paying $165 a month, but only because I choose to have it that high, and my total balance is certainly not on the up and up.
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Postby Lofunzo » Fri Dec 29, 2006 3:23 pm

Art Vandelay wrote:Keep a close eye on consolidation companies and their interest rates. There are some very good deals out there, but you have to sift through some crap to find them. I had about half of your loan amount, but was able to consolidate at an extremely low rate, my payments are only $47/month now.


Agreed. I consolidated as well and it was great. Make sure that you choose the repayment schedule that is best for you. They have options that the payment stays the same or it can change gradually if you want to pay less now and more later.
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Postby StlSluggers » Fri Dec 29, 2006 4:35 pm

Art Vandelay wrote:Keep a close eye on consolidation companies and their interest rates. There are some very good deals out there, but you have to sift through some crap to find them. I had about half of your loan amount, but was able to consolidate at an extremely low rate, my payments are only $47/month now.

Yes, consolidate. Little known fact: The government mandates the interest rates of consolidation companies. They compete by each offering different bonuses. For instance, mine gives an automatic rate reduction of 0.50% just for being on auto-debit. Mine also gives an additional 1.250% reduction if I pay 24 payments on time (I can make all 24 payments at once to qualify).

Look for deals like that. It will go a long ways towards helping you beat those things down.
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Postby acsguitar » Fri Dec 29, 2006 5:48 pm

StlSluggers wrote:
Art Vandelay wrote:Keep a close eye on consolidation companies and their interest rates. There are some very good deals out there, but you have to sift through some crap to find them. I had about half of your loan amount, but was able to consolidate at an extremely low rate, my payments are only $47/month now.

Yes, consolidate. Little known fact: The government mandates the interest rates of consolidation companies. They compete by each offering different bonuses. For instance, mine gives an automatic rate reduction of 0.50% just for being on auto-debit. Mine also gives an additional 1.250% reduction if I pay 24 payments on time (I can make all 24 payments at once to qualify).

Look for deals like that. It will go a long ways towards helping you beat those things down.


So my loan is through Citibank..but I don't think it means its consolidated...I know 0 about financial terms etc...

What does "Consolidated mean?"
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Postby bigh0rt » Fri Dec 29, 2006 5:58 pm

acsguitar wrote:
StlSluggers wrote:
Art Vandelay wrote:Keep a close eye on consolidation companies and their interest rates. There are some very good deals out there, but you have to sift through some crap to find them. I had about half of your loan amount, but was able to consolidate at an extremely low rate, my payments are only $47/month now.

Yes, consolidate. Little known fact: The government mandates the interest rates of consolidation companies. They compete by each offering different bonuses. For instance, mine gives an automatic rate reduction of 0.50% just for being on auto-debit. Mine also gives an additional 1.250% reduction if I pay 24 payments on time (I can make all 24 payments at once to qualify).

Look for deals like that. It will go a long ways towards helping you beat those things down.


So my loan is through Citibank..but I don't think it means its consolidated...I know 0 about financial terms etc...

What does "Consolidated mean?"


Essentially, what consolidating your loans means... you know how you took out a yearly loan to pay for tuition, etc.? Well, those are all individual loans that you are paying back; at least that's how the bank sees them. They all likely have ranging interest rates... in my case mine ranged from as low as 4.35% to as high at 7.20% IIRC. When you consolidate, they bring together all of your loans into one loan with one shared (lower) interest rate, in my case, 2.8%. There's also the perks of consolidating that Lofunzo mentioned; but essentially what the bank is doing is taking your 4 annual loans (or however many you have) and turning them into one larger loan at a lower interest rate for you.
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Postby acsguitar » Fri Dec 29, 2006 6:00 pm

bigh0rt wrote:
acsguitar wrote:
StlSluggers wrote:
Art Vandelay wrote:Keep a close eye on consolidation companies and their interest rates. There are some very good deals out there, but you have to sift through some crap to find them. I had about half of your loan amount, but was able to consolidate at an extremely low rate, my payments are only $47/month now.

Yes, consolidate. Little known fact: The government mandates the interest rates of consolidation companies. They compete by each offering different bonuses. For instance, mine gives an automatic rate reduction of 0.50% just for being on auto-debit. Mine also gives an additional 1.250% reduction if I pay 24 payments on time (I can make all 24 payments at once to qualify).

Look for deals like that. It will go a long ways towards helping you beat those things down.


So my loan is through Citibank..but I don't think it means its consolidated...I know 0 about financial terms etc...

What does "Consolidated mean?"


Essentially, what consolidating your loans means... you know how you took out a yearly loan to pay for tuition, etc.? Well, those are all individual loans that you are paying back; at least that's how the bank sees them. They all likely have ranging interest rates... in my case mine ranged from as low as 4.35% to as high at 7.20% IIRC. When you consolidate, they bring together all of your loans into one loan with one shared (lower) interest rate, in my case, 2.8%. There's also the perks of consolidating that Lofunzo mentioned; but essentially what the bank is doing is taking your 4 annual loans (or however many you have) and turning them into one larger loan at a lower interest rate for you.


Interesting...what are some good names for consolidating loans...I pay 8% now which is crazy
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