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
I consolidated through Citibank, who you said you have your loans through. I'd contact them to start.
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
I consolidated through Citibank, who you said you have your loans through. I'd contact them to start.
Gotcha...I just don't wanna pay 160 a month..stupid learning
acsguitar wrote: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
Don't buy huge TV's that could go to pay for college.
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by JTWood » Fri Dec 29, 2006 6:03 pm 
whatever dude 
