Need help with Student loans! URGHHHGH - Fantasy Baseball Cafe 2014 Fantasy Baseball Cafe
100% Deposit Bonus for Cafe Members!

Return to General Talk

Need help with Student loans! URGHHHGH

Moderator: Baseball Moderators

Postby JTWood » Fri Dec 29, 2006 6:03 pm

Seriously... Google student loan consolidation. There are 50,000 companies.
Image
JTWood
Hall of Fame Hero
Hall of Fame Hero

User avatar
CafeholicCafe WriterEagle EyeWeb Supporter
Posts: 11508
Joined: 22 Jun 2004
Home Cafe: Baseball
Location: Unincorporated Heaven

Postby bigh0rt » Fri Dec 29, 2006 6:03 pm

acsguitar wrote:
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


I consolidated through Citibank, who you said you have your loans through. I'd contact them to start.
Image
bigh0rt
Hall of Fame Hero
Hall of Fame Hero

User avatar
CafeholicCafe WriterGraphics ExpertMock(ing) DrafterEagle EyeInnovative MemberCafe MusketeerWeb SupporterPick 3 Weekly Winner
Posts: 24817
(Past Year: 353)
Joined: 3 Jun 2005
Home Cafe: Baseball
Location: Crowding The Plate

Postby acsguitar » Fri Dec 29, 2006 6:04 pm

bigh0rt wrote:
acsguitar wrote:
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


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 :-t
acsguitar
Hall of Fame Hero
Hall of Fame Hero

User avatar
Graphics Expert
Posts: 26722
Joined: 7 Apr 2004
Home Cafe: Baseball
Location: Back in General Talk WOOO!!!

Re: Need help with Student loans! URGHHHGH

Postby chadlincoln » Sat Dec 30, 2006 5:11 pm

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. ;-7 ;-7 :-D :-D
7/26 - Cafe goes down:

General Error
SQL ERROR [ mysql4 ]
Table './cafe_forums/baseball_sessions' is marked as crashed and should be repaired [145]
An sql error occurred while fetching this page. Please contact an administrator if this problem persists.
chadlincoln
Hall of Fame Hero
Hall of Fame Hero

User avatar
Cafe WriterCafe RankerMock(ing) DrafterEagle EyeWeb Supporter
Posts: 10983
Joined: 20 Jan 2005
Home Cafe: Baseball
Location: Bleachers at Wrigley Field

Re: Need help with Student loans! URGHHHGH

Postby acsguitar » Sat Dec 30, 2006 6:48 pm

chadlincoln wrote:
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. ;-7 ;-7 :-D :-D


:) whatever dude :-D
acsguitar
Hall of Fame Hero
Hall of Fame Hero

User avatar
Graphics Expert
Posts: 26722
Joined: 7 Apr 2004
Home Cafe: Baseball
Location: Back in General Talk WOOO!!!

Postby Lofunzo » Sat Dec 30, 2006 9:51 pm

Mine got transferred to Citibank a few years ago. You can try http://www.studentloan.com or call (800)967-2400.
Image
Lofunzo
Moderator
Moderator

User avatar
ModeratorCafeholicFantasy ExpertCafe RankerEagle EyeHockey ModPick 3 Weekly Winner
Posts: 23698
(Past Year: 11)
Joined: 9 Jul 2003
Home Cafe: Baseball
Location: Central Jersey

Postby Dan Lambskin » Tue Jan 02, 2007 11:25 am

mine is through DirectStudentLoans
Image
Dan Lambskin
Hall of Fame Hero
Hall of Fame Hero

User avatar
CafeholicCafe RankerMock(ing) DrafterEagle EyeLucky Ladders ChampionPick 3 Weekly WinnerMatchup Meltdown SurvivorTrivia Time Trial Monthly Winner
Posts: 10225
Joined: 20 Mar 2005
Home Cafe: Baseball

Previous

Return to General Talk

Who is online

Users browsing this forum: No registered users and 8 guests

Forums Articles & Tips Sleepers Rankings Leagues


Today's Games
Tuesday, Sep. 16
(All times are EST, weather icons show forecast for game time)

Toronto at Baltimore
(7:05 pm)
Boston at Pittsburgh
(7:05 pm)
Washington at Atlanta
(7:10 pm)
Miami at NY Mets
(7:10 pm)
NY Yankees at Tampa Bay
(7:10 pm)
indoors
Cincinnati at Chi Cubs
(8:05 pm)
Detroit at Minnesota
(8:10 pm)
Chi White Sox at Kansas City
(8:10 pm)
Cleveland at Houston
(8:10 pm)
Milwaukee at St. Louis
(8:15 pm)
LA Dodgers at Colorado
(8:40 pm)
San Francisco at Arizona
(9:40 pm)
Seattle at LA Angels
(10:05 pm)
Texas at Oakland
(10:05 pm)
Philadelphia at San Diego
(10:10 pm)

  • Fantasy Baseball
  • Article Submissions
  • Privacy Statement
  • Site Survey 
  • Contact