Student Loan Debt Consolidation

Venus04d

Is it a good idea?

Do you have a company you recommend?

Qtlplegs

Mine are serviced by Great Lakes.  I think they also consolidate.  Look for incentives.  Many give you half a percent off your interest rate for paying with direct debit and you can also get a reduction for paying on time for a set period.  I got one percent off in addition to the half percent for paying on time for 36 months.  I second the no Sallie Mae as they did not have many perks when I consolidated.  

Venus04d

I currently have loans with 3 different companies and we can't afford the payments for all three while I'm unable to work. I won't be able to return to work after the girls are born either because day care for three will almost be my paycheck. I'm hoping to be able to work from home some how. Would it be cheaper monthly if I consolidated?

EVA116

amys325:

I consolidated when I graduated and went through acs-education.com.

I got a low rate and it was really easy to work with.  

I only have 4 more years.

Stupid college. 

Me too. It is taking forever.

Qtlplegs

Venus04d:

I currently have loans with 3 different companies and we can't afford the payments for all three while I'm unable to work. I won't be able to return to work after the girls are born either because day care for three will almost be my paycheck. I'm hoping to be able to work from home some how. Would it be cheaper monthly if I consolidated?

When you consolidate you can stretch the payments out over 30 years so the monthly payments should go down.  The downside is that you will pay more interest over the life of the loan and it will cost more overall to pay off the debt. But, having an affordable payment is important too and you can always prepay when you have extra cash and reduce the life of your loan.  There are also multiple payment options which can help to reduce the monthly payments.  Your existing loan companies may consolidate and if so their websites probably have lots of info on the various payment plans. I know mine does. 

Sonadora

amys325:

I consolidated when I graduated and went through acs-education.com.

I got a low rate and it was really easy to work with.  

I only have 4 more years.

Stupid college. 

Something like this. Only law school and I have like 24 more years. Plus, they gave me a sweet deal where if I made 36 payments on time they'd knock a full % off my rate.

Venus04d

amys325:

Venus04d:

I currently have loans with 3 different companies and we can't afford the payments for all three while I'm unable to work. I won't be able to return to work after the girls are born either because day care for three will almost be my paycheck. I'm hoping to be able to work from home some how. Would it be cheaper monthly if I consolidated?

Have you looked into deferring your loans temporarily while you are out of work?

 

I had deferred them once already after I had my daughter before I went back to school. I just feel guilty that we've put so little towards paying them off. I hate them just sitting there.

babygrl5507

mbenit4:

I have consolidated using direct loans they are run by the department of education. They have been great. I moved them to this company instead of Sallie Mae and it has been fine. You can do income contingent while not working and this company takes into account your dependent size where as Sallie Mae did not.

I was in that program and after 20 years whatever was not paid would have been forgiven. However, I am doing public service forgiveness which will forgive balance after 10 years of public service employment.

Look into them.

www.direct.ed.gov

 

This...except the last couple of months they haven't been applying my payments correctly and I've been calling them weekly trying to get it fixed.

Venus04d

Thanks for your input guys. I think I will check into the deferring them again and check into consolidating with Direct Loans since that's who one of my loans is through anyway.