Student Loans

Broccoli B · Posted: Jun 22, 2005 9:53 am Post subject: Student Loans

I heard that interest rates are going to climb up pretty high July 1st on federal student loans. Is this true? If it is, where have you people been taking you student loans too, who had the best rates? Who is the easiest? I've got about $12k in loans i owe. Thanks.

jryoung · Ladies Man Joined: 19 Mar 2004 Posts: 7664 City: Man Jose

I haven't heard anything about that. Did that come from a consolidation company?
Are your loans Federal or Private?
If Federal are they from different lenders?
If from the same lender you can consolidate with that lender, if from different lenders you can consolidate with an outside lender. My wife consolidated with Great Lakes and they have been pretty good to us, ie they keep letting us forbear Wink

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Make sure whoever you consolidate with that they reduce your interest rate after 36 consecutive payments. Most companies do this, so it shouldn't be difficult to find. However, with only $12k you may be paid off in three years. Our payments are nearly $12k a year Sad

bzn · Newbie Joined: 17 Sep 2004 Posts: 4 City: Grass Lake

Assuming you have a federal Stafford loan like most people... I think the Department of Education resets the student loan interest rates every July, so if your Federal Loans are floating rate, your rate will go from 2.8% to 4.7%. If you still have your in-school/grace period rate you should apply asap to consolidate the loan at a fixed interest rate.

You can apply and get more info at http://www.dlssonline.com/consolidatenow/welcome.asp

Dragonlady8 · Black Widow Joined: 27 Aug 2004 Posts: 9198

The interest rate on Student loans will increase on July 1st. Sallie Mae was even kind enough to send me an email telling me this.

Fortunately for me I paid my loan off early this past May Very Happy

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So now instead of paying the Student Loan, I get to pay the IRS Crying or Very sad

that money for next 3 months. Crying or Very sad

Swass · Guest

Hmmmm...speaking of which, I haven't seen a student loan bill in quite some time. I wonder if I finally paid it off????

Tyler T · Posted: Jun 22, 2005 7:11 pm Post subject:

alliecat0223 · Criminal Joined: 05 May 2005 Posts: 68 City: Indianapolis

Sallie Mae is where my loans are out of . Mind you I only have about 2k right now, You will get a good rate with them. I cant get a lower rate right now since my loan is not big enough to take down to the lower rates. They are great about telling you that you need to take care of your loans before July 1 even if you have called them to find out more info about them. Im still getting calls and I checked about it when I got my first e-mail about it.

Dragonlady8 · Black Widow Joined: 27 Aug 2004 Posts: 9198

I can do better....they have been sending mail for loan consolidations for the past year. I wasn't eligible and on top of that I've already paid it off. I'll be getting those notices for the rest of the year.