I am hearing that rates are going up considerably on student loans and that everyone should consolidate to lock in a lower rate. I am not sure though, because I get to deduct the interest on that loan every tax year and my rate is currently under 5%.
I consolidated my loans with Nextstudent on 03/21/06 before I graduated on 05/01/06. I’m supposed to get a .6% reduction on my interest rate for consolidating before the end of my grace period. Well, apparently, my loan consolidation just went through and my payments are higher than I was orginally quoted. I was first told I would have payment of 7 per month, and an interest rate of 4.5% but when I got my repayment schedule, my payments are 8 a month and the interest rate 6.5%!!!! I don’t think nextstudent takes credit scores into account, but my credit score is 793 and I would have thought they could have given me a better interest rate. Plus, my intention was to consolidate before the 07/01/06 deadline when interest rates could no longer be locked in after that date. Nextstudent isn’t open until tomorrow and I just want to what my options are. I’m supposed to make my first payment by 10/14/06 (even though the disbursement didn’t happen until 09/20 and I’m not even g
This is a consolidation loan and the purpose of signing and completing a consolidation loan was to lock in my interest rate and not have a variable interest rate. I believe nextstudent duped me by having the sign the application again after the 07/01/06 deadline; had I realized what was going on, I never would have signed the application a second time. (So much for being financially savvy.) I think I am pretty much screwed.
Is 4% a good rate for a student loan / student consolidation loan?
Tell me what your interest rate is if you have one
4% is what I have after I consolidated all my student loans last year
one with interest rate reduction?
These crooks known as Sallie Mae have screwed me. Two years ago I started receiving my student loans, and the interest rate at the time was only 2%. I even have a sheet of paper stating that.
My total in loans was ,000.
I get my statement in the mail last week and suddenly I owe them ,000 and they jacked up my interest rate to nearly 18%. I nearly cried. I called Sallie Mae right away stating, I cannot pay 8.00 a month it is just ludicrous.
I only have a couple more weeks to find a cheap, but very respectable loan consolidation company. My sister uses Nelnet, but they haven’t gotten back to me yet.
For all of you college graduates what is a cheap, but VERY respectable and honest Student Loan Consolidation company?
You can email me with details if you’d like.
Wanted to know if anyone is happy with the service they provide. Or are they like Salliemae where they rip you off and charge astronomical interest rates on student consolidation loans.
I know there are new rate of student loan consolidation coming out in this coming June.
I am wondering what you guys think, the interest is going up or down?
Calling All Finance Majors…….
I have 6 student loans (federal) for about K total balance. One of my loans has an interest rate of 2.8% FIXED. Everything else is a variable rate, presently at ~6.8%. If I consolidate all loans, I’ll end up with about a 5.875% fixed rate. If I don’t include the 2.8% loan in the consolidation, I’ll end up with two loans, the one at 2.8% fixed rate and the consolidated loan which will become a fixed rate at ~6.8%.
The question – I want to preserve the 2.8% part of my student loan with a separate payment BUT I don’t like the 6.8% consolidated fixed loan rate. Are there other alternatives to the rates offered by loan consolidation companies that offer less than a 6.8% rate?
What have you smart gals/guys done to beat these over inflated rates???
Thanks for all advice.
I just graduated and I am trying to consolidate my student loans. Right now, they are with two different comapanies which offered me a 7.14% and 7.25% interest rate respectively. I called another company who had sent me literature, and they offered a 6.125% rate for the first 36 on time payments, then it will drop to 5.875% after that. I thought this was a good deal, but people keep telling me that it is an awfully high interest rate on a student loan. Does anyone know if a lower one can be found anywhere, and if so with what company? Is this about the best deal I will be able to get?