May 15th, 2008 at 02:58am
Under Student Loans
If you retain accept Sallie Mae federal student loans, you may want to get in junction with Sallie and build sure that they didn’t report your account delinquent to the acclaim bureaus.
Not belated on your instalment? Neither were the other 10 million borrowers that Sallie erroneously reported as happening delinquent.
Some borrowers reported that their credit score dropped 100 points. While Sallie maintains that the erratum simply concerned borrowers who have graduated payment plans, it may be avail getting in brush with them still in case you have a discrepant repayment plan.
Good blessing - I imagine their phone outline are going to be pretty engrossed for the next unusual weeks.
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By Student Loan
May 13th, 2008 at 02:58am
Under Student Loans
I can see from the comments on the previous post that there remains a lot of confusion about when to consolidate. I option answer the questions to the happenst of my knowledge.
Given the current dart degree of the Treconj at the time thatury bill, it looks as though variable student touch interest rates will most likely be going down significantly on July 1st. The last auction of the T-bill will be on May 31st, when the advanced rate is set. Is there a chance that the rate could go up? Sure - there is always a chance. But given the current trend, it seems very very unlikely. But don’t worry - since the rate is set on May 31st, you will lifeless possess the total of of June to engender your consolidation in the unlikely event that the rate increases.
Anyone that has federal student loans taken out prior to July 1, 2006 and has not yet consolidated these loans will be effected by this rate change. So I advise anyone who is thinking about consolidating now, to wait until May 31st when the new federal rate is set. The new rate news will be posted on this blog, and also on SudentLoanConsolidator.com.
For everyone that has a fuse of variable rate federal loans (taken out before July 1, 2006, matter to the decrease) and fixed rate federal loans, you will be able to combine all of these loans together when you consolidate.
I do not advise consolidating federal and private student loans together. Doing so would remove all of the federal benefits, and set all of the loans to a variable rate, which is adjusted quarterly by either the LIBOR or PRIME rate indexes. Because federal loan rates are likely to decrease, consolidating federal loans with private loans would cause a significant rate increase.
In addition, the upcoming rate change WILL NOT affect anyone consolidating their private student loan debt. The rate change being discussed is for federal student loans only. Private student loan rates are based on either the LIBOR or PRIME rate indexes and the borrower and/or co-borrowers credit.
I understand how this process can seem a bit overwhelming. So if anyone has add-on questions, please feel autonomous to comment. I will make sure that questions and comments are answered on a more regular basis. Also, stay tuned to for the latest rate information once it becomes available.
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By Student Loan
April 2nd, 2008 at 02:58am
Under Student Loans
If you are looking to compact your Federal loans now..you may desire to devery bit ofy a few months….but only provided you acquire loans from ad ahead July 1, 2006. Here’s why…
Stafford loans taken out be alivefore July 1, 2006 are fickle cost loans (assuming they have never been consolidated)…and these variable rate loans are reset every July 1. This July 1st the rate may be decreasing, in which instance you would want to wait to consolidate until this rate convert occurs. The rate should be announced sometime in June…so you prerogative learn before it happens.
If you honourable graduated and all of your Stafford loans were borrowed after July 1, 2006, you can consolidate whenever you would like, as your rate will every time be 6.8%. This is because the rate changed from a variable rate to a fixed rate on July 1, 2006. All of your loans are already fixed in at 6.8%…consolidating them will not change the rate, but it can lower your monthly payments.
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By Student Loan
March 20th, 2008 at 02:58am
Under Student Loans
Parent Plus accommodates are Federal based loans taken out by a Parent on occurequal part of a child. Here are some quick points about the loan before I touch on the consolidation of these loans:
1. these loans are taken out beneath the procreators ssn, and can NEVER be transferred to the students name when they graduate
2. the student has no liability whatsoever in repaying this loan
3. the payments on these loans start genuine away…they are not deferred because the child is in academy (this is not the occasion with Stafford loans).
4. A parent plus loan is not a joint loan mid 2 parents…even if you are married, only one parent applies for the loan and the loan determination be under that parents ssn.
Ok, so consolidation…a typical college student is in school for four years. Lets assume a parent will be borrowing 4 plus loans in total; one for each school year. The loan is typically applied for in the summer time…and half of it is disbursed for Fall semester, and the 2nd half will be disbursed at the start of spring semester. The loan payments will not begin until the loan is fully disbursed…(so spring semester is when the parent will receive their 1st bill). The consequential year, the parent repeats this process, and spring of their child’s Sophomore year they desire to fuse the 2 loans together. I state spring because you cannot consolidate a loan that is not fully disbursed. So to apply for a loan consolidation for your 2 loans..you simply fill out a Consolidation Promissory communication with the company of your choice. Your loan payments will then be paid back to the company you chose…instead of your early lenders for the loans.
Let’s add another child to the mix…many times parents have multiple children in college at the equal time. Let’s say Dad and Mom have two children, Ben and Molly. Ben is a freshman at College X and Molly is a Junior at college Z. Dad has borrowed a plus loan for Molly for each year she has been in school. He wants to do the same for Ben. Dad CAN consolidate his PLUS loans together even though they are for 2 different children. However, if mom applied one year, with her ssn…her PLUS loans may not be combined with Dad’s PLUS loans. So keep that in mind when borrowing…it should be the same parent every year…unless you have no plans in consolidating…then it will not matter.
One last fact about the PLUS loan is that its forgiven if: the parent that borrowed it becomes deceased OR the child that it was taken out for becomes deceased. Post any questions you may have about this loan….
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By Student Loan
March 15th, 2008 at 02:58am
Under Student Loans
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By Student Loan
March 12th, 2008 at 02:58am
Under Student Loans
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March 11th, 2008 at 02:58am
Under Student Loans
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March 8th, 2008 at 03:58am
Under Student Loans
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March 6th, 2008 at 03:58am
Under Student Loans
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