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Old 12-22-2015, 11:31 AM   #1 (permalink)
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Consolidating student loans(US)

Hey everyone,
I got a letter in the mail(always a good start right? that said I could consolidate my student loans down to 4% from 6.5+% on some of them(I have some as low as 3.1% but they only have 1000 dollars left on them.)

So my question is would it be beneficial to try and refinance or consolidate?

How hard is it to do refinance?

Its not that I am struggling to repay my Student Loans as is but if I could get them paid off sooner by paying the same amount each month that would be awesome.
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Old 12-22-2015, 11:44 AM   #2 (permalink)
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Originally Posted by CJOttawa View Post
Who's offering to do this?

I'd be concerned that it was some private, for-profit company and doing so involved waiving a lot of your rights, like loan forgiveness.

Imagine a scenario where you still have government student loans and come across a program where you go work with a governmental agency for a couple or three years and they forgive the loans entirely.

Careful what you sign.
That was one of the stipulations, I highly doubt that would be the case for me. It was a private, for-profit company. I want to say the company was SoFi.
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Old 12-22-2015, 11:46 AM   #3 (permalink)
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I did it with Sallie Mae, which one of the few nice things they did was take all of the individual loans, and the new interest rate was the same or lower than the original, and if you pay so many months in a row on time the rate dropped a point or something.

It's nice and convenient to get 1 bill with 1 due date.

CJOttawa has it right your going to get a bunch of scummy letters offering to do this, but unless you have collateral there isn't much incentive for a legitimate bank to take on your loan.
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Old 12-22-2015, 11:46 AM   #4 (permalink)
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Well I would check with your lender as sometimes they offer to consolidate as well as other programs that are income based and are forgiven after 10 years or so.
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Old 12-22-2015, 11:51 AM   #5 (permalink)
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Originally Posted by CJOttawa View Post
If it's SoFi, read this:

https://www.creditkarma.com/reviews/...personal-loans

Reviews seem to be "bi-modal" - people had either a really good or really bad experience with them. I'm always suspicious of excellent reviews being "bought" so assume the average rating is worse than it seems.

I'd explore other options first, like calling the government and asking for help, forgiveness, a better rate, whatever.
your last comment would be a better approach. I don't really need help just like I said a better rate always seems great. Especially 6% to something more in the 3% range.
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Old 12-22-2015, 02:03 PM   #6 (permalink)
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Originally Posted by CJOttawa View Post
I'd explore other options first, like calling the government and asking for help
I know we're not supposed to get into politics here so all I'll say is







But seriously,

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Old 12-22-2015, 04:27 PM   #7 (permalink)
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To stay legitimate, you do want to read the fine print. I've looked casually at the possibility of refinancing a few loans, but not personally found anything promising, yet. I tend to be suspicious of any marketing, especially direct marketing.
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Old 12-23-2015, 08:34 AM   #8 (permalink)
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Ehh, I do not want to copy and paste, but I also had some thoughts on the matter: https://www.mcarterbrown.com/forums/m...ege-loans.html

TLDR: I would just pay the minimums on low(er) interest loans and focus on the high interest ones. Then, when the biggest % rate loan is gone, focus on the next highest in line.
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Old 12-23-2015, 08:58 AM   #9 (permalink)
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Not to debate about college, it's price, or its worthiness, but how is it both of my students loans are 7% (roughly 7k each), yet the two cars I've bought are 1.9%.....


I love college debt!
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Old 12-23-2015, 09:23 AM   #10 (permalink)
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I know we're not supposed to get into politics here so all I'll say is







But seriously,

Exactly. Apparently CJ has never been on the phone with Direct Loans.
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