Private Student Loan Consolidation: How to Go About It?
Students have taken private college loans a little too much and so they have finally decided to go for private student loan consolidation. Indeed, one should be responsible enough to make a quick thinking and deciding about consolidating your private loans. But first, make sure you do it right. The process is known as private student loan consolidation simply because the debts that you have merged exclusively belong to the group of loans that you gotten from private lenders and financial institution. In other words, the federal student loans that you likewise acquired are not included in the consolidation. (You may merge your government debt in another program, in order not to mess up the benefits of separate consolidation) Indeed you belong to those responsible borrowers who would not rest until his private debts are take care of and settled. Good thing that you can avail of private student loan consolidation as your responsibility to make payments to various lending companies every month is erased. With this program, you enjoy having to deal with only a single lender; he is the one who took charge of taking care of the previous loans by paying them all out, one by one. Now with a new loan, you are afforded that luxury (as compared to your previous financial situation) of dealing with your new loan with much ease and comfort. Certainly, you are to experience a new scheme of repayment that’s totally convenient. In the end, hundreds or even thousands of dollars in savings can be earns. What more can you ask for? For more private student loan consolidation and college debt consolidation articles, do visit our Easy College Loan Consolidation blog.
Watch the video related to refinance private school loans
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Help answer the question about refinance private school loans
I want to refinance my house. Should I add my student loans to it?I want to refi my house that we bought at $184,000 at 7.875%
it was fixed for 2 years and now will go up to 10.875%
Now, I have a $15,000 second mortgage that I accumulated from not having a job and misc expenses.
I want to combine them together.
I also want to add my $28,000 federal student loan at 6%
and my other private school loan of $12,000 at 13.25%
to the refi. I also have a credit card of $4,000 @ 8.99% fixed that I wouldn't mind adding to the refi as well.
First of all, Is this possible if my home is only appraised at $209,000 right now? And second, should I add these all together?
I would love to have one bill. All these payments are killing me.
Need your advice…
And if I should refi them all together, what companies have you been successful with for loans?
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Related Articles:
- Can Student Debt Consolidation Help You With School Loans?
- Types of Loans That Can be Part of Student Loan Consolidation Plans
- All About Federal Student Loan Consolidation and Its Specific Features
- Reduce Student Loan Debt
- Advantages of Private Student Loans
May 7th, 2009 at 2:23 pm
Wells Fargo might be the only one worthwhile these days. Look for ones that have little or no origination fees and have reductions if the money you owe is periodically auto-deposited.
May 7th, 2009 at 2:51 pm
Debt consolidation
http://www.investopedia.com/terms/d/debtconsolidation.asp
May 8th, 2009 at 12:53 am
Ditto what Bob K said. It's what I plan to do with my private loans – but here's more information for you:
The Sallie Mae private loan consolidation program started at the end of April. They do a credit check, and depending on your FICO score you can get a rate that starts at prime and then moves up from there if your score is less than perfect. *But*, you can get a cosigner with excellent credit and get a rate closer to prime, and after two years of repayment you can remove the cosigner completely from the loan. The best part is that repayment can be for up to a 30 year term (maybe not for smaller balances, but ask anyway).
The White Collar Ruckus
http://whitecollarruckus.libsyn.com
May 8th, 2009 at 12:53 pm
i dont know if any i have listed will help or not, but i'll post it anyway.
i think the first answer was a good post.
———–
try to aim for grants/scholarships more… they are not to be paid back. its confusing sometimes, but just keep applying. Scholarships usually have a 1 or 2 page application, and require an essay. Take your time with the essay, so yours stands out.
every big (and small) company you see (manufacturer, orgs, corps and groups also) all have grants and scholarships they hand out like candy. Walmart, Kmart, Target, Coke, computer companies etc etc etc
here are some links with a HUGE list of what is available. some you will need to copy and paste into a new window. also, fastweb (take the time to fill it in) will search databases and get back to you with a list of scholarships you qualify for.
Also contact all mens, womens associations in your state, they almost always have grants & scholarships. What ever field you are going into, contact the orgs, associations etc for them; Also check with professional organizations related to your career interests, such as the American Bar Association or the American Medical Association. they also always have scholarships. Research and dig, call then write. Its all worth it.
OVER apply; it doesnt hurt to have too many, and the extra funds can help with housing.
YOU WILL NEED ADOBE READER:
(yes, its free)
http://www.adobe.com/products/acrobat/readstep2.html
LIST
http://www.lifebridge.org/gran-list-alph.htm
http://www.angelfire.com/nj4/njcomputerchick/school.html
http://www.chrome.org/scholarshiplist.html
MORE & INFO:
http://www.ftc.gov/bcp/menu-jobs.htm
http://www.finaid.org/scholarships/other.phtml
http://www.finaid.org/otheraid/
http://www.back2college.com/library/scholarships.htm
http://www.collegeconfidential.com/
http://college-scholarships.com/
http://www.statefarm.com/about/part_spos/grants/grants.asp
http://www.gmsp.org
http://www.gmsp.org/gmsp_web/(nb5ctd55gavpfi55bb3a3j45)/scholarships.aspx
http://www.sfa.ufl.edu:16080/scholarshipcafe/
http://www.edsf.org/scholarshipAwards.cfm
http://www.fafsaonline.com/
http://www.fafsa.ed.gov/
http://www.feea.org/
http://12.46.245.173/cfda/cfda.html
http://www.salliemae.com/
http://www.ed.gov/finaid/landing.jhtml
http://www.scholarshipexperts.com/
http://www.educationplanner.com/ss/code/Profile1.asp?level=u®ion=s&mode=EDIT&sponsor=2859&volume=SS&e&h
http://www.studentawards.com/
http://www.collegeanswer.com/index.jsp
http://www.studentscholarshipsearch.com/
http://www.studentscholarshipsearch.com/Detailed/Scholarships/Meta_indexes_and_other_scholarship_directories/Women_s_and_Non-traditional_students_scholarships_meta-directory_126.php
NURSING / CNA
http://www.scholarships-ar-us.org/grants/nursing.htm
http://www.dar.org/natsociety/edout_scholar.cfm
http://nursingworld.org/nursecareer/edfund.htm
http://www.medi-smart.com/finaid.htm
http://www.discovernursing.com/nursing-scholarship-search
http://www.ncaa.org/about/scholarships.html
http://bhpr.hrsa.gov/DSA/nsl.htm
http://www.nsna.org/foundation/
http://www.4cnas.com
http://www.choosenursing.com/
http://www.minoritynurse.com/
http://www.tylenol.com/page.jhtml?id=tylenol/news/subptyschol.inc
http://www.straightforwardmedia.com/nursing/
http://bhpr.hrsa.gov/nursing/scholarship/
http://www.akaeaf.org/programsandinitiatives/
http://www.schoolsoup.com/
http://www.blackexcel.org/link4.htm
http://www.jackierobinson.org/
http://www.wilsonfund.org/scholarships/scholarships.shtml
http://www.siemens-foundation.org/TeacherScholarship/
http://www.childcareservices.org/ps/teach.html
http://www.act.org/goldwater/yybull.html
http://www.uncf.org/
http://www.socxfbi.org/login.asp?reason=denied_empty&script_name=/cgi-alumni/adir2.dll&path_info=/search&sitename=FBI&scroll=10&p=1&S=scholarships&x=0&y=0
http://www.finaid.org/
http://studentaid.ed.gov/PORTALSWebApp/students/english/index.jsp
http://www.actstudent.org/finaid/scholarshipscams.html
http://www.act.org/recognition/clients.html
http://www.act.org/kfcscholars/index.html
http://www.kfcscholars.org/
http://www.rhodesscholar.org/
http://www.collegedata.com/
http://www.fastweb.com/
http://www.getreadyforcollege.org/gPg.cfm?pageID=139
http://www.policylink.org/EDTK/AH101/Financing.html#4
http://www.hud.gov/grants/index.cfm
BECOMING A TEACHER
http://www.aft.org/teachers/jft/becoming.htm
http://www.fseog.com/
CHILDREN OF MILITARY
http://www.militaryscholar.org/about/about.shtml
http://www.mcsf.com/site/c.ivKVLaMTIuG/b.1677655/k.BEA8/Home.htm
http://www.vfw.org/index.cfm <-do search for ‘scholarships’
http://www.milspouse.org/Educ/Fund/MilFScholar/
http://www.aerhq.org/education_dependentchildren.asp
INTERNSHIPS,
http://www.fasttrackinternships.com/
http://www.internprograms.com/
http://www.brillstreet.com/
http://ceri.msu.edu/
DEPENDENCY or NOT
http://www.salliemae.com/get_student_loan/apply_student_loan/understanding/financial_aid/dependency/
LOAN FORGIVENESS
http://www.pheaa.org/loanforgiveness/healthier_futures.shtml
http://www.aft.org/teachers/jft/loanforgiveness.htm
http://studentaid.ed.gov/PORTALSWebApp/students/english/cancelstaff.jsp?tab=repaying
http://www.finaid.org/loans/forgiveness.phtml
http://www.aessuccess.org/manage/cant_make_payment/Federal_Teacher_Loan_Forgiveness.shtml
http://www.staffordloan.com/repayment/forgiveness.shtml
http://www.educationplanner.com/ss/code/Profile1.asp?level=u®ion=s&mode=EDIT&sponsor=2859&volume=SS&e&h
STATUS OF LOAN OR AID
http://www.nslds.ed.gov/nslds_SA/
IF YOU DON’T HAVE YOUR PIN yet (for your loan / aid status) apply for one:
http://www.pin.ed.gov/PINWebApp/pinindex.jsp
ESSAY HELP
http://www.scholarshiphelp.org/
http://www.gradesaver.com/resources/scholarship.html
http://www.collegeadmissionsessays.com/
http://www.nataviguides.com/broke_essay.html
http://www.princetonreview.com/college/apply/articles/process/essayjump.asp
http://www.scholarshipessay.us/
http://www.freschinfo.com/tips-brainstorming.php
http://www.freschinfo.com/tips-topic.php
http://essayedge.com/
http://www.korepetycje.com/Essays_Articles/scholarshipessay.html
GRANT SCHOLARSHIP SCAM LIST
(if you find a scam report it here too)
http://www.ftc.gov/ftc/consumer/media_psas_classads.html
LOANS
http://www.acteducationloans.com/
http://www.finaid.org/loans/educationlenders.phtml
http://www.financialaid.com/plus/index.cfm?id=plusloans
http://www.alternativestudentloan.com/
http://www.parentplusloan.com/
http://www.financialaidpodcast.com/about/
http://www.myspace.com/financialaidpodcast
http://www.FinancialAidPodcast.com
GRAD LOANS & SCHOLARSHIP
http://www.gradloans.com/graduate-plus-loan/
http://www.gfoa.org/services/scholarships.shtml
DEFAULTED STUDENT LOANS
http://www.ed.gov/offices/OSFAP/DCS/index.html
CONSOLIDATE LOANS
http://www.plusloanconsolidator.com/
http://www.salliemae.com/after_graduation/manage_your_loans/consolidate_student_loans/student_loan_consolidation.htm
http://www.salliemae.com/content/privateconsolidation/index.html
http://loanconsolidation.ed.gov/
RATE MY PROFESSORS
http://www.ratemyprofessors.com/index.jsp
INTERNATIONAL STUDENTS
http://www.iefa.org/
http://www.iefa.org/resources/
http://educationusa.state.gov/
http://college-scholarships.com/
http://www.studyabroad.com/forum/financial_aid.html
http://www.internationalstudent.com/
http://www.internationalscholarships.com/
http://www.internationalstudentloan.com/
http://www.globalslc.com/
http://www.edupass.org/finaid/loans.phtml
http://www.abroadplanet.com/student-loans/the-global-student-loan-corporation/
http://www.salliemae.com/international/
HISPANIC SCHOLARSHIPS
http://www.hsf.net/
http://www.scholarshipsforhispanics.org/
http://www.statefarm.com/about/part_spos/grants/hispanic.asp
http://www.hsfi.org/
http://scholarships.hispanicfund.org/applications/
http://www.chci.org/chciyouth/scholarship/scholarship.htm
May 8th, 2009 at 3:58 pm
Because of the student loan reform act many lenders pulled out of the consolidation field. The ones that remain do so on a limited basis. Generally once they reach their monthly quota of loans they stop taking any others. This means you'll likely need to check sites like http://www.studentloanconsultants.com for their list of lenders every week to see who is or is not offering consolidation loans at that time.
Unfortunately there is no easy way of doing it at this point, but just be patient and you'll find a lender to do the consolidation.
May 8th, 2009 at 9:37 pm
Private student consolidation loans are not guaranteed by the gov't – so they're a much higher risk to the lender. Therefore, they're typically based on the credit history of the borrower. It's unlikely you'd get a significantly different interest rate if you shop around to different lenders.
What you can do is get your credit in as good shape as possible before you consolidate, and/or find a cosigner with good credit. This can help bring the interest rate down. The rates may *seem* high, but they're probably lower than a typical credit card or car loan rate, plus the interest on them may be deductible on your taxes.
May 9th, 2009 at 9:26 am
I hate them I hate them….. big time. Call them up and see if you can make smaller payments for a longer period of time. It might help you out, then cut mine down to 150 a month. Also go on fast web.com and apply for grants and scholarships. That might help. Good luck with sallie mae. They are tough but tell them that you can't do it. They might even cut it down to 300, but it's much better. Good Luck
May 11th, 2009 at 12:05 am
Since these loans are not backed by the government, most private consolidation loans will be credit based, meaning the interest rate will be set based on your credit history, just like the private loans you have now. If you want a lower rate, spend some time getting your credit score as high as possible and/or find a cosigner with good credit. Both can help lower your rate.