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02-12-2008, 11:28 AM
| | Registered User | | Join Date: Dec 2006 Location: Atlanta, GA | | | Student loan repayment?
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What is the going interest rate for consolidation?
Any companies you can suggest?
Jonathan
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Band = johnwaynehasrisen.com
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02-12-2008, 11:30 AM
|  | Registered User | | Join Date: Jan 2007 Location: Harpers Ferry WV | | | LOAD??!!? |
02-12-2008, 11:34 AM
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02-12-2008, 11:34 AM
| | Registered User | | Join Date: Dec 2005 Location: Millcreek Township, UT | | I don't know what the current rate is, but consolidation is a good idea. I went through Nelnet ( www.nelnet.com) about 6 years ago. My rate after consolidation was 1.8% 
__________________ Quote:
Originally Posted by Kwesi  Atoz, forever the inside spoon. | Rickenbacker #19, Mediocre Bassist #3, Mark Wilson Fail #Onion
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02-12-2008, 11:35 AM
|  | The Lowdown Diggler | | Join Date: Apr 2006 Location: Huntington Beach, CA | | | Take a LOAD off Fanny may. |
02-12-2008, 11:36 AM
|  | Supporting Member | | Join Date: Jan 2002 Location: 3rd stone from the sun | | Quote:
Originally Posted by MakiSupaStar Take a LOAD off Fanny may. | *5 points for The Band reference.
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02-12-2008, 11:37 AM
| | The Lowdown Diggler | | Join Date: Apr 2006 Location: Huntington Beach, CA | | Quote:
Originally Posted by baba *5 points for The Band reference. | If the LOAD is too heavy it could send him up Cripple Creek.   |
02-12-2008, 11:37 AM
| | Registered User | | Join Date: Apr 2006 Location: Lakeland, FL | | I never loaned out a load but if I did, I certainly wouldn't want it back 
Here's a suggestion, make your first class spelling  |
02-12-2008, 11:38 AM
| | Notes we play > Gear we play them on | | Join Date: Sep 2000 Location: Wisconsin | | Quote:
Originally Posted by Atoz I don't know what the current rate is, but consolidation is a good idea. I went through Nelnet ( www.nelnet.com) about 6 years ago. My rate after consolidation was 1.8% | Pft... no way you're going to get that low of a rate these days. I consolidated with Nelnet a year and a half ago at something like 5%. |
02-12-2008, 11:40 AM
| | Registered User | | Join Date: Dec 2005 Location: Millcreek Township, UT | | Quote:
Originally Posted by SuperDuck Pft... no way you're going to get that low of a rate these days. I consolidated with Nelnet a year and a half ago at something like 5%. | Well... bummer for everyone who isn't me, then.
EDIT: Actually the base rate for me wasn't actually 1.8%. It was 3.8%, but for some reason as a Utah resident I was eligible for an extra 1% reduction. I think they also gave me an extra 0.5% reduction for automatic withdrawal payment, plus an extra 0.5% after going 36 (or 48) consecutive months without missing a payment.
You know, if the Fed cuts rates a couple more times, consolidation rates might start to get way low again.
__________________ Quote:
Originally Posted by Kwesi Atoz, forever the inside spoon. | Rickenbacker #19, Mediocre Bassist #3, Mark Wilson Fail #Onion
Last edited by Atoz : 02-12-2008 at 11:45 AM.
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02-12-2008, 12:55 PM
|  | No Longer Works a Day Job | | Join Date: Jun 2000 Location: USA | | | I start repaying after next school year. I'm dreading it.
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02-12-2008, 01:12 PM
| | Notes we play > Gear we play them on | | Join Date: Sep 2000 Location: Wisconsin | | | It's not the end of the world. You a one year grace period before the payments kick in. Payments aren't that bad, depending how much you financed.
I would definitely recommend consolidating though, if for no other reason than the convenience of one payment per month (as opposed to three or four in my case). |
02-12-2008, 01:42 PM
| | Registered User | | Join Date: Jan 2007 Location: Seattle | | Don't worry about the danged fine print of the loan... just go get as much as they'll let you borrow... go to school... become a lawyer or a doctor... default on the loan...
...they let scumbags get away with that sort of thing! |
02-12-2008, 02:04 PM
| | Registered User | | Join Date: Nov 2007 Location: New Jersey | | Quote:
Originally Posted by TallLankyBastyd Don't worry about the danged fine print of the loan... just go get as much as they'll let you borrow... go to school... become a lawyer or a doctor... default on the loan...
...they let scumbags get away with that sort of thing! | Not so much anymore. They have been known to attach wages, income tax refunds, etc. And the loan is not dischargeable in bankruptcy. Although it is forgiven if you die . . . 
My rate through Nelnet is 4.25%, consolidated for 30 years (didn't take any discounts for automatic deductions, etc.). I had the opportunity to pay it off in full a few months ago, but I figured 1) if I die before it's paid off, my estate won't have to pay it, and 2) I can get a better rate of return if I invest the money instead (even at the current rate of many CDs). |
02-12-2008, 02:08 PM
| | Registered User | | Join Date: Jan 2007 Location: Seattle | | Yeah... I know... I was just messing with the idea that a lot of student loan defaults of the past were perpetrated by those most financially capable of paying them off.
Sorry... I'm just a sucker for irony...  | | Thread Tools | Search this Thread | | | | 
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