Need advice on student loan repayments?

Question

I'm a college student in my last semester of school (14 weeks to go!!!)

Any advice on consolidation and repayments?

In particular, about the monthly payments. Have you had any options to make the payments over the longer period and when you had additional money did you pay extra?

Were they honest about the monthly loan amout?

Have you found that there are any problems with paying extra on the principal or paying more than one month at a time?

Have you found any concerns about penalties for missing or late payments? I've heard that they really raise up the interest rate if you are even one day late.

Any suggestions on loan consolidadation companies. I'm getting 3 or 4 companies contacting me each week and it's difficult to know what to look for.

Thanks for any advice you may have!

Sorry about the typos, I did not do a good job of proofreading my question.

Answer 1

I would go with a company called Educational Direct because they will help you lock in a fixed rate so it doesnt increase your interest rate and for now until you find a job to put your loans on deferment NOT forbearance because if you put your loans on forbearance you are responsible for the interest that builds on it. When it's deferred you won't be responsible for the interest. Calculate what you're going to pay and make sure you are on time with every payment and if you can pay over the minumum balance to make your payments less if your finances allow it. The goal is to pay your loans off on time so you can get it paid off sooner than later because you're late with payments and it will keep the defaults off your credit history. Make sure that you stay ahead of things and any notices you get keep them because if sudden changes happen to your payments where the company isnt posting them you got written proof that you were notified of any changes or adjustments.

Here's a tip keep a calendar and mark on each month when your payments are due and that should remind you so you don't forget when a payment is due so you're not late. If you can pay it online so it gets there faster so you're not trying to hunt down a stamp to mail off checks and money orders. I hope this helps you :-)

Answer 2

1

Answer 3

Good for you for planning ahead! Sallie Mae is the largest student loan consolidation company in the country. On their website, they have a calculator that will help you figure out how much you'll have to pay, and the different repayment plans that are available. You can stretch payments out to 30 years so you have the "safety net" of low monthly payments, but remember the more you stretch it out, the more interest you pay over time, so it's smart to pay more than the minimum each month.

Don't be fooled by shady lenders who offer special interest rates. If you have federal student loans, the interest rate is set by the government and is the same no matter whom you consolidate with. The only thing that differentiates borrowers is the "benefits" they offer such as a rate reduction if you pay on time for a certain number of months, and the experience and service offered by the company. Good luck!

Answer 4

as long as you're making some customary price in direction of it they are going to depart you on my own. contact them and tell them you're sending $20 per week. you could attempt this even with a $10 an hour interest.