Can they even be consolidated? Is it better to put the fed loans in foreberance and pay down the higher interest rate private loans first?
2006-10-27 05:01:09 · 3 answers · asked by Lil Miss Answershine 7 in Education & Reference ➔ Financial Aid
After I consolidated my student loans, I discovered that I had additional private school loans directly from the university. I was able to consolidate them with Sallie Mae. I would not fail to repay any of your student loans, whether private or federal. Contact a consolidation company and ask for a deferment, if you need some time before you begin making payments due to financial hardship. Good Luck.
2006-10-27 05:10:04 · answer #1 · answered by suctioncup83616 4 · 0⤊ 0⤋
Forbearance may not be a good idea, since your interest will keep accruing and will be capitalized. You might want to consider consolidating both the federal and private (consolidate them separately to keep the benefits of the federal loans) and get an extended repayment term. That way you have the cushion of a lower monthly payment, but can still pay off the loan early (if you take the full time it will end up costing you more over the whole term). Sallie Mae has online calculators for both consolidation types so you can figure out what your costs will be.
Federal student loan consolidation: http://www.salliemae.com/consolidation
Private student loan consolidation: http://www.salliemae.com/consolidate
2006-10-27 06:27:19 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Some pretty good arguments.
2016-08-23 09:36:39 · answer #3 · answered by theodora 4 · 0⤊ 0⤋
Loads of insightful answers, thanks
2016-08-08 18:07:21 · answer #4 · answered by ? 3 · 0⤊ 0⤋