okay, these loans have been consolodated through "Direct Loans" "US Dept. of Education", we pay on it every month but the interest is killing us! Is there a such thing as transferring this debt to some place more affordable?(Loan totals $22,000.00). I just need to know if the way we are currently paying it is the best/smartest/only way to go.
2007-02-26 07:59:25 · 13 answers · asked by Brie G 2 in Business & Finance ➔ Personal Finance
money
2007-02-26 08:02:08 · answer #1 · answered by Anonymous · 0⤊ 0⤋
1
2016-10-24 03:23:36 · answer #2 · answered by Genevieve 3 · 0⤊ 0⤋
Everyone wants to consolidate federal loans, because they are guaranteed to get paid. However, the interest rates are based upon a federal calculation, so there wouldn't be much change if you consolidated. It is worth looking into since even a fraction of a percent can make a difference, but I wouldn't expect much. You should be getting mail from lenders almost every day. I've been out of school for years and I consolidated just before I left (you can only consolidate once) and I still get the notices every week. The only way to pay them faster is the same way you would pay anything else. You have to pay extra every month. There is no magic fairy that will pay the loan for you.
2007-02-26 11:51:03 · answer #3 · answered by rosekm 3 · 0⤊ 0⤋
Shop around for the best consolidation deals. Sometimes it's even best to get a bank cash loan to pay off the debts. The interest is usually lower.
2007-02-26 08:03:45 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Get one more loan, and put it in the bank as a CD (certificate of deposit), so while you are in school it Will be increasing, and when you get out you will able enough to pay back the original loan and some extra to help you pay off the others!
2007-02-26 08:05:05 · answer #5 · answered by Jon C 2 · 0⤊ 1⤋
depends on interest rates. How much are you paying now? Can you get a better rate somewhere else? Can you afford to pay a little more each month, because if you can, the extra amount will pay directly to the principal.
Can you IM or email me so I can povide a better answer.
call me Mr. debt free
2007-02-26 08:04:18 · answer #6 · answered by oldsoftee2001 6 · 0⤊ 0⤋
Brie G,
this answer is not PC.
get a budget. cut all the frivilous things people say u 'must' get. get a second jobs u and your second needs second job unless you like slavery to debt. a second job could have u out of slavery in less than 3 yrs OR u could be like most Sallie Mae slaves. get it done before u get a name on it.
visit daveramsey.com to learn what colleges and credit slave cards pray you never ever learn or worse apply.
how to own your money not be owned by it.
this is not what 'smart' broke people want u to believe. of course they believe in the government knows best for u. ;-}
2007-02-26 08:12:33 · answer #7 · answered by Anonymous · 0⤊ 0⤋
sure pay all of it off. RE: Paying off student mortgage? I absolutely have a $13K student mortgage, I absolutely have kept about $22K in mark downs. i'm wondering about paying OFF the non-public loan. I make about $55K in line with year and my student mortgage is the in effortless words debt I absolutely have. Is that a reliable theory? ought to I pay 0.5 and avert dropping? thanks
2016-12-04 23:51:41 · answer #8 · answered by anuj 3 · 0⤊ 0⤋
Not idea but I have found this article for you.
http://www.vancouverfinder.org/business/student-debt-consolidation.html
Looks like you can reduce the payment by 65% but check the terms and conditions...
Hope this helps,
2007-02-26 11:14:52 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Yes there is. Visit the below website to comparison-shop
2007-02-26 13:29:10 · answer #10 · answered by Alex K 2 · 0⤊ 0⤋
If you have equity in your home, then transferring the debt there might allow you to claim a tax deduction.
2007-02-26 08:03:42 · answer #11 · answered by lunatic 7 · 0⤊ 0⤋