I just graduated and have 28,000 in private student loans anyone else have this problem? how did u fix it?

Question

i know to consolidate but can't find a place with a fixed rate help please

Answer 1

Well depending on your credit, you could possibly take out a personal loan to pay your student loans? So you would have the student loan people off your back, and have a fixed rate with your new loan. You may have alot of options open to you- pending on your credit situation.

Answer 2

I dont really understand what you mean by "fix it". There are however some lenders that do offer consolidation for private loans. Look for the major players in the game. Ask your financial aid office for some advice. Remember private loans CANNOT be consolidated with your federal stafford loans. Good Luck.

Answer 3

Welcome to the real world of checks and balances! You are right to insist on no variable rate accounts! I cannot endorse any company, but will share some tried and true guidelines. With your education paying off and the temptation of a nice pay check, it is tempting to get flambuoyant with your money. Sketch out an expense list, be realistic, and vow to live within your means.
First thing, avoid further debt. Don't open several credit card accounts. One is enough. If you do have credit cards, make every effort to pay the monthly balance and not roll over a balance with high interest. Never miss a payment, and pay on time, however. If you do, you will establish good credit, which is worth gold. You can look for banks that offer reward points and when you have earned a nice amount, you can cash it in (to send to those college debt accounts) or apply it toward reducing your next balance.
Second, remember that as scarey as they seem, student loans probably have low interest rates and aren't the worst kind of debt to have. If you pay them regularly, they can help boost your credit rating. Instead, focus on this: when you start earning income, if your employer offers payroll deductions (taken from your check before you even get it) do your best to set up two accounts: one toward paying down debt, and one toward an investment for retirement (really, don't put that off. The more you front-load your retirement, the more you will be paying yourself its interest. You can even stop contributing to your retirement long before you are of retirement age, if you want. And you learn to live within your means while paying yourself.) Otherwise, use discipline to open your own accounts and write yourself a check each pay period.
Third, Don't be afraid to use a financial advisor for your investment strategies. Shop around, realizing that you can transfer accounts if you find a better partner. Be sure this person is accessible to you (via phone or electronic communication) and will answer in a timely way, and that you have contact with him/her more than once a year. In the beginning, your fees should be low, maybe a few hundred dollars per year or less. Until you find such an advisor, put aside money into a money market account (available at most banks and work similar to checking accounts with some restrictions)
Fourth, keep alert to opportunities to consolidate college loan debt into even lower interest charging funds. I gather that's been your primary focus. It's right on target that you are beginning with a sense of eliminating your debt, but it's not your only financial strategy,
Summary: Pay down debt. Pay yourself first. Don't get mired down in other debt. Live within your means (be honest and periodically recheck that expense list). Own real estate as soon as you can, possibly a condo, townhouse or modest house for starters (but if you plan to turn it over, be careful of throwing too much into rennovating). And keep good files/records. Good luck!

Answer 4

You could always leave the country, go bankrupt....... thats a lot of $$$ almost makes me glad I didn't go to college.

Answer 5

Sallie Mae.....they work well with me.