I have college loans from about 5 different lenders, and I want to combined them into one payment, is it possible? Is it normal to borrow from different lenders?
2007-09-02 17:11:58 · 4 answers · asked by iMack 1 in Education & Reference ➔ Financial Aid
Yes you can. Start by calling the lenders you have your loans with and ask questions. ALL the interest rates will be the same. Its a weighted average. You need to look at your borrower benefits. Everyone will offer you the .25% at repayment for auto debit. Look for the best reduction with the least amount of on time payments. Stick with the big boys in the game and DO NOT go with someone that will consolidate federal with private loans. The federal consolidation plan in NOT a good one. Also try to pay it off in ten years, no more than that. Good luck.
2007-09-06 14:15:34 · answer #1 · answered by John 3 · 0⤊ 0⤋
When it comes to student loan consolidation programs, there is only one consolidation program. The Federal Student Loan Consolidation Program offers a fixed interest rate on your loans with multiple payment options to help meet your budget.
When you are choosing between student loan consolidation companies, the differences come down to customer service. All offer effectively the same borrower benefits including:
.25% - auto debit option, standard with all loans.
1% - rate discount for ontime payments (standard with all loans)
1-2% - cash back, (instead of a rate discount that will cost you more in the long run)
The customer service is key in insuring your loans are structured for the discount or cash back that can benefit you most as well as answering all your questions now and in the future. Look for a company who will assign you a loan advisor vs. a mass call center as they typically will take more time with you to work through your situation.
Be aware that the FFELP Consolidation Program is strictly for your Federal Loans. Some companies will want you to consolidate your private and federal loans together vs. separately. This is a big concern to the Department of Education as students have been losing their Federal Benefits.
For more about the Federal Cosolidation Program, check out the source below, or message us at studentaidlending.
Good luck, I hope this helps!
2007-09-05 07:50:37 · answer #2 · answered by Student Loans 4 · 0⤊ 1⤋
Yes you can absolutely do that. The process is called student loan consolidation, and it combines all your loans into one monthly payment plan. You can read about loan consolidation here:
http://www.studentfinancedomain.com/student_loans/college_student_loan_consolidation.aspx
Here's an article that lists the best student loan consolidation companies:
http://businessmajors.about.com/od/payingforschool/tp/TopConsolid.htm
Good luck!
2007-09-04 03:53:38 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Is u.s. somewhat that high priced? i'm residing in scotland and that i spend £277/month on hire (abount $600), arround £20/month in costs ($forty) and arround £one hundred fifty/month on each thing else ($3 hundred). i assume its for 2 of you, yet this is a rather mushy budget, and while you're frightened approximately you dad and mom no longer being waiting to locate the funds for to assist then decrease down on many of the failings in there that are no longer nessisary, like $one hundred fifty a month on the telephone. I dont even understand the way you may flow approximately that without speaking on it rather continuously!! additionally, you appear to be paying a great deal for internet and television, yet then, it is diverse in the U. S.. Over right here we are paying £20/month internet and contact, and dont have a television yet a licence is £one hundred seventy/300 and sixty 5 days, it is arround $70/month entire. additionally, cleansing ingredients $50/month?? you somewhat somewhat cant get by using extra effective than one bottle of bleach a month and a pair of or 3 packs of sponges no count number how hygenic you're. That is composed of approximately $10 at maximum. the motor vehicle emergancy fund is in all probability somewhat merely somewhat too small as there'll in all probability be something flow incorrect a minimum of as quickly as a 300 and sixty 5 days and you will could desire to pay arround $4 hundred every time it does on the least, and its staggering to have somewhat placed away incase you compltely trash it (coverage hardly coveres extra effective than approximately 0.5 of a clean vehicle) Groceries? too lots. $3 hundred/month could in all probability be rather adiquate till you're eating steak on a daily basis.
2016-12-12 16:41:00 · answer #4 · answered by barreda 4 · 0⤊ 0⤋
You can only combine them into to one once you are done with school and have to start paying on them. I asked my lender the same question and that was their answer.
2007-09-02 17:58:40 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You can apply for a bill consolidation loan or join the military and have them pay it off for you!
2007-09-02 17:18:03 · answer #6 · answered by Your Name 2 · 0⤊ 0⤋
Maybe you can try below website to get the information you need. It's about student loan consolidation articles for your second opinion.
http://www.1st-student-loan-consolidation.info/Articles/Student%20Loan%20Consolidation%20-%20Save%20Money,%20Pay%20Less,%20Spend%20More.htm
2007-09-02 21:42:32 · answer #7 · answered by Anonymous · 0⤊ 2⤋