Or if anyone out there wants to pay it for me?
2007-10-19 10:18:24 · 4 answers · asked by Rachael B 1 in Business & Finance ➔ Personal Finance
It is a student loan
2007-10-19 10:25:38 · update #1
Is it private or federal? I know what you're talking about. They call it loan consolidation for these edu loans, but most people don't know that. In edu loan terms, consolidation means they stretch it out, and charge you a percentage of the interest up front. It lowers your payments which is actually better for most people. Why? Because you have to have as much manageable debt as possible. Take the interest penalty because it's worse to have higher payments, and default. Don't think it can't happen.
If it's a federal loan you should have a load of options for deferment. If it's private, you're done. You should pay interest only, then buy property. When you build some equity, refinance, and take out a home equity. Home equity line is always the best loan out there from the banks.
2007-10-19 19:35:52 · answer #1 · answered by Legend 4 · 0⤊ 0⤋
I think you mean best way to pay off a $50,000 loan, and that depends on the type of loan.
2007-10-19 10:51:02 · answer #2 · answered by tropical27 2 · 1⤊ 0⤋
Consolidating means wraping multiple loans in to one so "consolidate a ....loan" makes absolutely no sense.
2007-10-19 10:31:21 · answer #3 · answered by Wayne Z 7 · 1⤊ 0⤋
lol.... sure just send the payment book... Is it real estate? If not do you own real estate? That will be the best way, by securing it with real estate.
But to consolidate normally means put more than one together..... Doesn't sound like the case?
2007-10-19 10:22:28 · answer #4 · answered by rukidden99 3 · 0⤊ 0⤋