If so whats a good company to do so with? The only reason I have not done it yet, is because I have really good rates, since I went to school before Bush signed some new regulations that jacked the interest rates up. I really need the cash flow, so that is why I am considering it.
If that can work for you there is no downside I'm aware of as long as you can make the payment. Obviously rather default on student loan than HELOC.
The HELOC payments are tied to prime, and you only HAVE to pay the interest while the HELOC is open and then you get 20 years or something.
Mine was paid off in a year or so and closed, because it was short-term need, but IMO it's a better option than consolidation for the tax deduction.
If you don't own a home then it would depend on the rate and how much your saving (not just monthly, but overall)
You can do a wait and see approach. Wait until Mid-May to see if rates are going to increase/decrease July 1st and either consol. or hold off. No need to give the govt any more of your hard earned money via interest payments.
As far as companies, it can be a crapshoot. I say if you're happy with your current loan company, then consolidate through them since they have all your loan information on file.
I would start by crunching the numbers. Hit up the https://www.nslds.ed.gov/nslds_SA/ to check on your loan balances & interest rates.
Perform a simple weight-average calculation ((loanbal1*IntRt1 + loanbal2*IntRt2...)/(totalloanbal)). Round that percentage up to the nearest 1/8th of a percent.
There's no cost to consolidate (thank God!). But you may pay more interest over the life of the loan. Again, the servicer is up to you. Many moons ago, I worked for an 'evil' student loan originator/servicer.
I would start by crunching the numbers. Hit up the https://www.nslds.ed.gov/nslds_SA/ to check on your loan balances & interest rates.
Perform a simple weight-average calculation ((loanbal1*IntRt1 + loanbal2*IntRt2...)/(totalloanbal)). Round that percentage up to the nearest 1/8th of a percent.
There's no cost to consolidate (thank God!). But you may pay more interest over the life of the loan. Again, the servicer is up to you. Many moons ago, I worked for an 'evil' student loan originator/servicer.
Also, your newly consolidated loan repayment term will depend upon your total outstanding loan balance. Typically, it will be a 10-yr (120 month repayment); however it can be as long as 30 years. I'm not up to speed on the latest and greatest student loan laws. However, the longer term would most likely lower your monthly payment but increase the overall interest repaid to the servicer.
If you have Federal student loans, there are a bunch of recently enacted government programs that might benefit you. There are loan forgiveness programs, public-service relief programs... actually quite a wide array of programs to reduce your payments and possibly get you loan forgiveness.
What you qualify for and what you might save depends on what kind of loans you have, your income, number of dependents, what you do for a living. It's kind of complicated, actually. That's why there are companies to do the legwork for you.
If you have the time and energy you can enroll in these programs yourself, but it's like the difference between hiring a tax preparer and doing your taxes yourself. You pay someone to do your taxes and they save you time and get you a bigger return than you would do yourself. However: Do not sign up with a service that attaches a "low monthly fee" to the entire life of the loan. You'll end up paying thousands in unnecessary charges over the life of the loan. My wife's company charges an up-front fee, gets you set up on your new loan, and then you're done with them.
I won't name my wife's company here, but if you're interested, write back and we'll figure out a way for you to check them out.
If you have Federal student loans, there are a bunch of recently enacted government programs that might benefit you. There are loan forgiveness programs, public-service relief programs... actually quite a wide array of programs to reduce your payments and possibly get you loan forgiveness.
What you qualify for and what you might save depends on what kind of loans you have, your income, number of dependents, what you do for a living. It's kind of complicated, actually. That's why there are companies to do the legwork for you.
If you have the time and energy you can enroll in these programs yourself, but it's like the difference between hiring a tax preparer and doing your taxes yourself. You pay someone to do your taxes and they save you time and get you a bigger return than you would do yourself. However: Do not sign up with a service that attaches a "low monthly fee" to the entire life of the loan. You'll end up paying thousands in unnecessary charges over the life of the loan. My wife's company charges an up-front fee, gets you set up on your new loan, and then you're done with them.
I won't name my wife's company here, but if you're interested, write back and we'll figure out a way for you to check them out.
Definitely interested. You want to email be at theBACreturns@gmail.com
If for some reason they're unwilling to restructure ask for a period of deferrment and concentrate on paying off your high interest loan during that time. The bottom line is that you should do some basic math before making any decisions to determine what make sense for you financially both short and long term. But regardless, I'd say that if you have a loan with an interest rate under 3.5% you should stick with that lender.
Just got of the phone Great Dane's wife, and she got me a 5% interest rate on all my loans and if you do an automated payment they drop it almost a full point.
One of the great things about BBI.
If you have Federal student loans, there are a bunch of recently enacted government programs that might benefit you. There are loan forgiveness programs, public-service relief programs... actually quite a wide array of programs to reduce your payments and possibly get you loan forgiveness.
What you qualify for and what you might save depends on what kind of loans you have, your income, number of dependents, what you do for a living. It's kind of complicated, actually. That's why there are companies to do the legwork for you.
If you have the time and energy you can enroll in these programs yourself, but it's like the difference between hiring a tax preparer and doing your taxes yourself. You pay someone to do your taxes and they save you time and get you a bigger return than you would do yourself. However: Do not sign up with a service that attaches a "low monthly fee" to the entire life of the loan. You'll end up paying thousands in unnecessary charges over the life of the loan. My wife's company charges an up-front fee, gets you set up on your new loan, and then you're done with them.
I won't name my wife's company here, but if you're interested, write back and we'll figure out a way for you to check them out.
Would you mind passing along my info as well? yougotbrizzled@gmail.com
Thank you
thanks!
The process was simple, and the people that I spoke with were great. I'm a big fan of using them.
Thanks.