Help with my student loans (student loans)?
Between my wife and I have about 55k in student loans. When I graduated 4 years ago my student loans were consolidated and refinanced by a bank to a 7% int. rate. The account was postponed for 4 years now and I just started to pay off that debt each month. My problem is that everyone I know has about 2 or 3% w / rate their student loans. I contacted my bank and they told me I can not refinance because I have already consolidated my loans before. Is this true? Or can I re-finance with another bank for a lower rate? How it works? Also, does anyone have other ideas for Lending assistance? I can not believe I have to pay more than 50k with a return rate of 7% (for school loans) HELP PLEASE!
Consolidating student loans is not always a good option for people. I hate to hear lenders pushing this off on people because you need to consolidate loans or deferred payments. I'm sorry to tell you, but you asked … It is true that you can consolidate once in your life. No, you can not go if another bank. It is also true that consolidation is not always a good option for people (as is your case) because you lose a lot of discounts available to borrowers to do certain things. For example: My lender was "Great Rewards" program which lowered the interest rate always after each year of timely payments. I also had my rates reduced payments for my self written my control. has a clue. Consolidation is not being offered (by banks) because they love you, they do it because it allows them take more of your money (sorry). Of course, a group of consolidated loans can pay you compensation a little less money per month, but what price? Instead of a plan of 10 years to pay – your consolidated loans must now be reimbursed for 15, 20 or perhaps 25 years. How is exactly one payment that is only a few dollars less is twice the time to pay? Even if they give you an interest rate slightly lower you end up paying more in the long term, because instead of paying interest for the first 10 years, you do so for much longer. I never saw no reason to consolidate and never did. You can try to get another loan from a bank at a lower rate, but they will unable to give you a "student loan" or any other type of student loan statement (the law). Rates on a regular basis "Signature loan" (as an unsecured loan) will be upward of 10% or more. (Rate my bank signature loan interest is currently 13%). If you try another type of loan (Say something specific value you want to guarantee, like a car), you might get an interest rate slightly better, but then if you did, you would end up losing your item if you have not paid. Above) Some might suggest trying to get a second mortgage on your house – you get a good interest rate on that, but then you lose your home if you do not make the payments. Also be aware that the interest you pay on your consolidated student loan is deductible your tax return. If you end up losing any other type of non-student loan you repay the loan and pay on the new loan. Whatever the new loan, get an interest would not be deductible from your taxes, such as student loan interest would have been. I do not know of any assistance for the repayment of student loans consolidated student loans. Usually, when you consolidate, you are not normally eligible loans to one of "rejection" of policies issued in the ordinary federal loans. (Leave means that you have not to repay). Let me explain … for example, Perkins loans can be dismissed quite easily to teaching in schools low income. A consolidated loan was a loan Perkins is no longer eligible for it. The best thing for you and your wife to do is to time to get a second job and pay off those puppies as quickly as possible so you can focus on your life before consolidation:! See the Department of Education submission warning ppl to be aware of the advantages and disadvantages http://studentaid.ed.gov/students/attachments/siteresources/FundingEduBeyondHighSchool_0910.pdf (Page 43) Compare the cost of repaying your loans consolidated with the cost of repaying a consolidation loan. Points to consider are : • What you lose any borrower benefits if you consolidate, such as interest rate discounts or rebates * main advantages that these can significantly reduce the cost of repaying your loans. • You may lose some benefits of discharge and cancellation if you include a Perkins Loan in your consolidation loan. Carefully review your consolidation options before you apply. Talk to the door of your loan (s) for more information prior to consolidating. Are there any disadvantages to getting a consolidation loan? Yes, there could be. For example, consolidation can so significantly increase the total cost of repaying your loans. As you may have a longer period of time to repay, you'll pay more interest. You could also lose certain borrower benefits such as discounts and rebates interest.