Does anyone know about consolidating student loans? Also, I know that there is a window for applying for loans. As in, if you are you should do them all at one time. Does that apply for credit cards too. Thanks in advance!
No one told me this when I was just starting out. Maybe they did but I didn’t listen. You do not, I repeat YOU DO NOT need a credit card. So if you don’t have one(good for you) don’t get one. Pay off you student loans now, because when your 35 and still haven’t paid them off it is like a chain around your neck.
So before you get a house/ new car/kids/ whatever stop incurring more debt and put everything extra (ie 50 dollars extra a month) you have into paying off what you already have (ie student loan). Read Dave Ramesy’s The Total Money Makeover from start to finish, I have found that to be the best guide, save before you spend and you will be better off financially then 90% of the American adults out there. Good Luck!
Reader’s Digest version: If they are all with the same loaт servicing company get them to streamline them into one.
If your loans are all with Sallie Mae, DO NOT let them try to sell you a SMART loan, it is a dumb loan. Tell them you want them streamlined into one loan.
I had four loans all taken with Fl Federal, all four sold separately to Sallie Mae. That resulted in sending one check to Ariz, one to Fl, one to VA, and I do not remember the other place. After much consternation on their part, they finally streamlined them into one payment to a Virginia center. Then I still had to follow-up because Florida reported me in default because I stopped sending a payment there and Virginia reported me in default because Ariz center failed to credit my account.
After being turned down for a car loan because I was reported in default on a Guaranteed Student Loan (BTW, I was always paying more than the minimum), I called the corporate office, told them of the situation and gave them 24 hours to correct everything. They faxed corrections and apoligies to my Credit Union and all 3 credit bureaus.
Yes, I have all of my 80K loans consolidated with the Direct Student Loans. www.dl.ed.gov. They have been consolidated for the past 10yrs. I just went through a new loan application to reduce the interest rates from 8.75% to 5%. Not trying to brag, but the first loans were acquired in the late 80’s. Then I returned to school to retain my Masters in 98 and added more. I won’t have to start paying on my loans until July 06 and my monthly payment will be $214 under the graduated plan.
They never teach anyone how to make money or to handle money in school. And how can they? Most of the teachers are broke and in debt too.
Its kinda of like the government making laws to force out of debt yet they still have a huge debt.
So the guy have a masters, and you’d think he would be smart enough to make enough money, but that is not what is taught in school. Actually what is taught is how to get INTO debt and STAY in debt. Why do you think Credit Cards are concentrating on hiugh school and college students so much. Get’em young and they’ll be a source of income forever…
Actually I have 2 Masters degrees. And I have my own business. So, hum let me think. I foolishly took out student loans when I didn’t need to but I did. I probably make way more than the median income in CAL. And my net worth will probably be more than that in the near future