Consolidating student loans, about $52K total

[melynda]

I have loans with Direct Loans ($33K total) and EdSouth ($19K total). I know NOTHING about consolidation, and the girl with Edsouth was less than helpful to say the least!

 

Is it best to consolidate through a company you are already working with (DL or Edsouth) or should i find a private company to do so? I notice the June hubub...so now i am all woried that i need to act really fast!

 

I am looking for, mainly, an option for lower payments, as my defferments end in August of this year. I would like to consolidate to have the lower payments "incase" something happens again and i get laid off, but i would plan to still pay a good amount towards them each month.

 

 

Also..any clue how much a consolidated payment with these figures would run per month?

 

I hope the questions make sense! Thanks in advance!

 

You guys are so helpful!

[grammers]

There's a lot I can't answer (and infact, want to see the answers myself!) but on the Direct website, if you look through the FAQ's, there a calculator that lets you get a prety good estimate of your payments under their re-payment plans.

 

That might at least let you know where you stand.

[TxQuiltGirl]

My list says that with 52k in SLs you can consolidate and stretch out payments for 25 yrs. At an interest rate of 5.3% you will have payments of 313.00 a month.

 

Hope that helps!

[melynda]

My list says that with 52k in SLs you can consolidate and stretch out payments for 25 yrs. At an interest rate of 5.3% you will have payments of 313.00 a month.

 

Hope that helps!

 

wowzers! Lol....well at least i will start to repay AFTER i pay off my $343 per month car note! almost an even trade!

 

 

Any opinion re: what company to use? Anything "bad" about directloans? about any private companies?

[TxQuiltGirl]

Can't make a recommendation on a company but were I you, I'd look for interest rate reduction for ontime payments, etc.