Where to go for Consolidation?

[Cepbush106]

Hi everyone, this is my first post in the student loan section... I just finished up my bachelors degree and applied for forbearance until August of this year.

 

I currently have these outstanding unsubsidized and subsidized student loans:

 

$1994

$3910

$3506

$5500

$2530

 

Grand total $17440...

 

I think my monthly payment was going to be $238 but I know by consolidating the loans I will save some money on my payment (which of course, I would love)... anyone know how much?

 

And where do I go for consolidation? Is everyone eligible for consolidation or is it credit based?

 

Thanks so much!

Erin

[LynnInMN]

Just read thru this forum and you will find out lots of information on consolidation. Also google federal student loan consolidation.

[Cynic]

Hi everyone, this is my first post in the student loan section... I just finished up my bachelors degree and applied for forbearance until August of this year.

 

I currently have these outstanding unsubsidized and subsidized student loans:

 

$1994

$3910

$3506

$5500

$2530

 

Grand total $17440...

 

I think my monthly payment was going to be $238 but I know by consolidating the loans I will save some money on my payment (which of course, I would love)... anyone know how much?

 

It kinda depends on interest rate. Assuming 7% your monthly payments would be ~160.00 (this is assuming a level payment plan with a 15-yr term; graduated or income-based payment plan may result in lower payments.)

 

And where do I go for consolidation? Is everyone eligible for consolidation or is it credit based?

 

Federal consolidation loans are not based on credit. Depending on who you go with the "eligibility" requirements could be different. Lenders may require an existing relationship, a certain tiotal loan amount, that you live in or attended school in a certain state, etc.

 

You could start looking for consolidation by asking your current loan holder if they can consolidate. Don't stop there though- see what a few different lenders can offer you. Although interest rate, terms, etc will be pretty much the same anywhere, some lenders offer incentives for on-time payments, electronic payments, etc that can save you a lot of money.

 

Thanks so much!

Erin

Edited January 27, 2007 by Cynic

[Cepbush106]

Thanks so much for your reply, you were GREAT help!