New to having my student loans...newbie needs help

[KarmaPoliceT2]

My parents recently turned over the remainder of my student loans to me (thanks to financial troubles at home)... Anyway, i don't mind paying them, but i want to do it in the smartest way possible and i really don't know anything about student loans (i didn't sign up for them, my parents did)...

 

Anyway, I only have 2 loans.... they are:

 

1) Consolidation-UNSUB/SALLIE MAE TRUST - LSC/FL $8,425.54 6.125% (SM.com)

 

2) Alpln owned by NCT Non-Subsidized Variable Interest $9,433.87 7.45% (AESSuccess.org)

 

 

The loan #1 above was consolidated from: Parent PLUS Loan-UNSUB/SLM EDUCATION CREDIT FINANCE COR $0.00 7.94%

 

Am i getting hosed by those interest rates? (they seem REALLY high based on some of the other posts i've seen around)... Also, is it possible to consolidate these two into one loan.

 

I prefer as few checks to write each month as possible... I don't have a problem making the seperate payments, but if there is a way to cheapen the tab by lowering interest rates without pillaging my credit score i'd be VERY appreciative of any ideas?

 

Thanks in advance!

[LynnInMN]

My parents recently turned over the remainder of my student loans to me (thanks to financial troubles at home)... Anyway, i don't mind paying them, but i want to do it in the smartest way possible and i really don't know anything about student loans (i didn't sign up for them, my parents did)...

 

Anyway, I only have 2 loans.... they are:

 

1) Consolidation-UNSUB/SALLIE MAE TRUST - LSC/FL $8,425.54 6.125% (SM.com)

 

2) Alpln owned by NCT Non-Subsidized Variable Interest $9,433.87 7.45% (AESSuccess.org)

 

 

The loan #1 above was consolidated from: Parent PLUS Loan-UNSUB/SLM EDUCATION CREDIT FINANCE COR $0.00 7.94%

 

Am i getting hosed by those interest rates? (they seem REALLY high based on some of the other posts i've seen around)... Also, is it possible to consolidate these two into one loan.

 

I prefer as few checks to write each month as possible... I don't have a problem making the seperate payments, but if there is a way to cheapen the tab by lowering interest rates without pillaging my credit score i'd be VERY appreciative of any ideas?

 

Thanks in advance!

You have older loans and if already consolidated nothing you can do about changing the interest rates. The plus loan has no affect on you as it is not in your name. In fact if you call the lender, they cannot even speak to you are you are not party to the debt.

[krzywon]

Lynn is right about the first loan - they won't talk to you. It doesn't matter that the loan was taken out to fund your education, it isn't your loan. It sounds like the AES loan is a Parent PLUS loan as well, since your parents took it out. Again, they won't talk to you. If you pay these, you won't be able to take any of the tax benefits of deduction the loan interest.

 

If you want to help your parents, send them a check every month for the loan payments.

[KarmaPoliceT2]

Lynn is right about the first loan - they won't talk to you. It doesn't matter that the loan was taken out to fund your education, it isn't your loan. It sounds like the AES loan is a Parent PLUS loan as well, since your parents took it out. Again, they won't talk to you. If you pay these, you won't be able to take any of the tax benefits of deduction the loan interest.

 

If you want to help your parents, send them a check every month for the loan payments.

 

 

I guess the question is more along the lines of how can i reduce the amounts i'll be paying (paying through them though)...

 

Since i pay the $$... i am just hoping to save some cash through the length of the loan by consolidating or reducing interest rates, etc...

 

I know they won't talk to me, but my parents would be more than happy to act in whatever manner i told them if it would save the $$...

 

so any thoughts on how to reduce the total amount paid over the life of the loan (interest rates, or consolidation i suppose are the only options)...

 

Thanks

[LynnInMN]

Lynn is right about the first loan - they won't talk to you. It doesn't matter that the loan was taken out to fund your education, it isn't your loan. It sounds like the AES loan is a Parent PLUS loan as well, since your parents took it out. Again, they won't talk to you. If you pay these, you won't be able to take any of the tax benefits of deduction the loan interest.

 

If you want to help your parents, send them a check every month for the loan payments.

 

 

I guess the question is more along the lines of how can i reduce the amounts i'll be paying (paying through them though)...

 

Since i pay the $$... i am just hoping to save some cash through the length of the loan by consolidating or reducing interest rates, etc...

 

I know they won't talk to me, but my parents would be more than happy to act in whatever manner i told them if it would save the $$...

 

so any thoughts on how to reduce the total amount paid over the life of the loan (interest rates, or consolidation i suppose are the only options)...

 

Thanks

 

Have both been consolidated???

 

COnsolidating wont necessarily lower your interest rate. The consolidated interest rate is a weighted average of what the loans are currently at. Plus I dont believe PLUS loans have as many repayment options. The best thing you can do is simply attack the balances and get them paid off quickly.