First i want to say that this site is great. I really am a bit confused with how to handle my student loans.
I recently graduated from law school with a bunch of student loan debt. I am trying to figure out what to do with my loans. I have done two prior federal consolidations. One for undergrad and one after law school.
Here are my current loans.
1. Citifinancial (undergraduate federal consolidation): $27,477.07 at 6.250%, payment last at $413.82 per month (on deferment)
2. Trinity Higher Education Authority (lawschool federal consolidation): $57,710.84 at 4.75% payment currently at 235.12 per month.
3. Access Group Bar Exam Loan (Private): $9,369.19 at 9.298%(variable) payment is $87.00 per month
4. South Carolina Student Loan Corp (Palmetto Assistance Loan)(Private): $19,984.77 at 8.25% currently at 188.00 per month.
i am not sure about the duration of the citifinancial loan. I did this consolidation long ago, but i will find out today and see if it can be extended and update. My main questions are
Would i benefit from consolidating the two private loans?
Is it possible to re-consolidate the two federal consolidation loans together? and would that be beneficial?
also are there any good loan consolidation programs i should look into that could help me reduce monthly payments.
I am trying to buy a home before the end of the year and i am trying to get a realistic estimate on what i can afford. Student loan debt is really the only potential monkeywrench right now.
Thanks in advance for any recommendations!
Full Version: Help with getting student loans "manageable"
oh and if it helps any..my FICO score was 739 just two weeks ago.
QUOTE(Indiegrind @ Jun 4 2007, 04:58 PM) 
First i want to say that this site is great. I really am a bit confused with how to handle my student loans.
I recently graduated from law school with a bunch of student loan debt. I am trying to figure out what to do with my loans. I have done two prior federal consolidations. One for undergrad and one after law school.
Here are my current loans.
1. Citifinancial (undergraduate federal consolidation): $27,477.07 at 6.250%, payment last at $413.82 per month (on deferment)
2. Trinity Higher Education Authority (lawschool federal consolidation): $57,710.84 at 4.75% payment currently at 235.12 per month.
3. Access Group Bar Exam Loan (Private): $9,369.19 at 9.298%(variable) payment is $87.00 per month
4. South Carolina Student Loan Corp (Palmetto Assistance Loan)(Private): $19,984.77 at 8.25% currently at 188.00 per month.
i am not sure about the duration of the citifinancial loan. I did this consolidation long ago, but i will find out today and see if it can be extended and update. My main questions are
Would i benefit from consolidating the two private loans?
Yes, but considering one is at prime and one is at prime + ~ 1% I'm not really sure it would save you any significant amount of money, especially when you consider the fact that private loan consolidations almost always have an origination fee. Considering their balances I would recommend just paying them off fast.
Is it possible to re-consolidate the two federal consolidation loans together? and would that be beneficial?
You can consolidate the 2 federal consolidations into 1 new consolidation. WOudl it save you money? Possibly, but no guarantee. Would it make repayment more managable? Yes. You'd get up to 30 years to repay. Lower monthly payments. Interest rate would be weighted average.
also are there any good loan consolidation programs i should look into that could help me reduce monthly payments.
For the federal there are a number of great lenders out there. For the private I woudl recommend just paying them off ASAP.
I am trying to buy a home before the end of the year and i am trying to get a realistic estimate on what i can afford. Student loan debt is really the only potential monkeywrench right now.
If you're getting deferments on yoru student loans now is not a good time to buy a house. Pay off the private oans and get the federal consolidated before you even consider that IMO.
Thanks in advance for any recommendations!
I recently graduated from law school with a bunch of student loan debt. I am trying to figure out what to do with my loans. I have done two prior federal consolidations. One for undergrad and one after law school.
Here are my current loans.
1. Citifinancial (undergraduate federal consolidation): $27,477.07 at 6.250%, payment last at $413.82 per month (on deferment)
2. Trinity Higher Education Authority (lawschool federal consolidation): $57,710.84 at 4.75% payment currently at 235.12 per month.
3. Access Group Bar Exam Loan (Private): $9,369.19 at 9.298%(variable) payment is $87.00 per month
4. South Carolina Student Loan Corp (Palmetto Assistance Loan)(Private): $19,984.77 at 8.25% currently at 188.00 per month.
i am not sure about the duration of the citifinancial loan. I did this consolidation long ago, but i will find out today and see if it can be extended and update. My main questions are
Would i benefit from consolidating the two private loans?
Yes, but considering one is at prime and one is at prime + ~ 1% I'm not really sure it would save you any significant amount of money, especially when you consider the fact that private loan consolidations almost always have an origination fee. Considering their balances I would recommend just paying them off fast.
Is it possible to re-consolidate the two federal consolidation loans together? and would that be beneficial?
You can consolidate the 2 federal consolidations into 1 new consolidation. WOudl it save you money? Possibly, but no guarantee. Would it make repayment more managable? Yes. You'd get up to 30 years to repay. Lower monthly payments. Interest rate would be weighted average.
also are there any good loan consolidation programs i should look into that could help me reduce monthly payments.
For the federal there are a number of great lenders out there. For the private I woudl recommend just paying them off ASAP.
I am trying to buy a home before the end of the year and i am trying to get a realistic estimate on what i can afford. Student loan debt is really the only potential monkeywrench right now.
If you're getting deferments on yoru student loans now is not a good time to buy a house. Pay off the private oans and get the federal consolidated before you even consider that IMO.
Thanks in advance for any recommendations!
QUOTE(Cynic @ Jun 4 2007, 11:29 PM)
QUOTE(Indiegrind @ Jun 4 2007, 04:58 PM)
First i want to say that this site is great. I really am a bit confused with how to handle my student loans.
I recently graduated from law school with a bunch of student loan debt. I am trying to figure out what to do with my loans. I have done two prior federal consolidations. One for undergrad and one after law school.
Here are my current loans.
1. Citifinancial (undergraduate federal consolidation): $27,477.07 at 6.250%, payment last at $413.82 per month (on deferment)
2. Trinity Higher Education Authority (lawschool federal consolidation): $57,710.84 at 4.75% payment currently at 235.12 per month.
3. Access Group Bar Exam Loan (Private): $9,369.19 at 9.298%(variable) payment is $87.00 per month
4. South Carolina Student Loan Corp (Palmetto Assistance Loan)(Private): $19,984.77 at 8.25% currently at 188.00 per month.
i am not sure about the duration of the citifinancial loan. I did this consolidation long ago, but i will find out today and see if it can be extended and update. My main questions are
Would i benefit from consolidating the two private loans?
Yes, but considering one is at prime and one is at prime + ~ 1% I'm not really sure it would save you any significant amount of money, especially when you consider the fact that private loan consolidations almost always have an origination fee. Considering their balances I would recommend just paying them off fast.
Is it possible to re-consolidate the two federal consolidation loans together? and would that be beneficial?
You can consolidate the 2 federal consolidations into 1 new consolidation. WOudl it save you money? Possibly, but no guarantee. Would it make repayment more managable? Yes. You'd get up to 30 years to repay. Lower monthly payments. Interest rate would be weighted average.
also are there any good loan consolidation programs i should look into that could help me reduce monthly payments.
For the federal there are a number of great lenders out there. For the private I woudl recommend just paying them off ASAP.
I am trying to buy a home before the end of the year and i am trying to get a realistic estimate on what i can afford. Student loan debt is really the only potential monkeywrench right now.
If you're getting deferments on yoru student loans now is not a good time to buy a house. Pay off the private oans and get the federal consolidated before you even consider that IMO.
Thanks in advance for any recommendations!
Thanks so much for your advice Cynic. I am mainly concerned about lower payments for the near future than saving a few bucks in the long run because I am just out of law school and I dont have a permanant attorney job yet. I work as a law clerk presently.
I would also like to ask about my wifes loan, i'll have to get the details on her federal consolidation but is it possible to combine our federal student loans?
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