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Does anyone know if the monthly payment changes when you get rate reductions? My gut tells me no, but I'm not certain. I'm trying to put together an Excel spreadsheet that will calculate this stuff exactly and show me the benefits of various consolidation offers in dollars and cents. Edit: Actually, if the payments don't lower, the loan will almost definitely be paid off before it's term... AsphaltBelyflop fucked around with this message at 22:19 on Jun 26, 2007 |
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Jun 26, 2007 21:58
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It doesn't change the payments themselves, but the amount of payment going to interest vs. principal. I got your PMs, and I'm sorry I didn't reply; it's really hard for me to keep up with SA during the work week since I can't touch the site at work, hehe. I can help with general questions about consolidation, and I can help break down how different benefits can help you. Remember, interest rate reductions before anything else!!! If you find another great company, please post it here so that I can add it to the OP. And hey, thanks for registering! You are The Awesome!!!
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Jun 27, 2007 01:34
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Wiggy Marie posted:It doesn't change the payments themselves, but the amount of payment going to interest vs. principal. Don't worry about the PMs. I figured most of the answers out anyway. I haven't found any other great companies or anything, but if I finish up this spreadsheet I'll send it your way. That way you'll be able to tell directly if one offer is better than another, and perhaps distribute it to other people who would like to see the benefits of various offers. I'll work on it today and post if I get something viable working.
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Jun 27, 2007 13:29
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I've got a question: I currently have 3 student loans that I'm paying on: 2 through Great Lakes that run about $230 a month at 4.45% interest and one through American Educational Services, who I'd like to mention is the absolute scourge of the earth when it comes to any kind of lender. The AES one runs $111.80 a month at a whopping 9.95% interest rate. It was a private loan through Bank of America that got sent to them, or something like that. I've tried to consolidate the AES one, but since it's a private loan, I can't. Is there anything I can do or anywhere I can move it to potentially get a better interest rate?
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Jun 27, 2007 14:45
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OK, here is my situation. Any help would be awesome. My wife and I have a total of three loans for my education. Two are in her name and one is in mine. All 3 are private "tuition answer" loans from Sallie Mae. I graduated in May and will be attending law school in the fall. I'm looking to: A) consulate all 3 loans B) lower the interest rate on my wife's loans (pretty high %) C) Defer payment until I graduate from law school I called Sallie Mae and they won't do A because they are under two different names (even though I'm the student listed on both and we are married). They were willing to help with B if I consolidated her loans with them. However payment would be due immediately on the consolidation because I was going from "tuition answer" (which has a 48 month deferment) to a consolidated loan. If my wife were going to law school, she could defer the payments for 48 months but not because I am. Any third party companies that would help achieve A-C?
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Jun 27, 2007 18:33
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I am restarting (after already earning a BA previously) school in the fall. I do not want to work so I can focus 100% on my studies. Federal loans will only cover my tuition. So, I checked Sallie Mae and their interest rate is 15%, which is horrendous. I will work if I have to, but, like I said, I'd prefer to just focus on my studies. Are any other options besides private loans (perhaps better companies?) that I do not know about?
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Jun 27, 2007 21:53
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Ok, so I finished my calculator, and I checked the two options in the OP. Assuming it is a 24 year loan, NTHEA would save you ~$850 over the life of the loan (with the considerations presented). I suppose it's worth mentioning that a lot of that can come from the final $599 forgiveness. If you paid attention towards the end of your loan you could actually maximize it with minimal effort for an even higher yield. I've fiddled with the variables a little, and NTHEA always comes out on top, but the final savings fluctuate a bit. Also, it's worth noting that $850 saved over 24 years is nothing to get too excited about. I also included a way to calculate the benefit (if any) of paying more than the minimum on the loan. Unless I am doing the calculations wrong (which is possible, but they seem to check), I will never pay more than my minimum. The money you would add to your payment can earn a great deal more. For instance, sticking with the OP, if I were to choose NTHEA as my consolidator and then pay $300 a month instead of the $211.56 minimum, I could earn $2000 more in interest (from a savings account with a 4.5% APY) than I would save by paying the loan off early (this of course would require me to actually save every penny of that difference and not touch it for the life of the loan - easy enough I guess, but I imagine most people would rather spend it). Again, $2000 over 24 years is not a whole lot of cash, neither is 4.5% though. If anyone is interested in taking a look at the calc/using it yourself just send me a pm. I tried to make it as versatile as possible.
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Jun 28, 2007 01:04
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This sounds like a question that could be answered easily enough but I have been getting the run-around from financial aid for about a year now. I have a small outstanding debt to my current college and as such cannot afford to go for fall semester. As far as I know, I am also on probation for poor grades and also for dropping out half-way through previous semesters several times. Are there any financial aid options available to me? I've tried FAFSA but I think this SAS(?) Probation prevents me from receiving federal aid, which sucks because the only way to get off probation is to attend class, which I can't do because I can't afford it.
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Jun 28, 2007 14:18
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I have $3900 that I owe from my spring semester and can't start my fall semester without paying the spring tuition first. I've lost my loans through my school because in 2006, both of my semesters I got below a 2.0 (yeah, yeah..). I can get a loan through my school (University of Central Arkansas) fine and dandy for the fall semester because of my performance in the spring.....but I still need to take care of the spring tuition. What do I do? It seems the most feasable idea is just to take this semester off and come back in the spring so I can save up the $3900 to pay.
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Jun 28, 2007 22:45
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Just a quick post to say advice is coming, I swear. I'm just swamped at the moment and can't think straight. Sorry for the wait goons  If anyone else would like to try, have at it! I hate to keep people waiting.
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Jun 29, 2007 04:29
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Wiggy Marie posted:Just a quick post to say advice is coming, I swear. I'm just swamped at the moment and can't think straight. Make with some answers! 
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Jul 2, 2007 06:36
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SolidHavoc posted:This sounds like a question that could be answered easily enough but I have been getting the run-around from financial aid for about a year now. I have a small outstanding debt to my current college and as such cannot afford to go for fall semester. As far as I know, I am also on probation for poor grades and also for dropping out half-way through previous semesters several times. Are there any financial aid options available to me? I've tried FAFSA but I think this SAS(?) Probation prevents me from receiving federal aid, which sucks because the only way to get off probation is to attend class, which I can't do because I can't afford it. Dude, I'm in the same situation. I dropped out twice due to illness (but my school no longer has medical withdrawal) so I lost my fin aid. I have to take and pass 12 hours of classes...which I have to pay for. I've been out 3 years now, trying to get it together. I have a plan, though, which should get me back in this fall. However I have loans to deal with and such first. I'll probably be posting some questions before long. Too tired tonight.
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Jul 2, 2007 06:43
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Roger_Mudd posted:Make with some answers! I will tomorrow, I promise! And you may continue nagging me to make sure I hold true to that! I'm really, really sorry guys. My brain has been riddles with illness. I've been monitoring the thread, but unable to focus long enough to make a decent reply. Tomorrow! You have my permission to pm me several times as a reminder.
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Jul 2, 2007 06:51
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Aw hell, here's some answers! Yey for me! I apologize again for the wait. If anything's unclear or not detailed enough, let me know and I'll go over it again...tomorrow  mintskoal posted:I've got a question: This will also help to answer Roger_Mudd's question. I recently found out that there is a company called Loan to Learn which consolidates private loans. http://www.loantolearn.com They came recommended by a friend, so please, both of you, take a gander and let me know if it seems worth it. Private loans are not my strength; private loan consolidation is even more iffy. Reni, unfortunately for undergraduate students, in terms of loans, there are only federal loans and private loans. You can always bust your butt filing for grants/scholarships. Every little bit helps. AsphaltBelyflop, I'd love to see your calculator. The NTHEA incentives have actually just changed, which is something else I'll need to do for the OP. The 1% reduction is after 24 payments instead of 36, and they don't do the cask back program anymore - only a rebate of up to a certain amount depending on your principal balance, and only once. But the interest rate reduction still saves more. Remember people, interest rate reductions ALWAYS save you more. I'd love to see that chart you've made! In fact, if you were able to web-base it in some way I'd definitely link to it in this thread for people to peruse. I'll try to remember to PM you my e-mail address. For all those in the owing money/probation line, I know that the school won't certify for a federal loan in that situation, especially during academic probation. Sometimes they WILL certify for a private loan, OR you can find a private loan that doesn't go through the school (yes they exist!) Or you can take out a private personal loan through the bank. Or a credit card of some kind. I've talked to kids in your situation on the phone; I guarantee that the school will be less than happy to play along. If you owe money there's a better chance because certifying a loan means that they'll receive the money; if you're on academic probation, there's not a chance they'll certify a federal loan, and only *sometimes* will they certify a private loan.
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Jul 2, 2007 07:08
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Is there any circumstance under which student loan debt can be discharged? Permanent disability, incarceration, etc?
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Jul 2, 2007 07:37
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If the school you've been attending closes and your credits are non-transferable, you can get your loans discharged. Also permanent disability (which must be proved and is akin to pulling teeth to get) and death. If the person who took out the loans dies, no one else is required to pay them; they are "forgiven." Similarly, if a PLUS loan borrower dies OR if the student they took the loans out for dies, the loans are forgiven.
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Jul 2, 2007 16:39
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Just an FYI to all my pretties: my site is being completely redesigned (thank goodness) next week, so you can officially post in here without fear of being nagged into creating an account there! Huzzah! I have some serious work to do on my OP, 'cause interest rates and aggregate limits have changed. I hope to get to this in the next few days. Also, for all those searching for a consolidation, NTHEA has changed their entire benefits program. The interest rate reduction comes sooner, and there's only one, yes one, principal balance rebate. Of course, the interest rate reduction will help you more. That being said, this REALLY makes the other company in the OP look like a goldmine of savings. AsphaltBelyflop, so you still happen to be around? We need to discuss this so that you can update that list you made. The one you never ever sent to me! EHEM. Wiggy Marie fucked around with this message at 02:41 on Jul 13, 2007 |
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Jul 13, 2007 01:04
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Wiggy Marie posted:If the school you've been attending closes and your credits are non-transferable, you can get your loans discharged. Wait so if if the university loses Accreditation I can get loans discharged? w00t, (maybe). EDit: Thanks for the info. No w00t for me it seems. It does suck to be me. I have had over $12,000 in Tax refund money seized in the last year. (out of the country and all that.) MyDogIsBeano fucked around with this message at 04:56 on Jul 13, 2007 |
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Jul 13, 2007 02:21
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http://www.ed.gov/offices/OSFAP/DCS/forms.html Behold! A list of the forms for a total loan discharge. Notice it is school CLOSURE. I read through it real quick and didn't see anything about accreditation being lost, so if your school sucks, apparently sucks to be you?
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Jul 13, 2007 03:53
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Is it possible for me to take out perkins/stafford loans without a co-signer if I am under 18? I am starting school this fall and have to pay my entire way and neither of my parents can be co-signers, a problem that has already stopped me from being approved for PLUS loans or any private student loan. I'm worried that I will be denied for my perkins/stafford loans as well since I am applying on my own for them and will not be 18 until this coming november. Should I be worried about this? I've also been told that if you are denied for the undergrad PLUS loan, the federal goverment will allow me to have an extra $4000 dollars on my stafford loan (already at $3500). This is true, right? How do i go about doing this? Will i like receive notification in the mail or would I have to talk to the bank i applied for the stafford loan at (citibank) and tell them to add $4000? Thanks for the incredibly useful thread, I had no idea about anything to do with loans before reading the OP
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Jul 15, 2007 02:27
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Stafford and Perkins loans do not require a co-signer, but if you are not an independent (qualifications in the OP) you'll need to include your parent's tax information. Yes this sucks, but welcome to the federal policy. If one of your parents is denied for a PLUS loan, it does in fact make you potentially eligible for additional Stafford funding. But the parent must either authorize you to apply or do the pre-approval themself, as this does involve a credit check. If you get the denial, the lender *should* send this information to the school and they *should* process it automatically for the change in your funds.
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Jul 15, 2007 09:05
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I think you'll be able to help me. I'm going into my 3rd semester this fall. I have an academic scholarship (tuition, room, and board), plus Stafford loans, and my parents were denied for the PLUS loan, so I will be eligible for more Stafford loans. Altogether, about $9k. HOWEVER, I'm an Aviation student- and if you know anything about that, it's an expensive road to go down. So, I'll be needing about $7000 extra each year to pay for flight training. I realize I'll need a cosigner, which shouldn't be a problem, but I'm at a loss of which loan to go for. Originally, I was going to do Sallie Mae, but I'm reconsidering after reading this thread. Basically what I am asking is which loan company is best to go for in my situation, right now. Feel free to PM me if you need more details or would like to talk in private. Thanks for this thread!
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Jul 23, 2007 21:16
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Run away from Sallie! RUN!!!! Ehem...not biased, I swear. Ehem... First of all, I r suk for not answering you sooner. Sorry about the delay, please forgive me! Second, you're correct: I've spoken with aviation student, and holy hell it's like a medical degree but with flying. What alternative loans has the school recommended, and/or which are you checking out personally? Every single one is different, and there are billions out there, so gimme a start point and I'm all over it.
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Jul 25, 2007 23:40
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Wiggy Marie posted:Second, you're correct: I've spoken with aviation student, and holy hell it's like a medical degree but with flying. Oh well, flying is fun As far as alternative loans go, I don't have any leads really. After Gov't loans, the people at my financial aid center said that a private loan was what I would have to get, and pointed me to the brochures for the private loans. I'm not sure if they were busy that day or what, but not very helpful. I can all them if you want me to, and see what they recommend, but I can't go by there because it's about 200 miles away. I might do that tomorrow, though. I was going to check out Astrive and Chase, simply because I've heard of them. I might also check out my hometown bank's student loans, but I'm not sure how they'll be. It's Arvest Bank, if you're curious.
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Jul 26, 2007 01:46
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I've never had to do the whole loan thing before now but I'd really appreciate some advice. Here's the situation: My parents have paid for my associates at a local community college and now I'm transferring to a 4 year university. I've done my fafsa and received a $4500 award offer on a Direct Subsidized loan. My estimated tuition, fees, and books is around $6000. I've checked around simpletuition.com and came up with a couple private loan options keybank.com http://www.simpletuition.com/undergraduate/loan_details?id=12512&qCGI=true&bbt=1011000&amt=1500.0&dt=28&hl=l&cgn=1&dsp=1185940800000&ps=a and campusdoor.com http://www.simpletuition.com/undergraduate/loan_details?id=12477&qCGI=true&bbt=1011000&amt=1500.0&dt=28&hl=l&cgn=1&dsp=1185940800000&ps=a Also, would I just be contacting them each year and getting another $1500 - $2000 when I need it? What is best in my situation? Thanks
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Jul 26, 2007 02:17
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Most schools will list their alternative loan preferences online, so hopefully you won't need to travel. What's the school's name? Also, I'll research those two for ya, Dismayed Jester, but really quick: would either of your parents be able to be denied for a PLUS loan? You'll need to apply with a brand new FAFSA every school year for your federal loan. Oh, the fun! I'm unsure about the "easy renewing" offered by that alt loan, so I'll check that out. Anyway, I ask if one of your parents can get a denial because this would make you eligible for additional federal loan funding. Always worth a shot! Wiggy Marie fucked around with this message at 02:55 on Jul 26, 2007 |
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Jul 26, 2007 02:51
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The school is Oklahoma State University. I don't want to take out a plus loan since I don't want my parents to have to pay for my loans.
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Jul 26, 2007 03:05
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Wiggy Marie posted:Most schools will list their alternative loan preferences online, so hopefully you won't need to travel. What's the school's name? Schools can't recommend lenders, alt loan or otherwise. Lots of hoohah about that in the news lately.
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Jul 26, 2007 03:30
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Actually they can, they just have to justify it now. Which is perfectly understandable. Preferred lender lists are still very much so in existence, they're just supposed to be based more off of benefits to the student rather than the incentives the school itself gets. Which is nothing but a good thing. My own company is still on all of the preferred lender lists we were before, and is still the preferred lender of at least 3 schools, same as before. Trust me, it's still done. Don't believe everything you read; the policies haven't changed nearly as much as the news would have you believe, and a good portion of what's changing is scheduled to do so within the next 5-7 years. The Department of Ed. isn't reknowned for their timeliness in these things. I was honestly hoping for a faster reform than what's actually going to happen, but reform is reform, I guess. My personal highest hope and dream is that they will create something like the GradPlus loan for undergraduate students and freaking change the application criteria for an undergraduate student. Wouldn't it be nice if the student could waive the parent's portion of the FAFSA? That way the student who's paying for themself could get all of the funding they needed, or at least more in federal rather than alternative/private loans? Ugh. Don't get me started. Wiggy Marie fucked around with this message at 04:10 on Jul 26, 2007 |
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Jul 26, 2007 03:56
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Dismayed Jester posted:The school is Oklahoma State University. I don't want to take out a plus loan since I don't want my parents to have to pay for my loans. That's why you're looking for a denial. If they get denied, you get more Stafford funds and they don't have to take out the loan because they were...denied. And what city is it in?
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Jul 26, 2007 04:02
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I wish I could help some more, but my internet is crawling around 14.4k down (Hopefully getting fixed tomorrow). http://www.hsu.edu is the website, Henderson State University. I'll give them a call tomorrow morning and let you know what they say, though. edit- http://www.hsu.edu/content.aspx?id=8257 <-- preferred lenders.
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Jul 26, 2007 04:12
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Wiggy Marie posted:That's why you're looking for a denial. If they get denied, you get more Stafford funds and they don't have to take out the loan because they were...denied. Sounds good, I'll look into it tomorrow. Its located in Stillwater, Oklahoma.
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Jul 26, 2007 05:52
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Kaitian fucked around with this message at 02:33 on Jan 19, 2010 |
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Jul 26, 2007 09:17
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Thanks for the thread.
The March Hare fucked around with this message at 20:21 on Aug 14, 2007 |
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Jul 26, 2007 15:54
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hi.. regarding private loan consolidation, is the only place you know of loan to learn? i've currently got 14k in stafford/perkins and about 72k in private (i thought it would be a great idea to leave trailer park suburbia and head off to a big fancy east coast art school and get a degree that isn't very marketable), that i'll be looking to consolidate next may. all of my loans are through sallie mae/ams/great lakes, three years with a cosigner and my loan for senior year (that i took out mere days ago) in my name only, because they denied my new cosigner but approved me. i know next to nothing about what i should try and do when i get out of school next may. my repayment starts in november 08, and my parents are more broke than i am, so i really don't have a safety net. i know it isn't your strong point, but do you have any info pertaining to my plight? i tried my debt in the loan to learn calculator and it says 680 a month at best, but i really have no idea. anything you've got would be great.
root a toot fucked around with this message at 21:01 on Jul 26, 2007 |
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Jul 26, 2007 20:58
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I've got my Stafford loan all set, but it's just enough to cover tuition. No books or other school supplies. Is a supplemental student loan a good idea? I don't think I make near enough at my current job to be able to sustain myself while in college. I want to get a laptop for school, too. Advice?
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Jul 26, 2007 22:36
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Are there any federal/state programs that give grants/sub or low APR loans to cover living expenses? My tuition is covered, but rent is...well...really freaking expensive. As is food. And power.
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Jul 26, 2007 23:01
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Wiggy Marie posted:When are my loans deferred (no payments due)? Please excuse me if this has been answered, but if I continue directly onto graduate school (medical or masters) after my undergrad my loans will continue to be deferred until I'm less than half-time status, correct? Does that mean that my subsidized loans (Perkins, Stafford) will continue to be subsidized until I'm below half-time status? I'd love to hold on to these subsidized loans for as long as possible. It's a really good deal.
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Jul 27, 2007 03:28
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Kaitian, the only thing that came to mind after reading your thread was something I mentioned earlier: For everyone reading or keeping up with this thread, this might help clear up a lot of these questions: the only non credit-based loans you will ever find, as a student, are the federal loans. Everything else is credit based. There's no mystical magical loan that will materialize out of nowhere to help satisfy your remaining costs. There's a good reason so many college students are in so much debt with alt loans, and are tired beyond normal working one to even three jobs while attending school. If you can't get a scholarship or loan, the answer will always be the same: get an alternative loan if you can and MUST, or get a job. It sucks and I hate it, but that is the truth. Kaitian, you're going to have to take it one way or another. Sometimes the state offers a grant or private loan which is better than the standard fare, but you're going to have to look up your state's higher education website and see if anything comes up. Or I could do that if you tell me your state. Another idea is to take out a credit card and use that to pay for things. You can see how that might quickly turn into debt city, but when you're out of options... The March Hare, would your mom be willing to apply for a PLUS loan for a denial? That could get you more funding automatically, and she would be denied, so no loan in her name and more in your own! Yeeeeey. Unless you already have all the Stafford funding you could ever hope for? See Kaitian's answer for the rest of mine, with particular emphasis on the "maybe the state has a loan to help" part. root a toot, I know that the TERI corporation also offers alternative loan consolidation, and if I'm not mistaken Sallie Mae does too. Yes I hate Sallie Mae, but to be fair when it comes to private loans everywhere pretty much sucks equally Here's a couple that I've found: http://www.educationalloancompany.com/ They are CONFIDENT that they have the lowest rate! The LOWEST! What a great video. http://pcl-go.higheredloans.com/gcocons/benefits.html Higher Ed! But not, you know, THE department of ed! http://www.finaid.org/loans/privateconsolidation.phtml A fantabulous list from an awesome website. Check it out! I hope you find something that suits you. PLEASE report back your results to this thread; others could benefit! bradzilla, it honestly depends on how comfortable you are with taking out a supplemental loan. If you're sure that you'll be able to pay it back without pain, then why not? Go for it. Just make an educated decision and research the HELL outta the company you choose. LethargicTheHutt, there are quite a few, but qualifying for them is a real bitch sometimes. Most states have at least two programs, both a grant and a private loan, that they offer and that is also extremely hard to uncover. The higher education commission is what you want to look for; or of course, tell me your state and I'll check it out. kuuz, you are correct. As long as you are at least half-time or more and at a school that is eligible to take federal loans (it doesn't have to actually participate in the program), your student loans are deferred. Your subsidized loans remain subsidized loans at all times; what changes is whether they are accruing interest or not. Simple rule of thumb: during ANY type of deferment or your grace, subsidized loans have no interest. Otherwise, interest ahoy! One thing to mention: if you consolidate your Perkins loan(s) with your other federal loans, they become unsubsidized. Like magic! CloFan and Dismayed Jester, I haven't forgotten you two. I WILL get back to you, I promise! Feel free to nag me in PMs and IMs to remind me.
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Jul 27, 2007 05:12
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Wiggy Marie posted:
Cool. I know I gave you a big job by not having any idea of what companies I want to loan from  Also, there's a nice big Sallie Mae banner at the top of this page... hmm, unless you respond soon, I might click it... But really, thanks for helping me and other goons out! You rock!
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Jul 27, 2007 05:19
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