Financial Challenges Support Group

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student loans

deleted_user
deleted_user
Alright so I finished schooll back in august and I will do my commencement ceremony next month. I have to admit, because I didn't have school this semester I haven't even thought about student loans at all. I am sure that there is some financial counselor that my school has but I would like to get the heads up. I was told a while back that some loans start 6 months after I finish and some start 9. I assume they are talking about me finishing in august right and the graduation day?

I have heard of people using consolidation but I get so many in the mail I do not know which companies are legit and which ones are gonna do the job. I don't care if I have to pay for 30 years, I just want the smallest payment possible, and maybe I can start making higher payments later. I just don't want this whole thing to break me financially because I am just starting to get on my feet.

I know I owe around 30 thousand, which sadly isn't that bad compared to some people I've talked to. I just don't want to fuck this up. I want to do it right. I already have bad credit and i have a few other things I want to pay off so please offer me some help.

Thank you!
deleted_user
deleted_user
I can sympathize, I owe in total alomost $60,000 in student loans, and here's the kicker.......I never finished school!!!!! And I'll never go back !!!! And I don't care!!! But seroiusly, when it comes to consolidation, I went to my original lender, in Ohio it's Great Lakes. They consolidated for me and I was able to defer my payments every 6 mos (that means no interest accrues). Go to some financial advice websites, there's tons of info out there on who to consolidate with and they're usually VERY flexible about pmts. I just re-consolidated with another company to include another loan and right now I have a forebearance (basically a deferment but interest accrues). If you want to put off pmts you can do this pretty much indefinitely. Try and consolidate with Sallie Mae, they're like the most legit company out there.
deleted_user
deleted_user
You choose whatever lender you want to for consolidation. I chose Wells Fargo Bank, I don't know if you have that kind of bank where you live but my payments are only 75.00 a month.
deleted_user
deleted_user
Your federal loans should be consolidated. Right now you have 6 months grace period to start repayment. If you consolidate at this time you will have lower interest rates than if you wait til after your grace period. However, make sure when you sign for a consolidation that it does not interrupt your grace period. Meaning you should still have the full six months to begin payments. Do not wait to do this. The federal interest rate is set once a year in June or July. It doesn't matter what lender you go to your interest rate will be the same. You will need to chose a lender that has payment options that suit your needs. I opted for a payment plan that allowed me to pay $50 a month for a couple of years and then went up to $138 a month after that. This is good if you don't find work right away.
As for private loans this is a whole different story and you will not be able to consolidate private with federal loans. You will need to consolidate at the lowest interest rate possible.
Good luck to you and if you need more help just send me a message. I learned the hard way. If you are able to I highly recommend a financial planner.
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