Student Loans

Kayden

Kayden

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So... I'm curious. I have about 4 different loans for college and I was wondering what the best way to deal with them was.

I keep getting these things in the mail about conglomerating my loans into one lump through some company. I asked my mom and she said don't bother with them yet. Of course, that was when I was still in school. Now that I've graduated, I've got the set amounts and all that stuff.

Can you guys recommend a good company to go through. Being the young-un I am, I'm clueless, but being a quasi-adult, I'm supposed to learn fast and soon.
 
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Well first, it's consolidate not conglomerate. :) And it really is a good idea to consolidate them into one. Keeps paying the bill simple. The best advice I can give you is to go with a company that is going to give you the lowest interest rate and make sure they have "emergency" forbearance clauses. You'll never know when you'll find yourself unemployed or unable to make the payments.

I've been using a company called ACS Financial for years and they really have been helpful. I've even consolidated the same loan just to get the lower interest rate.
 
Consolidate and conglomerate mean the same thing =P

What interest rate do you have now? Do you have a website or a phone number? Thanks.


Any other suggestions?
 
One thing to think of is whether or not you will be taking more student loans. Once you consolodate I don't think you can do it again, so it may be better to wait if you are going to be in school for a while longer.
 
[quote name='SatchmoKhan']One thing to think of is whether or not you will be taking more student loans. Once you consolodate I don't think you can do it again, so it may be better to wait if you are going to be in school for a while longer.[/quote]

I'm not overly anxious to get another 40k of debt thank you...
 
If you are all done with school then by all means consolodate. I am in grad school and get those same offers to consolodate from various companies every day. Most universities have information at their financial aid office / website with tips on Federal loan consolodation and details of what companies are reputable, that would be the best place to look.
 
i would shop an interest rate and go with the lowest of course and consolidate. remember you can only do this once per loan, so make sure you're done with your edumacation.

the other thing is use all extra funds to pay this thing off or you will be paying FOREVER.

Did you accrue interest while in school? Subsidized or unsubsidized?
 
Pay them off as soon as possible. I did, and it was one of the best decisions I ever made.
You can only defer them for 6 months after you graduate, unless you attend graduate school. After the first 6 months you start paying interest, which sucks balls. and sucks away all your cheapass gaming funds.
so buck up for 6 months, pay as much towards your loans as you possibly can (you don't need 3 meals a day, do you?)
 
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