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student loan consolidation

Discussion in 'Help Forum' started by Peadur, Jul 14, 2003.

  1. Peadur

    Peadur Peasant

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    hey, i'm looking to consolidate my loans before heading off to peace corps... anyone know of any good companies that like to buy up loans? So far I've looked at sally mae and some gubment funded places.
     
  2. mud

    mud Peasant

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    Sally Mae? I heard of the Fannie Mae foundation, what is Sally Mae?
     
  3. Peadur

    Peadur Peasant

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    dunno... but they are the best deal I've found so far... ve schall schee...
     
  4. cowofwar

    cowofwar Peasant

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    How does it work? The company buys all your loans and then it's just one big loan from the company that you have to pay at the same interest plus a small fee?
     
  5. Lurk

    Lurk Peasant and Donator

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    Essentially, although the interest rate is not necessarily the same. Frequently you can save money by consolidating to a lower interest rate, which is the main reason for consolid

    You have to be careful though, with the sluggish economy, interest rates are dropping. If you had consolidated two or three years ago you'd be kicking yourself now, because you'd be locked into a higher rate than you can get now. Federal law says you can only consolidate once.

    That being said, I think the current Federal consolidation rate is 3.5%, which is damn good, and you should go ahead and consolidate. Compare that to 8.25% in 2000. Sallie Mae is a good a company as any, it has a good reputation. I used them myself and had no problems.
     
  6. Peadur

    Peadur Peasant

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    ya, I've chatted with sallie mae, and it looks like they can consolidate all my loans at 3.7 percent. It's good for me because a good 1/2 my loans are fixed intereste at 8.25 from when I started school. The rest are floating, so right now they are at 2.7 percent, but I really dont think that rates are going to go much lower, so it prob wont hurt to lock them in here.

    or so I hope.
     
  7. lady therese

    lady therese Peasant

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    Good Decision,

    You can always refer to online information and services about debt consolidation. Also, you can now consolidate your loans through banks. Have you tried consulting local banks near you?
    __________________
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    Last edited: Apr 4, 2007
  8. Jakeman

    Jakeman MSC Founder and Donator

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    3 year old thread, but at least the post was on topic and contributed, so I won't pull out the necromancy card. :p

    ps - welcome ;)
     

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