Student Loan Consolidation

[714562]

D

 

[iamduval]

I graduated last year and consildated in may 2011. I recieved a letter in the mail a few weeks ago that they just paid off sallie mae and consolidated my loans. I havent heard anything since but ill let you know. I guess it typically takes a year for them wrap up the process

 

[No1]

Who's done it? What's been your experience? Just finished my application for a direct loan consolidation. Seemed legit. You only have to pay interest on the unsubsidized portion of your loan and still defer if you're continuing with school. That last part is particularly important for me since I'm starting law school in the fall.

Any words of wisdom from people who've been there before?

They're slow as shyt and won't even know that you deferred until you tell or have your school tell them. That's what happened to me when I hit law school. I got hit with a bill like

 

[lachreyatarbabypits]

I'm only leaving school with the FAFSA loans. I dont need to do this do I?

 

[714562]

They're slow as shyt and won't even know that you deferred until you tell or have your school tell them. That's what happened to me when I hit law school. I got hit with a bill like

See, this is what I don't want to happen. I'll have to bombard my law-school with some emails...

What'd you do when the bill came in?

 

[iamduval]

you gon get that sallie mae bill before you hear from them

 

[714562]

you gon get that sallie mae bill before you hear from them

Doubtful, considering the consolidated loan hasn't been created and disbursed yet. I could swing it

 

[Economics]

Who's done it? What's been your experience? Just finished my application for a direct loan consolidation. Seemed legit. You only have to pay interest on the unsubsidized portion of your loan and still defer if you're continuing with school. That last part is particularly important for me since I'm starting law school in the fall.

Any words of wisdom from people who've been there before?

You said direct loan so that's just your Fed loans then right, no private? I knew someone who was better off with the non-consolidation because her overall total amount went up for pmt. That's the only thing I'd be careful with (if you looked at it all then disregard). As for me, I consolidated and it helped me out with per month and total because of the way the loans were structured.

 

[Rawtid]

Unless the interest rates on your current loans are extremely high, it makes very little difference. Pay close attention to the amount of interest payments outstanding because they snatch that first, leaving very little of your payment to go toward the principal taking it forever to pay off the damn loan.

 

[kingdizzy01]

my advice: stay in school at least half-time and pay that shyt as you go. that interest is gonna add up like