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few tips
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Posted by Dan W (more from Dan W) on Tue, 7 Jun 2005 13:14:26 Share Post by Email
In Reply to: Re: Student loan consolidation, rob 94 cse, Tue, 7 Jun 2005 12:43:27
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1. like rob said, make decision about before vs. after 7/1.
2. that said, do not procrastinate. What can happen is, if you have multiple lenders (banks x, y, z) holding your loans, they can horse-trade/buy loans off each other. As soon as one has >50% of your loan accounts, by law when you consolidate you must consolidate with them. A game they play. This obviously reduces your options/rate shopping.
3. according to my old school's financial aid director (and a family member who works for one of the biggie loan companies), they had numerous issues with Sallie Mae playing fast/loose with loan payments requirements/timetables, holding students to unreasonable penalties, and showing zero leniency. That's her opinion, she said "stay away, lots of problems". I took that advice, but right after 7/1 I discovered Sallie Mae had bought up almost all of my loans and got stuck with them. So far, no problems.
4. getting automated payment option is key IMO
5. Lastly, as always, give consideration to what you can afford to pay off now (there are 3-4 basic plans most companies offer a flavor of). Yes, it will (probably) be easier later; but also yes, paying at least interest for now is better than nothing (forbearance, etc). That's from a residents POV for what it's worth; may not apply. On other hand, if have CC debt, structure to pay that off first (who cares about a 2.8% loan vs. 15%)

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