Student Loan Consolidation - Has Anyone Done It Lately ?

[Jeff '79]

The damage is finally in for my daughter's 4 years of accumulated student loans....
Can anyone recommend a low interest consolidator ?
Is it a pita to do ?
Any advice is appreciated.

[snide]

Might want to fix the title...

[Jeff '79]

Might want to fix the title...

:rofl: Holy shit ! Thomas is rubbing off on me....:crazy:

[LATB]

:rofl: Holy shit ! Thomas is rubbing off on me....:crazy:

:lol:

[CertInsaneC5]

:rofl: Holy shit ! Thomas is rubbing off on me....:crazy:

:rofl:

[OddBall]

Might want to fix the title...
:rofl::rofl::rofl::rofl:

:rofl: Holy shit ! Thomas is rubbing off on me....:crazy:

:rofl::rofl::rofl::rofl:

[Entropy]

What type of loans we talking here? Federal loans? Private loans?

Try here.
http://www.loanconsolidation.ed.gov/index.html

[Burro (He/Haw)]

Lemme talk to my wife Jeff. She is wading through this puddle of mud right now.

Kids. More expensive than any guitar/camera/MC/Hair product/dog you'll ever own. :D

[Jeff '79]

Lemme talk to my wife Jeff. She is wading through this puddle of mud right now.

Kids. More expensive than any guitar/camera/MC/Hair product/dog you'll ever own. :D

You got that right.....Sure got that right......

Oh, that's the other thread....:D

We're talking :

Federal Perkins Subsidized
Federal Stafford Subsidized, and Unsubsidized
Federal Direct Subsidized, and Unsubsidized

$29k Subsidized
$6k Unsubsidized

$35k total...Not bad....It's a frickin' car loan.

I have to find out the interest rates now. I just made a spread sheet of this craaaap. I love wading through paper work...Lukily I'm organized, and have it all in separate files...

[kingpin]

Sell the kids and apply money to the loans. Buy kids back a year later at much lower price point. :D

[snide]

What type of loads we talking here? Federal loads? Private loads?

Try here.
Direct Consolidation Loans - Welcome!!! (http://www.loanconsolidation.ed.gov/index.html)

fixed. :leaving:

[CP]

The damage is finally in for my daughter's 4 years of accumulated student loans....
Can anyone recommend a low interest consolidator ?
Is it a pita to do ?
Any advice is appreciated.

Ain't 'Bama gonna pay this from his stash??

[NB2K]

If you have excellent credit you can get a signature note for around 4.5%. Money is cheaper than dirt right now, but I expect rates to go up by the end of 2012.

35K isn't really all that much.

[Jeff '79]

If you have excellent credit you can get a signature note for around 4.5%. Money is cheaper than dirt right now, but I expect rates to go up by the end of 2012.

35K isn't really all that much.

It's her loan, not mine, so that's why I'm starting to shop for her right now.
$35k is really nothing for the fantastic degree that she got.
She will graduate from Bucknell University with a 3.6~ GPA with a BS in biology, and a minor in Italian.
She's going to med school, after the Peace Corp....(assuming she gets in). If not, the opportunities are abundant for her degree field.
I take care of all this BS for her, so that she can concentrate solely on studying.
Bucknell cost, on average, over the past 4 years, $51k /yr..... I kicked in $10k/yr., and the rest was either scholarships, or aid.

$10k/yr Thomas.....That's some serious play money right there.

[Jeff '79]

fixed. :leaving:

Damn Snide ! That could be the ticket...:dance: I have to weed through all of the e-mails that I have been saving, to see if this is one of them...
If it is the ticket, it will be a low interest windfall for my daughter.... The timing is perfect.
Thanks for the heads up...:cert:

[Burro (He/Haw)]

Yeah, 10k a year will buy a lot of guitars and such, but the kid thing is a better investment all day long. Especially when they excel like yours has.

Good on ya bish. Serious.

[Jeff '79]

Yeah, 10k a year will buy a lot of guitars and such, but the kid thing is a better investment all day long. Especially when they excel like yours has.

Good on ya bish. Serious.

Making them self sufficient, as quickly as possible is my best investment...:Jeff '79:.....I have two in right now, and let me tell you, It sucks paying out the ass for it, but, like you said....It's worth it.

[NB2K]

It's her loan, not mine, so that's why I'm starting to shop for her right now.
$35k is really nothing for the fantastic degree that she got.
She will graduate from Bucknell University with a 3.6~ GPA with a BS in biology, and a minor in Italian.
She's going to med school, after the Peace Corp....(assuming she gets in). If not, the opportunities are abundant for her degree field.
I take care of all this BS for her, so that she can concentrate solely on studying.
Bucknell cost, on average, over the past 4 years, $51k /yr..... I kicked in $10k/yr., and the rest was either scholarships, or aid.

$10k/yr Thomas.....That's some serious play money right there.

Ah, OK.:cert:

If you co-make the loan she may still get a lower rate. Plus, it will help build her credit.

And I agree, 35K for a degree from Bucknell? Best. Investment. Ever.

[Jeff '79]

Ah, OK.:cert:

If you co-make the loan she may still get a lower rate. Plus, it will help build her credit.

And I agree, 35K for a degree from Bucknell? Best. Investment. Ever.

I don't co-make loans for anyone....It'll be hers alone, however, once some real estate deals that I have in the burner, come to fruition, I'll just take the payment book from her, pay it off, and call it a day.... She does not know that , though.....My dad did the same thing for me, and it was totally appreciated.....

[kingpin]

I don't co-make loans for anyone....It'll be hers alone, however, once some real estate deals that I have in the burner, come to fruition, I'll just take the payment book from her, pay it off, and call it a day.... She does not know that , though.....My dad did the same thing for me, and it was totally appreciated.....

You's a good man Jeffrey! :yesnod:

[mrvette]

If you have excellent credit you can get a signature note for around 4.5%. Money is cheaper than dirt right now, but I expect rates to go up by the end of 2012.

35K isn't really all that much.

Bullshit, stops one COLD from ever buying a house.....

so rent some apartment for 40% of income for 60 years.....

worth it???

[Will]

Your kid's loans are ALL Federal and ALL eligible for Income Based Repayment (IBR).

You should not pay them.

IBR will set monthly loan payments using the following formula:

Your kid's annual adjusted gross income, minus the poverty line, times 15%, divided by 12 months.

For example, if your kid makes $40,000 a year, the monthly loan payment would be around $300.

If your kid works in a public service job, including any sort of government job, after 10 years the remaining balance, if any is left, is forgiven TAX FREE.

Otherwise, any remaining balanced is forgiven after 25 years, and is treated as taxable income for that year (for now).

In short, no matter what your kid does/makes, they will have an affordable loan payment based on income level.

[LATB]

no kids

no student loans

no other loans

no shirt

no shoes

no problems............... :D

:dance:

[polarbear]

I don't co-make loans for anyone....It'll be hers alone, however, once some real estate deals that I have in the burner, come to fruition, I'll just take the payment book from her, pay it off, and call it a day.... She does not know that , though.....My dad did the same thing for me, and it was totally appreciated.....

:seasix:

We're going through that ourselves with our youngest.

[Jeff '79]

Your kid's loans are ALL Federal and ALL eligible for Income Based Repayment (IBR).

You should not pay them.

IBR will set monthly loan payments using the following formula:

Your kid's annual adjusted gross income, minus the poverty line, times 15%, divided by 12 months.

For example, if your kid makes $40,000 a year, the monthly loan payment would be around $300.

If your kid works in a public service job, including any sort of government job, after 10 years the remaining balance, if any is left, is forgiven TAX FREE.

Otherwise, any remaining balanced is forgiven after 25 years, and is treated as taxable income for that year (for now).

In short, no matter what your kid does/makes, they will have an affordable loan payment based on income level.

And she just may end up in a public service job, after the Peace Corp...
The loan payments will be deferred, AND NO INTEREST will accrue while she is in the Peace Corp.
After the Peace Corp, she will either go into med school, or grad school (the Peace Corp Pays for a portion), and once again, the payments are deferred, but not the interest.
She could conceivably, not start paying the loan back for another 8 years, and as you said, Will, after 10 years, it is forgiven if she is in a public service job.....
You're right Will.....I have to see how this all pans out before I pay anything...:yesnod:

[repo]

.
She's going to med school, after the Peace Corp....(assuming she gets in). If not, the opportunities are abundant for her degree field.
.

She didn't listen? Good luck, I hope she isn't blonde.:shots:

[ft laud mike]

no kids

no student loans

no other loans

no shirt
no shoes

no problems............... :D

:dance:

Ahhhh, the real reason you couldn't go for a beer finally comes out...
:cert:

[repo]

no kids

no student loans

no other loans

no shirt

no shoes

no problems............... :D

:dance:

no life.:shots:

[LATB]

Ahhhh, the real reason you couldn't go for a beer finally comes out...
:cert:

:rofl:

[SnikPlosskin]

Lemme talk to my wife Jeff. She is wading through this puddle of mud right now.

Kids. More expensive than any guitar/camera/MC/Hair product/dog you'll ever own. :D

You have a wife named Jeff? Hey, whatever floats your boat. :Sexy:

[Jeff '79]

She didn't listen? Good luck, I hope she isn't blonde.:shots:

Nope, and yep...

http://i999.photobucket.com/albums/af113/jeff79/075-1.jpg

[mrvette]

Your kid's loans are ALL Federal and ALL eligible for Income Based Repayment (IBR).

You should not pay them.

IBR will set monthly loan payments using the following formula:

Your kid's annual adjusted gross income, minus the poverty line, times 15%, divided by 12 months.

For example, if your kid makes $40,000 a year, the monthly loan payment would be around $300.

If your kid works in a public service job, including any sort of government job, after 10 years the remaining balance, if any is left, is forgiven TAX FREE.

Otherwise, any remaining balanced is forgiven after 25 years, and is treated as taxable income for that year (for now).

In short, no matter what your kid does/makes, they will have an affordable loan payment based on income level.

Will, lets take your 40 grand/year for example, since you suggested it...
and assume a state income tax of say Maryland at 8% ......

now we add in about 1200/month rent....paying someone's property taxes, but YOU don't get to deduct....

so off 32k, we have only rounded up to 3 grand/month....

minus income taxes and SS taxes....so figger 20% so 2400/month

which means with gasoline at 4 bux/gallon and costs of INSURANCE for a car to get to and from a JOB, lets figger 6 miles one way commute....

at 30 mpg....you get to pay for all that out of 300 bux/week TAKE HOME....

but one OOOPPPPS....health insurance, and you better pray that baby don't shit in your diaper....

:lol:

[repo]

Hope she doesnt go to Africa. Serious.....

[LATB]

Hope she doesnt go to Africa. Serious.....

:iagree:

young...blonde...American girl...

I would not let her leave the state.

[Jeff '79]

Here's the breakdown

$5500 @ 3.4%
$5500 @ 4.5%
$10k @ 5%
$8k @ 6%
$6k @ 6.8%
$35k

It averages out to about 5%... I dunno if I could do any better than that on the open market, but I'll give it a try, and see what happens.

[kingpin]

Nope, and yep...

http://i999.photobucket.com/albums/af113/jeff79/075-1.jpg

Looks like you have a case of the jimmy legs. :D

[Jeff '79]

Looks like you have a case of the jimmy legs. :D

Ya, I'm bowed like a mofo.......wth are Jimmy legs , though ?

[LATB]

Ya, I'm bowed like a mofo.......wth are Jimmy legs , though ?

"the kicks"

[Burro (He/Haw)]

whatever floats your boat.
Look! Mr. Limp Dick Hampsterflosser made a funny!

[Jeff '79]

Look! Mr. Limp Dick Hampsterflosser made a funny!

:Jeff '79:

[kingpin]

"the kicks"

:yesnod:

[Jeff '79]

"the kicks"

:yesnod:

I'm still lost here...Splain

[LATB]

I'm still lost here...Splain

leg "spasms"

also known as "Jake Leg"...it, from drink "Jake" (moonshine)

[Jeff '79]

leg "spasms"

also known as "Jake Leg"...it, from drink "Jake" (moonshine)

It's a photo....My legs ain't spasming.....

[LATB]

It's a photo....My legs ain't spasming.....

hey...I got no dog in this...

just 'splainin'... :dance:

[Burro (He/Haw)]

http://i274.photobucket.com/albums/jj280/Dilemma_1962/256252552.jpg

[Jeff '79]

Awwww....How cute......:fruit::fruit:

[kingpin]

It's a photo....My legs ain't spasming.....

It looks like your right leg has tourettes and is about to start jumping all over the place involuntarily. :lol:

Jimmy Legs - YouTube

[Jeff '79]

:rofl::rofl::rofl: That's hilarious, but I'm an amputee......That's really my middle leg...

[kingpin]

You have 2 daughters Jeff?
1 redhead and one blonde?

[Jeff '79]

You have 2 daughters Jeff?
1 redhead and one blonde?

Ya, so what ?

[Burro (He/Haw)]

Ya, so what ?

Best to keep an eye on this one. You have noticed the creepy infatuation with Skia's daughter.

[Jeff '79]

Best to keep an eye on this one. You have noticed the creepy infatuation with Skia's daughter.

Ya that's fk'd up......I think that he knows better.

[kingpin]

Ya, so what ?

Relax Jimmy.

I remembered seeing pics of your other daughter but not this one.

[Will]

And she just may end up in a public service job, after the Peace Corp...
The loan payments will be deferred, AND NO INTEREST will accrue while she is in the Peace Corp.
After the Peace Corp, she will either go into med school, or grad school (the Peace Corp Pays for a portion), and once again, the payments are deferred, but not the interest.
She could conceivably, not start paying the loan back for another 8 years, and as you said, Will, after 10 years, it is forgiven if she is in a public service job.....
You're right Will.....I have to see how this all pans out before I pay anything...:yesnod:

Do not defer.

You can literally make payments of zero dollars under ibr.

She simply needs to file taxes timely every year under ibr to prove income level for the calculation.

[Frizzle]

Peace Corps?

There are horror stories out there on what has happened to females. I think ABC or CNN did some sort of special a few years ago about it.

If she joined the military she could use her signing bonus to pay off most of her school debt and also get training/education in a medical field she wants to pursue in the civilian world.

There are lots of good deals out there... for low interest loans.

[repo]

Peace Corps?

There are horror stories out there on what has happened to females. I think ABC or CNN did some sort of special a few years ago about it.

If she joined the military she could use her signing bonus to pay off most of her school debt and also get training/education in a medical field she wants to pursue in the civilian world.

There are lots of good deals out there... for low interest loans.

My sons gf has had a first hand horror story that went and got swept under the
table. A kid from Notre Dame a few years ago was never heard from and never came back. All sorts of horror stories, especially the females.

The risks surely outweigh the benefits. Do charity work here somewhere where it is safer and less red tape.

My sons gf was in for 10 months and accomplished nothing between BS training, no money and the usual red tape. I would kidnap my kid before letting them join. Serious....

[LATB]

My sons gf has had a first hand horror story that went and got swept under the
table. A kid from Notre Dame a few years ago was never heard from and never came back. All sorts of horror stories, especially the females.

The risks surely outweigh the benefits. Do charity work here somewhere where it is safer and less red tape.

My sons gf was in for 10 months and accomplished nothing between BS training, no money and the usual red tape. I would kidnap my kid before letting them join. Serious....

:iagree:

I wouldn't join the peace corps if I was 7 foot tall...400lbs of solid muscle...expert in arms...and full of youthful strength.

the peace corps is a breeding ground for hippies and future liberal adults who want it on their resume...