ShowHBK Posted December 1, 2016 Report Share Posted December 1, 2016 I have been doing a good chunk of research into consolidating my student loans from college and I have hit a bit of a road block and I was wondering what kind of advice CR can give on my situation. I currently have 4 private loans out from College that I am paying each month and a bunch of Federal loans that are in forbearance that I have never made a payment on yet. I am doing my best to keep up with things, but currently ~$884 a month go to pay just my student loans (two of them have variable rates which fluctuate each month). I am doing my best to come up with a solution which would allow me to pay less each month, but not jack up the interest over time but I can't currently find a solution. Every website I go to suggests that I should actually pay MORE money and make extra payments to get rid of my loans, which I understand, but in my case that would bankrupt me within a year. My goal is to lower my payments so that I can get a decent savings going for real world things, but it feels like an impossible goal. Does anyone on CR know of a good starting place for me to get these damn loans under control? My federal loans SHOULD be forgiven if I continue to work at my current job for 4 more years because it's a high school, but what can be done about private loans? What options are there for recent grad students? Any advice or direction would be appreciated. Quote Link to comment Share on other sites More sharing options...
Limitedslip7 Posted December 1, 2016 Report Share Posted December 1, 2016 I consolidated all of my federal and private student loans though Lendkey with a variable rate. It's around 3.65% right now; I was paying between 4-6.5% on them before consolidating. I pay quite a bit more than the minimum payment but the minimum is much lower than it was before. Just consolidate your private loans through them and leave the federal loans alone. Quote Link to comment Share on other sites More sharing options...
ShowHBK Posted December 1, 2016 Author Report Share Posted December 1, 2016 I consolidated all of my federal and private student loans though Lendkey with a variable rate. It's around 3.65% right now; I was paying between 4-6.5% on them before consolidating. I pay quite a bit more than the minimum payment but the minimum is much lower than it was before. Just consolidate your private loans through them and leave the federal loans alone. thanks for the tip. is the process complicated? any hassles? I attempted to consolidate through Discover at one point and they were extremely frustrating to just get a quote out of them. I will investigate Lendkey tonight after work. Quote Link to comment Share on other sites More sharing options...
SRTurbo04 Posted December 1, 2016 Report Share Posted December 1, 2016 No advice on consolidating them, but good lord sounds like you need a part time job 2 nights a week strictly to pay off those loans. Find some seasonal work or something. Good luck. Quote Link to comment Share on other sites More sharing options...
Turbs3000 Posted December 2, 2016 Report Share Posted December 2, 2016 I had a friend recommend Sofi for this but I haven't looked into it at all. Mine are all Fed, my wife's are a mix of Fed and private. Have you checked on the details of the Fed loans rules? I'm probably wrong but I thought it was forgiven after x amount of years of on time regular payments. Sent from my SM-G928V using Tapatalk Quote Link to comment Share on other sites More sharing options...
Limitedslip7 Posted December 2, 2016 Report Share Posted December 2, 2016 I had a friend recommend Sofi for this but I haven't looked into it at all. Mine are all Fed, my wife's are a mix of Fed and private. Have you checked on the details of the Fed loans rules? I'm probably wrong but I thought it was forgiven after x amount of years of on time regular payments. Sent from my SM-G928V using Tapatalk To consolidate with Sofi you need to have graduated from a select few schools with a very high paying degree (doctor, lawyer, PE, etc). With Lendkey you just apply and then you have to open up an account with a specific credit union. I just put like $5 in the account to keep it open when I applied. It was pretty quick and easy but I think you have to have pretty good credit. Quote Link to comment Share on other sites More sharing options...
zeitgeist57 Posted December 2, 2016 Report Share Posted December 2, 2016 I saw an article this week in Bloomberg that the government may be forgiving billions in college loans... https://www.bloomberg.com/news/articles/2016-11-30/the-feds-have-no-idea-what-student-loan-forgiveness-will-really-cost-us Quote Link to comment Share on other sites More sharing options...
Furloaf Posted December 2, 2016 Report Share Posted December 2, 2016 Don't consider consolidating the Feds if you think you can get forgiveness. Look into changing the payment schedule (graduated, or income based, etc) to lower the payments there - unless doing that will muck up the forgiveness terms. Only pay the minimum on the Feds if they'll be forgiven. When consolidating the privates be aware of the fees and any rebalancing or additional principal being added on. If the new interest rate isn't a significant decrease you may end up not saving anything with the re-fi. Quote Link to comment Share on other sites More sharing options...
Miller Posted December 2, 2016 Report Share Posted December 2, 2016 I had a friend recommend Sofi for this but I haven't looked into it at all. I've heard mixed review of Sofi. My personal experience with them was "meh" and we didn't go forward with the consolidation. All mmy current SL's are through FedLoans @ 5%. I have a strong credit score and good income for my age. Sofi offered me a $100 lower monthly payment with a fixed rate that was 2.5% higher. I asked if it was a mistake and when it wasn't I cancelled my app and stopped talking to the service representative. Mike, how many loans do you have? What rates? What Lenders? Quote Link to comment Share on other sites More sharing options...
ShowHBK Posted December 2, 2016 Author Report Share Posted December 2, 2016 Mike, how many loans do you have? What rates? What Lenders? I can get exact numbers of the loans at a later date, But I currently have 4 private loans all at different rates. Two are with Discover, one is with Great Lakes, and the forth is with Wells Fargo. Two of the loans have variable rates witch fluctuate and are annoying as hell to deal with. This was last months hit to me... Please note, two of these numbers change from month to month. The total is between $810-$880 a month. Discover = $229.26 Discover = $227.71 Great Lakes = $121.28 Wells Fargo = $236.44 Grand Total = $814.69 This is all before you factor in Car payment, Insurance, 93 Gas, Rent, Food, Etc. If I can save even $200 of this to save each month, that would be HUGE for me... But i'm not sure if that's even possible. Quote Link to comment Share on other sites More sharing options...
bdhill Posted December 2, 2016 Report Share Posted December 2, 2016 should have voted for Hillary or Bernie-they would all be forgiven... Quote Link to comment Share on other sites More sharing options...
Limitedslip7 Posted December 2, 2016 Report Share Posted December 2, 2016 Seriously call Lendkey, they didn't charge me anything to consolidate... Quote Link to comment Share on other sites More sharing options...
ShowHBK Posted December 2, 2016 Author Report Share Posted December 2, 2016 Seriously call Lendkey, they didn't charge me anything to consolidate... +1 to this for sure. I called last night to get some information and they were really chill about my inquiry. They recommended that I start the process online and then call them after I enter all my information. According to them, getting a quote is relatively fast and easy. Anyone here have much luck with SoFi? I hear they are top rated, but some of the reviews i'v read talk of hidden fees and jacked up rates... can anyone confirm this? should have voted for Hillary or Bernie-they would all be forgiven... I was feeling the Bern... *Sigh*. You also mispelled Lucifer in the name before Bernie, weird. (it's a joke... my poor humor) =P Quote Link to comment Share on other sites More sharing options...
bdhill Posted December 2, 2016 Report Share Posted December 2, 2016 i was joking, too Quote Link to comment Share on other sites More sharing options...
Miller Posted December 2, 2016 Report Share Posted December 2, 2016 I can get exact numbers of the loans at a later date, But I currently have 4 private loans all at different rates. Two are with Discover, one is with Great Lakes, and the forth is with Wells Fargo. Two of the loans have variable rates witch fluctuate and are annoying as hell to deal with. This was last months hit to me... Please note, two of these numbers change from month to month. The total is between $810-$880 a month. Discover = $229.26 Discover = $227.71 Great Lakes = $121.28 Wells Fargo = $236.44 Grand Total = $814.69 This is all before you factor in Car payment, Insurance, 93 Gas, Rent, Food, Etc. If I can save even $200 of this to save each month, that would be HUGE for me... But i'm not sure if that's even possible. These are all private, no? Probably not very good interest rates. Definitely consolidate these. Quote Link to comment Share on other sites More sharing options...
coltboostin Posted December 2, 2016 Report Share Posted December 2, 2016 What was your field of study, what degree did you graduate with, and what is your current profession? Yes, I am asking to consider alternative options for you. Quote Link to comment Share on other sites More sharing options...
ShowHBK Posted December 2, 2016 Author Report Share Posted December 2, 2016 What was your field of study, what degree did you graduate with, and what is your current profession? Yes, I am asking to consider alternative options for you. I did 4 years at Otterbein and my B.A. is in Art Education. I originally had big plans to be a teacher. **insert pointless life changing event here**. I ended up working for McGraw Hill and Pearson Publishing for a while before landing my job at the High School I work at now. I am basically IT for the school right now with priority to the data systems, grade book, and school statistics. My official "title" is SIS Administrator. I don't currently have a State Teaching license, but I have documentation to walk down and take the tests anytime I want to get the license, though it would not change my pay scale. I am Google Educator certified, and I am currently studying to get my Google Admin cert and a few others. Quote Link to comment Share on other sites More sharing options...
ShowHBK Posted December 4, 2016 Author Report Share Posted December 4, 2016 Denied by SoFi and Lendkey today after doing all their applications. Very rage inducing making a person fill out 4 pages of information only to deny them in the end. What I don't understand is why I can't find a solution? none of my major credit scores are below 750, I make decent money at a full time job, and I am trying to make improvements. No explanation was given as to WHY my applications were denied, and My answer was given instantly despite the reply saying "AFTER CLOSE EXAMINATION", what a joke... I need a drink... Quote Link to comment Share on other sites More sharing options...
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