Refinance Help. Fill this form and get help!

school loan consolidation - Consolidate your student loan quick and easy!

school-loans-consolidation.net If you have a knowledge about what is student loan consolidation, what different kinds of loan are available and ...

I'm a recent college grad looking to consolidate/refinance my student loans. What company should I do this w/?

Apr 11, 2008 by Clemente21 | Posted in Higher Education (University +)

My loan is currently with Wells Fargo and the interest rate is higher than most mortgages. Is there a place to find a more competitive interest rate? Thanks!!

Direct Loans is where I have mine - it's a program w/ the federal government and so far so good - decent interest rate, good service and my total actually seems to be going down finally!

Here is the main site:

http://www.ed.gov/offices/OSFAP/DirectLoan/index.html

Good luck!

How do you refinance or consolidate student loans?

May 06, 2008 by SadToday22 | Posted in Financial Aid

Understand the difference between a consolidation loan, a debt management program, and debt negotiation. Companies that claim to be able to help you lower your payments or get out of debt quickly may appear to be offering consolidation loans--they may even have the word "consolidation" in their names--when in fact they use methods such as debt management, settlement, or even bankruptcy. There are major differences between these options.

-----------------------------------------------------------------------------
A consolidation loan is simply a loan that pays off your other loans. Once you consolidate a loan, you owe that money to the new lender, not to the original creditor. A consolidation loan may lower your monthly payments, either by reducing your interest rate or by extending the length of time for repayment, but it pays off the other creditors completely. Consolidation loans may temporarily blemish your credit, but generally to nowhere near the extent of debt management programs or debt negotiations.

--------------------------------------------------------------------------------
Debt management programs may also reduce your payments, but they work differently. A debt management agency acts as a middleman between you and your creditors and tries to negotiate a reduction in the interest rates or fees on your loans. You then pay an agreed amount to the debt management or credit counseling agency, and they disburse the payment (usually minus a fee) to your creditors. Participation in a debt management plan usually shows up on your credit report, and may adversely affect your credit rating.

------------------------------------------------------------------------------
Debt negotiation is the act of settling a debt for less than what you owe. You pay a part of what you owe to a creditor, and the creditor writes off the rest of the debt. Credit card companies often offer lump-sum settlements as a way to recoup part of their losses. While you end up owing less, a settlement will bruise your credit, badly. Worse still, third-party companies that offer debt negotiation have been known to disguise their practices as consolidation, and these companies frequently charge exorbitant fees while simply passing along payments to your original creditors, sometimes failing to even negotiate any difference in your repayment terms.
--------------------------------------------------------------------------------

In order to consolidate your loans, ALL you have to do is call the LENDER (whatever bank you took it from). If you don't know, you can call the financial aid office @ the school where you took out the loan and ask them the name of bank.


-------------------------------------------------------------------------------

STEPS to refinance your student loans (AFTER you have consolidated your student loans)

STEP 1:
Make sure your credit is in good standing. This is essential for getting more favorable terms.

STEP2:
Get a copy of your free credit report. This can be achieved online through one or all of the three major agencies, such as Equifax, Experian and TransUnion. Review it and make sure to fix any problems.

STEP 3:
Consolidate your federal loans and private loans separately. Compare rates from different lenders. Shop around, check the Internet, your bank, as well as your original lender.

STEP4:
Work with your lenders to refinance your loans. Extend your repayment period, lower your interest rate or consolidate your payments into one monthly bill according to your needs.

STEP5:
Research your options. You can consolidate private loans and federal loans together, but this usually yields less favorable terms.

HOPE THIS HELPS!!!!

How can one refinance a student loan if it is already consolidated?

Jul 27, 2006 by jengyk | Posted in Higher Education (University +)

How come one can refinance cars, houses, loans, etc, except student loans. You get a consolidated rate versus refinancing a student loan

You can, I get offers from banks all the time, just be aware that you'll lose some of the priviledges such as a forbearance, etc.

Where is the best place to Refinance student loan?

Oct 12, 2008 by bashfulpapi | Posted in Financial Aid

I Would like to refinance my student loan and maybe consolidate it.
What are my best options and the best banks. By the way i have a personal loan .
Does anyone know?

Yes I do know a place, I just got a loan myself

Can you refinance student loans after consolidation?

Jan 15, 2007 by Minion26 | Posted in Financial Aid

I consolidated my student loans years ago (when interest rates were high). Last year I called my lender to see if I could refinance and take advantage of the lower interests rates. I was told that I could not do this because I had already consolidated my student loans and you would not refinance without consolidation. Is there any way around this?

I am back in school and currently paying cash for tuition. If I instead took out a small student loan this term, could I then consolidate that loan with my other student loan and take advange of the lower interest rates that way?

Your lender is correct. I would think the only way you could refinance and get a lower rate would be if you borrowed a new loan from a bank or an equity loan on your house and used those funds to pay off the consolidated loan.

Now if you borrow now you can reconsolidate all your new loans with your old loans but the interest rate will be a combination of the rate on the old loans and the rate on the new loan not what the old loans would be if they were not consolidated currently so unless you borrow a lot more it won't drop your interest that much.

Can you refinance student loans after you have consolidated them?

Nov 07, 2008 by jno | Posted in Financial Aid

I consolidated my student loans a couple years ago and got them to a fixed interest rate. I didn't know what I was doing--I was young and no one explained to me what was going on. Now that I'm a little older, I know that my interest rate is not the best that it could be. I'd like to refinance, but I don't know if it's possible since I have already consolidated. Please help! Thank you!

There's not much you can do. Student loans are not something that another lender will willingly take on. Your best bet at this point is to call the lender who holds your loans and ask if the rate can be adjusted a couple of points. Very often, after 12 consecutive, on-time payments, you can get a break on the interest.

Failing that, the best thing to do is to voluntarily increase your payment amount. You will be amazed at the impact this will have on your balance and repayment term.

I had about $5000 in student loans set up to pay $50 a month for ten years. I paid $100 a month and paid them off in three years. You don't have to double your payment to get results. Any extra you pay goes a long way to reducing the debt, the accumulated interest and the repayment period.

Who is a good company to refinance and consolidate private student loans with?

Jul 14, 2007 by Hutteritemiler | Posted in Financial Aid

Try going to this site, they have lots of information about this sort of stuff.

If I have already consolidated my student loans, is there still a way to "refinance" for a lower rate?

Apr 22, 2006 by conrack | Posted in Financial Aid

I currently have a 7.625 rate on my consolidated student loans. Is there a refinancing process for student loans the same way there is for, say, a mortgage?

The regulations for the refinancing of Federal student loans are very different from mortgage refinancing. Whereas you could refinance a mortgage as often as you want (well, sort of), reconsolidation isn't technically supposed to be possible for student loans. There a a few loopholes, though. The only way you might be able to "re-consolidate" would be:

(1) if you borrow a *new* Federal student loan. If you have another loan that is unconsolidated, you can apply for a new consolidation loan that would combine this new loan with your old consolidation loan. However, this would only lower your rate a little bit since your new interest rate would be based on the weighted average of the rate for your new loan and the rate of your old loan. So, if you currently have a Federal Consolidation Loan of, say, $20,000 at 7.25% and you borrow a new $5,000 Stafford Loan at 4.7%, you'd have four times as much at 7.25% than you do at 4.7%, so your consolidated rate would become 6.75% -- not much lower, huh?

That said, you won't be able to obtain a new Federal student loan unless you are a student, so this may not even be a viable option for you.

(2) if you "have been unable to obtain a Federal Consolidation Loan with income-sensitive repayment terms acceptable to [you]," you can obtain a Direct Consolidation Loan, which is the other type of student loan consolidation that the federal government offers.

This might be your best option. Just make sure that your current loan is a Federal Consolidation Loan (if it's already a Direct Consolidation Loan, you're out of luck). If it is, check the Dept. of Ed's website to see if you are eligible: http://loanconsolidation.ed.gov/borrower/beligible.shtml. There's no credit check on these loans, so it can't hurt to try!

There are private companies out there that claim to be able to "reconsolidate" any federal consolidation loan. These companies are SO disreputable that I hesitate to even mention them. DON'T DO IT. They're in business only to make money off of you. Many of them don't even deal in Federal Consolidation Loans, so you could end up with a "reconsolidated" private loan with horrible terms and none of the benefits and security of the Federal student loan that you started with.

Good luck!

Since the Fed has been cutting int rates can I refinance my student loan? Consolidated @6.8 percent right now.

Apr 30, 2008 by cfuchs05 | Posted in Financial Aid

should i consolidate another loan into my auto refinance loan?

Aug 19, 2008 by summer=happiness | Posted in Personal Finance

i am refinancing my current auto loan. i have a lot of equity in my car, so i was told that if i wanted to, i had the option of using that equity in my car to pay off a current student loan and consolidate it into one with one interest rate. my student loan amount is around $7,000 with 12.5% interest. the interest rate is lower on the auto refinance loan, and i would have it payed off in a shorter period, plus it's a fixed rate so i am guaranteed it won't raise over time. my question is, would it be a smart decision on my part to use the equity in my car to do this? it sounds a lot better to me having the lower interest and having this paid off in 4 years rather than the 10 more i have to pay on it, but i'm really unsure which move to make. someone out there that is smart in this kind of thing please give me some input on the advantages, or disadvantages to using my equity for this. thanks in advance!