View Full Version : Student loan consolitation
steelcmg
12-04-2005, 04:10 PM
I finished college last year and owe about 17K in loans. I keep getting things from a company called Nelnet to consolidate my loans and save like 2% on intrest. I remeber hearing to stay away from doing this but i dont remember where i heard it from. Are this things worth looking into or should i just stick with paying AES. My intrest rate with AES is like 5%
surfinillini
12-04-2005, 04:16 PM
good to see those loans are paid for a good education:
CONSOLIDATION my friend...
steelcmg
12-04-2005, 04:25 PM
are there any downsides to consolidating i think i remember hearing it screws up your credit.
JonPKibble
12-04-2005, 06:09 PM
https://www.myfico.com/PrivateLabel/Suze/CreditKit/images/suze_welcome_photo.jpg
astroglide
12-04-2005, 06:41 PM
suze orman terrifies me
BigBaitsim (milo)
12-04-2005, 07:14 PM
[ QUOTE ]
I finished college last year and owe about 17K in loans. I keep getting things from a company called Nelnet to consolidate my loans and save like 2% on intrest. I remeber hearing to stay away from doing this but i dont remember where i heard it from. Are this things worth looking into or should i just stick with paying AES. My intrest rate with AES is like 5%
[/ QUOTE ]
The wife and I consolidated through the US Dept of Education, and not a private company. We pay less than 4% on the 150K original debt owed.
Our credit scores were good enough last year to get a mortgage loan at the going rate, despite neither of us having an actual job.
Consolidate.
david050173
12-04-2005, 08:56 PM
You can only consolidate once. Given that interest rates are going up, i would be surprised if you can save 2% over the life of the loan. I am guessing they are giving you a teaser rate which goes up after 6 months or a year.
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