Comments on: Loan Modification Refinance Making Home Affordable – Quicken Loans

By: parkdad73

parkdad73 — Sun, 01 Nov 2009 06:36:10 +0000

i work for a consolidation company.
first of all the only thing that changed Oct 1 are the interest rate reductions, before you could get at least 1.25% off, now you can maybe get a .25% off. That whole thing about the 20,000 is probably the companies minumum balance to consolidate. after you sign a consolidation application you have 60 day appox. to cancel, once the debt is paid or "funded" you cant cancel, so I would get there fax number asap and fax in writing that you want the application cancelled.
what the goverment mandates are things like the intrest rate, when you are eligble to consolidate things like that.

The company I work for is Academic Financial Solutions, if you want to give us a call we will be happy to consolidate the loans for you and answer any other questions you have.
866-416-6333
http://www.academicfinancial.com

-good luck
athena

By: bashfulpapi

bashfulpapi — Sun, 01 Nov 2009 00:21:12 +0000

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

By: lct7192000

lct7192000 — Sat, 31 Oct 2009 14:27:09 +0000

Student loan interest is often deductible, rates are generally very low, and they're often for extended periods of time. The longer you have to pay it, the cheaper those payments become over time.

I almost NEVER recommend paying off student loans with mortgage debt. I don't care if it saves you another $50/mo. It's just not a good idea. Unless for some reason you're at some stupidly high rate on those loans? Anything over 9%, I'd consider it. Anything under, not.

By: LusciousWoods

LusciousWoods — Sat, 31 Oct 2009 11:36:17 +0000

If you are consolidating federal student loans, the interest rate is set by the government, so all consolidators will offer you the same rate. They differentiate themselves by what they call "borrower benefits", which can include things like a percentage reduction if you pay a certain number of months of time, or if you use direct deposit.

It's important to stick with a company that's been around a while and will be around to service your loan. Lots of these companies just get you to fill out an application and then they "flip" it by selling it to another company.

Sallie Mae is the largest and oldest consolidator. They have a lot of info on the site, including an FAQ and a calculator so you can see what your payments will be.
http://www.salliemae.com/after_graduation/manage_your_loans/consolidate_student_loans/student_loan_consolidation.htm

Good luck!

By: mrman617

mrman617 — Sat, 31 Oct 2009 00:21:10 +0000

It depends. Your score may go down for a few months, because you'll have a new loan on the report and passed due debts will still show up on your report. After a few months, it's going improve.

Or it can go up, depending other factors.

By: brownlocks41

brownlocks41 — Fri, 30 Oct 2009 19:30:09 +0000

Yes, there are advantages to consolidating your student loans. Instead of making several payments a month, you will be making a single payment, and it could mean more money in your budget for other things. Also, you could extend out your payments in order to make it fit your budget. However, I do not recommend consolidating your student loans until the 6 month grace period is almost over because in some cases, it will end your grace period. The only bad reason not to consolidate your student loans is if you qualify for a loan forgiveness program in either the teaching or medical professions because some loan forgiveness programs will not handle consolidated loans. Good luck!

By: desmy

desmy — Fri, 30 Oct 2009 18:20:20 +0000

Right now, just about all private loan consolidation has ceased because of how student loans are right now, and some lenders have even stopped offering their loan products all together. You'll just have to wait until things start getting better to consolidate. You could always see about getting a personal loan to payoff your student loan to get a lower rate. Other than that, you really do not have any options.

By: Andrew M

Andrew M — Fri, 30 Oct 2009 13:23:27 +0000

Nope, sorry, but personal loan won't qualify, as you will have nothing in writing to say that it is student loan interest.

By: op_op_meister

op_op_meister — Fri, 30 Oct 2009 13:17:42 +0000

If student loans start out as variable rate loans, they cannot currently be refinanced into a fixed rate student loan. Rules have been changing back and forth on if student loans are fixed or variable, so your confusion is understandable.

You could try balance transferring the student loan onto a 'fixed for life' credit card rate. You might be able to save a few points in interest this way.

If your credit is stellar, you may be able to get a fixed rate personal loan from your bank or credit union. Most of the time, personal loans are variable rate, though.

If you own a car or a house with at least $8k in equity, you could refinance one of those.

Things to watch out for if you do this:
- Any fees attached to the new loan (BT fees, closing costs, etc.)
- Penalty rates that could apply if you miss a payment
- Student loans have some good points that other loans don't – namely the ability to forego payments if you lose your job or go back to school, and student loans are forgiven if you die or become disabled. You will be giving up these features if you transfer your student loan to another loan.

By: mariolinna22

mariolinna22 — Fri, 30 Oct 2009 07:39:41 +0000

Love her delivery!!