Student Loan Consolidation Vol: The Struggle

the encore

the encore

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Sup NT Bredren ...

Any of you guys going through the school loan consolidation process?

If so ... Through what company? Been talking w/ Sallie Mae, and it's pretty much going to be my only option due to the amount of private loans vs. federal loans I've taken out ... Don't even ask me how much I owe, because you'll probably tell me I'm better of killing myself, or moving to Amazon and starting a new life.

I feel like it's much SAFER to do this through a major bank, rather than some no-name company that will end merking you w/ crazy interest rates

Any advice, or stories on your process would be appreciated ... We all have faced or are facing this financial struggle because of school, and we're just trying to survive
 
you shouldn't combine private and federal loans generally

how much have you borrowed privately?
 
Originally Posted by StillIn729

you shouldn't combine private and federal loans generally

how much have you borrowed privately?
Click to expand...
You CANT combine private and federal loans when consolidating ... My federal ones are pretty managable, but the private ones from Sallie Mae are INSANE ... I'm @ 100K+ in school loan debt from my private loans ... Yea i know #R.I.P
embarassed.gif


It's always good to say I should have gone to a state school, done this or done that ... But the fact is I went to a private school (Hofstra), and it lead to me getting my job in the industry I wanted to work in all my life

  
 
Originally Posted by The Encore

Originally Posted by StillIn729

you shouldn't combine private and federal loans generally

how much have you borrowed privately?
Click to expand...
You CANT combine private and federal loans when consolidating ... My federal ones are pretty managable, but the private ones from Sallie Mae are INSANE ... I'm @ 100K+ in school loan debt from my private loans ... Yea i know #R.I.P
embarassed.gif


It's always good to say I should have gone to a state school, done this or done that ... But the fact is I went to a private school (Hofstra), and it lead to me getting my job in the industry I wanted to work in all my life

  
Click to expand...
I mean that's great and I hope that job pays the money to pay those loans back; $100k is pretty damn hefty
how are the interest rates?  I do this for a living so I'm trying to give you the best options
 
i have 20k federal student loans, how do i go about paying the least amount possible over the longest stretch of time, i make 40k
 
Originally Posted by nightruans

i have 20k federal student loans, how do i go about paying the least amount possible over the longest stretch of time, i make 40k
Click to expand...
you can do it over 20 yrs but you are gonna pay a hell of a lot in interest 
and actually you are in a nice situation in this economy; have you consolidated them yet?  if you have some money saved you should pay off the unsub. loans before consolidating 
 
Originally Posted by StillIn729

Originally Posted by The Encore

Originally Posted by StillIn729

you shouldn't combine private and federal loans generally

how much have you borrowed privately?
Click to expand...
You CANT combine private and federal loans when consolidating ... My federal ones are pretty managable, but the private ones from Sallie Mae are INSANE ... I'm @ 100K+ in school loan debt from my private loans ... Yea i know #R.I.P
embarassed.gif


It's always good to say I should have gone to a state school, done this or done that ... But the fact is I went to a private school (Hofstra), and it lead to me getting my job in the industry I wanted to work in all my life

  
Click to expand...
I mean that's great and I hope that job pays the money to pay those loans back; $100k is pretty damn hefty
how are the interest rates?  I do this for a living so I'm trying to give you the best options
Click to expand...


Thanks homie ... The job is DOPE, and I'm sure a bunch of people would love to be in my position ... But financially speaking, it is def not going to help get these loans off my back any time soon ... When i spoke w/ that slorebag Sallie Mae, i heard him drop for 9.4% interest rate in there, and was like WHAT??!! There is a rate reduced program I can enroll in, that bring its down to like 1%, but after 15 months, it's going to shoot RIGHT back up ... Not sure what they expect me to clear up in 15 months
 
Originally Posted by Swag Odie

OP how much do you owe total?
Click to expand...
My private loans are @ about 100K+ ... I pretty much didn't pay for school out of pocket, so I'm paying for that now ... I set myself up for this honestly, but I wasn't going to UCONN to any other state school to join the rest of my graduating class, and I'm trying my best to handle this like an adult and make the right choice before I jump to any ol' consolidation company.

Like i said, the plus side of the school choice I made, Got my girl ... Experienced a 3some (twice) .... Made some great friends ...  Got my internship ... Got my job ... and our president is an Alum of my school and I'm in his good graces
 
Originally Posted by StillIn729

Originally Posted by nightruans

i have 20k federal student loans, how do i go about paying the least amount possible over the longest stretch of time, i make 40k
Click to expand...
you can do it over 20 yrs but you are gonna pay a hell of a lot in interest 
and actually you are in a nice situation in this economy; have you consolidated them yet?  if you have some money saved you should pay off the unsub. loans before consolidating 
Click to expand...
what do u mean consolidate it? its already one lump sum im paying..

and how do i change it to 20 years?
 
Originally Posted by nightruans

Originally Posted by StillIn729

Originally Posted by nightruans

i have 20k federal student loans, how do i go about paying the least amount possible over the longest stretch of time, i make 40k
Click to expand...
you can do it over 20 yrs but you are gonna pay a hell of a lot in interest 
and actually you are in a nice situation in this economy; have you consolidated them yet?  if you have some money saved you should pay off the unsub. loans before consolidating 
Click to expand...
what do u mean consolidate it? its already one lump sum im paying..

and how do i change it to 20 years?
Click to expand...
then it's already been consolidating; every Stafford loan you borrowed is a separate loan
 
Originally Posted by The Encore

Originally Posted by StillIn729

Originally Posted by The Encore

You CANT combine private and federal loans when consolidating ... My federal ones are pretty managable, but the private ones from Sallie Mae are INSANE ... I'm @ 100K+ in school loan debt from my private loans ... Yea i know #R.I.P
embarassed.gif


It's always good to say I should have gone to a state school, done this or done that ... But the fact is I went to a private school (Hofstra), and it lead to me getting my job in the industry I wanted to work in all my life

  
Click to expand...
I mean that's great and I hope that job pays the money to pay those loans back; $100k is pretty damn hefty
how are the interest rates?  I do this for a living so I'm trying to give you the best options
Click to expand...


Thanks homie ... The job is DOPE, and I'm sure a bunch of people would love to be in my position ... But financially speaking, it is def not going to help get these loans off my back any time soon ... When i spoke w/ that slorebag Sallie Mae, i heard him drop for 9.4% interest rate in there, and was like WHAT??!! There is a rate reduced program I can enroll in, that bring its down to like 1%, but after 15 months, it's going to shoot RIGHT back up ... Not sure what they expect me to clear up in 15 months
Click to expand...
wow 9.4% is pretty rough; I won't sugar coat that and I hope that you weren't taking out large amounts to get large refunds to live off because that really comes back to bite students
in reality there is not much you can do to ease paying them back besides put as much into them as you can; there is no kind of loan forgiveness and defaulting on those loans is RIP to your credit

I would strongly advise against  getting into any car payment; hopefully you aren't in one now

what is your salary if you don't mind me asking?  
 
Originally Posted by StillIn729

Originally Posted by The Encore

Originally Posted by StillIn729

I mean that's great and I hope that job pays the money to pay those loans back; $100k is pretty damn hefty
how are the interest rates?  I do this for a living so I'm trying to give you the best options
Click to expand...


Thanks homie ... The job is DOPE, and I'm sure a bunch of people would love to be in my position ... But financially speaking, it is def not going to help get these loans off my back any time soon ... When i spoke w/ that slorebag Sallie Mae, i heard him drop for 9.4% interest rate in there, and was like WHAT??!! There is a rate reduced program I can enroll in, that bring its down to like 1%, but after 15 months, it's going to shoot RIGHT back up ... Not sure what they expect me to clear up in 15 months
Click to expand...
wow 9.4% is pretty rough; I won't sugar coat that and I hope that you weren't taking out large amounts to get large refunds to live off because that really comes back to bite students
in reality there is not much you can do to ease paying them back besides put as much into them as you can; there is no kind of loan forgiveness and defaulting on those loans is RIP to your credit

I would strongly advise against  getting into any car payment; hopefully you aren't in one now

what is your salary if you don't mind me asking?  
Click to expand...
No car payments since i live in NYC ... I don't want to put my salary on blast, but just know i'm able to have decent/good time living in NY, pay my bills and rent on time, and some of my federal loan debt ... But I won't be taking any vacations anytime soon lol
 
Originally Posted by The Encore

Originally Posted by StillIn729

Originally Posted by The Encore



Thanks homie ... The job is DOPE, and I'm sure a bunch of people would love to be in my position ... But financially speaking, it is def not going to help get these loans off my back any time soon ... When i spoke w/ that slorebag Sallie Mae, i heard him drop for 9.4% interest rate in there, and was like WHAT??!! There is a rate reduced program I can enroll in, that bring its down to like 1%, but after 15 months, it's going to shoot RIGHT back up ... Not sure what they expect me to clear up in 15 months
Click to expand...
wow 9.4% is pretty rough; I won't sugar coat that and I hope that you weren't taking out large amounts to get large refunds to live off because that really comes back to bite students
in reality there is not much you can do to ease paying them back besides put as much into them as you can; there is no kind of loan forgiveness and defaulting on those loans is RIP to your credit

I would strongly advise against  getting into any car payment; hopefully you aren't in one now

what is your salary if you don't mind me asking?  
Click to expand...
No car payments since i live in NYC ... I don't want to put my salary on blast, but just know i'm able to have decent/good time living in NY, pay my bills and rent on time, and some of my federal loan debt ... But I won't be taking any vacations anytime soon lol
Click to expand...


OP I am literally in your same exact position lolDrexel out of stateHow do you live honestly? With my 100k in debt my monthly payments to sallie Mae is 1100. Then bills (mortgage car insurance cell gas/electric cable rent). I literally have to hustle to just get by. I make 50k a year I thought that was ok pay for a young professional I'm 24. It's a day to day struggle. I've talked to sallie Mae and they basically tell me either stop paying and take the L on your credit or keep paying.
 
Originally Posted by Jking0821

Originally Posted by The Encore

Originally Posted by StillIn729

wow 9.4% is pretty rough; I won't sugar coat that and I hope that you weren't taking out large amounts to get large refunds to live off because that really comes back to bite students
in reality there is not much you can do to ease paying them back besides put as much into them as you can; there is no kind of loan forgiveness and defaulting on those loans is RIP to your credit

I would strongly advise against  getting into any car payment; hopefully you aren't in one now

what is your salary if you don't mind me asking?  
Click to expand...
No car payments since i live in NYC ... I don't want to put my salary on blast, but just know i'm able to have decent/good time living in NY, pay my bills and rent on time, and some of my federal loan debt ... But I won't be taking any vacations anytime soon lol
Click to expand...


OP I am literally in your same exact position lolDrexel out of stateHow do you live honestly? With my 100k in debt my monthly payments to sallie Mae is 1100. Then bills (mortgage car insurance cell gas/electric cable rent). I literally have to hustle to just get by. I make 50k a year I thought that was ok pay for a young professional I'm 24. It's a day to day struggle. I've talked to sallie Mae and they basically tell me either stop paying and take the L on your credit or keep paying.
Click to expand...

god damn $1100 a month? that is brutal...based off $50k a year you are allotting 1/3 of your salary to loans
 
Yeah I try not to complain. I have a house a car (no payment) a job I love. Good people around me. But I wouldn't say I live "comfortably". Thankfully I get a raise soon. That should help me a lot. I graduated in 2009. Since I've paid 28k back so far. But most of that is interest they literally go no where.
 
I'm into Sallie Mae for about 18k right now. You defer your payments if they're private. You'd have to pay them $100 and they won't bug you for 3 months. The interest will still continue though so make you stay top of that
 
Don't consolidate ur fed and private together. Get a job in non-profit,government, teaching, etc. That's help ur federal loans. Now, as far as private. That beast still is a beast.
 
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