Still in School, Should I start paying? what are my options
Date: Mon, 08/27/2007 - 20:41
I have 28000 in student loans, with no credit card debits. some of the loans have ongoing interest, and most don't untill I get out of school. So I guess my question is should I consolidate my loans, will I be able to do it while I still have to take more loans to pay for school?
If so, what is the best place, and what does it mean by loans defaulting after 6 month period?
sorry for the many questions, it would be a great help. This is my first step to start geting out of debt and I hope I learn alot from here, I will ask my school tomrrow about options also.
Hey Wes, School loans are deferred until after u get out of sch
Hey Wes,
School loans are deferred until after u get out of school. Although some will take the interest out of ur check when u get it. I don't think u need to worry about paying these back until ur out of school and then u may want to consider consolidating them at a lower interest rate and have one monthly payment. Also, they do show up on ur credit report as positive credit only deferred. Congrats on NO credit cards and ur accomplishment in school so far!
Keep up the hard work, it'll be worth it soon!
Ang
P.S. About the 6 months, u have 6 months after graduation to start paying these loans back. Hope i've helped.
Hello Ang, Thank you for your comments and help. Yeah I was jus
Hello Ang,
Thank you for your comments and help. Yeah I was just starting to worry when I looked online for the first time for all of my loans. maybe I will just start paying something here and there while i am still in school :)
There is no student loan that takes the interest out when the lo
There is no student loan that takes the interest out when the loan is dispursed. The fees taken out on dispursement are origination fees or insurance fees.
As far as consolidating goes, you can only consolidate at a weighted average of what you are already paying, so that will change your rate. However their are consolidating lenders that offer back end perks interest rate reductions for autopays and on time payments. You need to choose a consolidating lender wisely...there are a lot of consolidating lenders out there that are secondary market that make big offers of rate reductions and then six months after the consolidation starts, the sell the paper to another lender and poof!...there goes your rate reduction. Look primary lenders like SM, Citibank, Direct Loans...they will never sell your paper off.
If you can afford to do so, it is actually a good thing to make payments on unsub loans while you are in school. It will save you $$ down the line.
Well lady my daughter's school money has interest taken out of i
Well lady my daughter's school money has interest taken out of it each semester! We had the choice of paying it or taking it directly out and we chose to have it taken directly out!
Maybe i'm missing something here....
Cuz they sure do seem like they wanna confuse u as much as they can with all the diff loans offered!
Ang