Student Loan debt

Date: Fri, 03/26/2010 - 06:53

Submitted by anonymous
on Fri, 03/26/2010 - 06:53

Posts: 202330 Credits: [Donate]

Total Replies: 2

I want to consolidate my student loan debt. Unfortunately, my private loans have been turned over to a collection agency, even though i am a Peace Corps Volunteer and they have received money from me in the past. I am now able to make a monthly payment but the collection agency won't allow this, they want payment in full. Can i consolidate my debt with a company?

Well Jenmarnold, I guess you need to speak with your collection

Well Jenmarnold, I guess you need to speak with your collection agency first as they are not willing to accept any monthly payment. Did they offer any settlement price? If the CA agrees to your proposal then you can go for a consolidation as it helps to reset the term of the loan and may reduce the monthly payment.

Moreover, the interest rate depends on your credit score, so you may get a lower rate of interest through a private loan consolidation program if your credit score has improved since you have taken the loan.

But before making the move for a consolidation, do ask that whether the rate of interest is fixed or variable. Also check that any fees or prepayment penalties are included or not.

lrhall41

Submitted by Chris Samuels on Fri, 03/26/2010 - 22:54

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Thank you. I have talked to the CA and they will do a settlement

Thank you. I have talked to the CA and they will do a settlement. Now all i have to find is a consolidation company. Thanks for the advice.

lrhall41

Submitted by jenmarnold on Thu, 04/08/2010 - 04:32

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