Student Loan consolidation questions

[fkj2]

Hey everyone,

I need some updated info regarding consolidating student loans. I know one is around $18K. Student is a teacher who's had her hours cut through dioscesean school. And she's pregnant.

Her hubby never finsished so they're both paying on loans.

What're the more recent criteria for consolidating. Need good advice bad.

Thanks.

 

[*Seanaci*]

http://www.loanconsolidation.ed.gov/

http://www2.ed.gov/offices/OSFAP/DCS/consolidation.html

http://www.direct.ed.gov/

Just some quick links to consolidation info. Hope it helps! Good luck!!

 

[trip]

This board has lots of info for student loans.

http://creditboards.com/forums/index.php?showforum=19&

 

[katieam1]

glad I found this thread!!

 

[girli565]

Thanks for those links. I'm looking to consolidate my husband's loans or have him qualify for the Income based repayment. any idea which would be better?

 

[tasha99]

I love the Income Based Repayment Plan and am currently doing it. They look at your income for the previous year, and then determine what you can afford. For someone working for the public or a non-profit for 10 full years, anything not paid off after those 10 years is forgiven. It's great for jobs that have a much higher paying private counterpart. I could make more in private practice, but I consider the reduced student loan payment as income and it narrows the gap a bit.

 

[girli565]

I love the Income Based Repayment Plan and am currently doing it. They look at your income for the previous year, and then determine what you can afford. For someone working for the public or a non-profit for 10 full years, anything not paid off after those 10 years is forgiven. It's great for jobs that have a much higher paying private counterpart. I could make more in private practice, but I consider the reduced student loan payment as income and it narrows the gap a bit.

Thanks for responding. My husband is an EMT on hourly pay and doesn't make all that much compared to the firefighters who work for the county who have a base salary so I'm hoping he qualifies for the IBR.

 

[marius97]

I love the Income Based Repayment Plan and am currently doing it. They look at your income for the previous year, and then determine what you can afford. For someone working for the public or a non-profit for 10 full years, anything not paid off after those 10 years is forgiven. It's great for jobs that have a much higher paying private counterpart. I could make more in private practice, but I consider the reduced student loan payment as income and it narrows the gap a bit.

I LOVE income based to. I feel so bad loving it, but you gotta do what you gotta do. My wife had loans for her BS and masters. No grants, no help from parents. She is in social work for the state and has seven more years until we get her loans forgiven. We'll be having a big'ol party that day. Too bad they don't count the ten years she worked the job prior to the program starting. The only problem with income based is if you are not going to end up with them being forgiven. Currently she pays less than the interest that is still accruing. She makes decent money, but there are five of us that she is providing for.

 

[tinkmom2]

I still have loans from 20 years ago but I was reading that they forgive loans after 25 years. Also I was reading they have a forgiveness program for teachers and public servants so that may be something to research.

I just consolidated my loans. I have the old ones and now the new one from school this year. I chose the income based payback. It said the minimum payment would be $50.00. As I am in school now I do not have to pay right now. My loans were originally from Great Lakes and then transfered to Sallie Mae. Now they are being consolidated to Federal Loans.

 

[seashoreCM]

Consolidation is usually not worthwhile unless you get a lower interest rate with minimal up front fees.

 

[lost*in*cyberspace]

I still have loans from 20 years ago but I was reading that they forgive loans after 25 years....

Not exactly. You can't just walk away from your student loan after 25 years.

http://www.finaid.org/loans/publicservice.phtml

http://www.finaid.org/loans/forgiveness.phtml

If I owed student loans from 20 years ago, I'd think long and hard about taking on additional student loan debt.