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Borrowers Consolidate Student Loans at Rates as Low as 3.62%
biz.yahoo.com — Borrowers will now be able to consolidate their variable-rate federal student loans at significantly lower fixed interest rates, thanks to the Fed's flurry of rate cuts over the last year. Rate cuts made by the Fed largely in response to the subprime mortgage credit crisis added up to a 3-percent drop for student loan borrowers.
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- rpi22, on 07/14/2008, -0/+12do it now, otherwise you'll get reamed when the LIBOR skyrockets if Fannie of Freddie fold
- amandaw33, on 07/15/2008, -1/+2from what I remember, they only readjust rates 1x a year - and that was July 1 - so you have some time
- BallCrusherJr, on 07/15/2008, -8/+2What is with Digg and lame Press Releases from Student Loan Lenders? Buried as LAME
- Bamont, on 07/15/2008, -0/+1Well, SOMEONE didn't go to college.
- manifest020, on 07/15/2008, -1/+3Thanks, I really need to look into this.
- Olivaise, on 07/15/2008, -2/+1Dude ***** dented the table.
- DLRULZ, on 07/15/2008, -0/+10Sweet, I'm off to college.
- snea, on 07/15/2008, -4/+2Just consolidate your student loans with your wife's student loans.
- guyincognitoo, on 07/15/2008, -0/+5Yea, but if you do that, and someone dies, the other one is still responsible for the full balance.
- michaelb1, on 07/15/2008, -0/+8just be sure you're the one that dies.
Or if she dies kill yourself also.
- michaelb1, on 07/15/2008, -0/+8just be sure you're the one that dies.
- snea, on 07/15/2008, -0/+5I actually somehow left out the key word "DON'T" and ended up posting the exact opposite thing I meant to say. Getting a divorce or, as pointed out, your spouse dying, or both, will make you want to plant bombs at your student loan authority office.
- guyincognitoo, on 07/15/2008, -0/+5Yea, but if you do that, and someone dies, the other one is still responsible for the full balance.
- WayneCA, on 07/15/2008, -1/+103.62%? That's nothing. I consolidated mine at 2.725% a few years back.. after a few more payments it drops to 1.725%. Ah.. the good old days.
- rationalbeats, on 07/16/2008, -0/+14I locked it in at 3.8% in 2003.
I donated to a senator in 2006 and went to his fundraiser and was the last one to ask a question. There were all these rich pricks there, and I said to him that I was at this fundraiser giving him money for one reason. So that when he got into the senate he would work to lower the requirements for federal funding for higher education, and to reduce the interest on those loans, since Bush had raised them to a ridiculous amount.
I told him it was access to those loans that allowed a young 20 something to come and pay for a seat at an expensive fundraiser dinner with people twice my age. The education I received was vital to my success and that it is vital to our countries future that people like me have access to those funds!
Tester came through! And it was money well spent.- Olfster, on 07/16/2008, -0/+1Tester is one of the few in the senate that seem to be looking out for people in general. I could be wrong, but just from what I have read about him during the last election, he stood out.
- eryximachus, on 07/16/2008, -0/+1Well, unfortunately you are wrong. Before federal student loans, you could work part time and pay for your tuition AND room and board at major state schools. Even elite schools didn't have tuition substantially more than the average household income of the US.
Student loans are THE #1 reason education has become unaffordable.
Debt NEVER makes anything more affordable. All it does is make usurers rich and enslave you for decades to come.
- AwakeningAZ, on 07/16/2008, -0/+4Even better, if you pay your loan on time for a while, they'll lower the interest rate further. I have a consolidated loan now at 1.625%
- zeeshansyed, on 08/02/2008, -0/+1Could not have said it better myself. Repaying your student or any kind of loan on time can do wonders. People just don't simply get it :S
Check out the following articles and learn a thing or two about student loans:
http://www.creditandmortgageindex.com/student-loan ...
P.S: I am not spamming. It's just a link I found on Google
- zeeshansyed, on 08/02/2008, -0/+1Could not have said it better myself. Repaying your student or any kind of loan on time can do wonders. People just don't simply get it :S
- reboare, on 07/16/2008, -0/+1Yea, real fun considering that the FED caused the mortgage crisis.
- nubix02, on 07/16/2008, -0/+1not overambitious mortgage companies and anxious borrowers promised the "american dream" at a sweet rate?
- Olfster, on 07/16/2008, -0/+1Like that would be too obvious. Anyway I trust my mortgage broker and realtor. They are looking out for my best interest. Aren't they?
- GoIgo13, on 07/16/2008, -0/+1The Fed created so much excess money and credit that it had to go somewhere - and as we see it went into a real-estate bubble.
This was to prop up the dot com bubble. Rather than let the business cycle run it's course, they created a double bubble which is orders of magnitude more disasterious when it deflates, as we're now seeing. - eryximachus, on 07/16/2008, -0/+1No, mortgage brokers and borrowers were participants. They were not the cause. It was the fed that create the money that was lent and borrowed.
- nubix02, on 07/16/2008, -0/+1not overambitious mortgage companies and anxious borrowers promised the "american dream" at a sweet rate?
- agentzero141970, on 07/16/2008, -0/+0Awesome, just what I needed, I was looking for student loans before I start college, now yes, awesome!
- eggballs, on 07/16/2008, -0/+1Next, homes, please.
- brainscab, on 07/16/2008, -0/+10it sucks how our nation basically requires that every person going through higher ed. comes out in big debt. Its like the powers that be think we are all supposed to be running a huge deficit, just like our nation!
- Prosequi, on 07/16/2008, -0/+5How does the federal government paying for your eduction get you out of the loop? If the government pays for you, you pay for you through taxation. It is still a loan you're paying back, just repackaged.
- bryceman111, on 07/16/2008, -0/+1But, with loans, you are forced to incur that debt while not even working, if you are at school full time, that is. It seems to me that I would rather have higher taxes, which you automatically pay for out of your pay check when you get/have a job, pretty much. You don't notice that as much as if you rack up thousands in debt and then owe it all 6 months after college. I suppose if you consider that repackaging, I would like a new package. I suppose I can't be 100% sure on this, as I am only just starting college in the fall.
Oh, also, education* ;)
- bryceman111, on 07/16/2008, -0/+1But, with loans, you are forced to incur that debt while not even working, if you are at school full time, that is. It seems to me that I would rather have higher taxes, which you automatically pay for out of your pay check when you get/have a job, pretty much. You don't notice that as much as if you rack up thousands in debt and then owe it all 6 months after college. I suppose if you consider that repackaging, I would like a new package. I suppose I can't be 100% sure on this, as I am only just starting college in the fall.
- pintomp3, on 07/16/2008, -0/+5very true. when i was in college the tuition was low enough that i could work part time and pay for it. to do that now would require working a couple full time jobs while taking classes. unless your parents are well off, you will come out with a substantial debt. combine that with the fact that you need a job for health insurance and the whole wage slave idea really comes together. we must be good little worker bees.
- jinxplayer, on 07/16/2008, -1/+1It beats living in a cardbord box.
- Prosequi, on 07/16/2008, -0/+5How does the federal government paying for your eduction get you out of the loop? If the government pays for you, you pay for you through taxation. It is still a loan you're paying back, just repackaged.
- NomortaL1, on 07/16/2008, -0/+3So, I already consolidated my loans at a hideous rate last year at a private company.
Does that mean im SOL?
Sincerely,
a sad person- Seemefearme, on 07/16/2008, -0/+2Having worked for one of these private companies for while, yes you are a bit SOL. The only way you can re-consolidate into a lower % is to obtain another loan outside of your current loans.
- yardie, on 07/16/2008, -0/+0Go back to school. Take out another and re-consolidate again. Consolidation is like trying to know when to fire a gun.
- Shwarma, on 07/16/2008, -0/+1brainscab, I don't intend to sound too paranoid or crazy, but it is a lot easier to maintain the consumer cycle and control people when they feel trapped.
- Cowfrommars, on 07/16/2008, -0/+1You guys have it tough. There is NO interest on student loans in New Zealand :).
- yardie, on 07/16/2008, -0/+0We have both. Sub and unsubsidized loans. The subsidized loans are interest free and are generally smaller, can get you by at a local state uni (depending on how much it costs there too). The unsubsidized loans are used when you've got a big ticket school or really expensive degree (med, dental, bet, etc.)
- NomortaL1, on 07/16/2008, -0/+1Subsidized loans are interest free until 6months after you graduate... then the interest mayhem begins.
- Grym11, on 07/16/2008, -0/+1The really sad thing is that sometimes federal subsidized and unsubsidized loans together are not enough for some educational programs. In fact, there were so many graduate/professional students in this boat that they passed the "Graduate Professional Plus Loan." Which is a federal loan with a higher APR and actual credit checks when you apply.
As an out-of-state medical student, I'm looking at around $180,000 in debt by the time I graduate. And my parents paid for my undergraduate degree! And people wonder why most doctors are assholes. =P
- sarp, on 07/16/2008, -0/+0You missed one crucial fact though. Leave the country for more that 183 days and say hello to 6.8%
- yardie, on 07/16/2008, -0/+0We have both. Sub and unsubsidized loans. The subsidized loans are interest free and are generally smaller, can get you by at a local state uni (depending on how much it costs there too). The unsubsidized loans are used when you've got a big ticket school or really expensive degree (med, dental, bet, etc.)
- Wujian01, on 07/16/2008, -0/+0Is it for real? Seems like every student need to consolidate thire loan...
Good news for student! - Eli05, on 07/16/2008, -0/+0I already have a low fixed rate for my federal loans. What I need is a low fixed rate for my 90K in private loans.
- LiquidShield, on 07/16/2008, -0/+2Here is one for you. Who is consolidating loans right now? I have googled it, asked the bank, and every person I talk to on the phone says that they are not consolidating loans due to the credit crisis. The bank wont consolidate them, because I don't own my own home so I have no collateral which I can understand. It sucks my tuition payments are 800+ a month now. WOOT for 61,000$+ in student loans...
- macplenty, on 07/16/2008, -0/+0Exactly, Sallie Mae shut consolidating off a few months ago, so did Chase and Citizen's as well as many other banks. If they've started up again, I will definitely need to look into it.
- katich, on 07/16/2008, -2/+0 Abbott Labs (NYSE:ABT) reported earnings of $1.32 billion, or $0.85, up 34.5% on sales of $7.3 billion, a 18.8% Y/Y increase.Go at http://www.smallcappulse.com/index.php/commentary/ ... for more updates.
- carlosos, on 07/17/2008, -0/+1Does anyone know of a good company to consolidate the student loans with? According to the article I have 3 more months to consolidate before I have to pay a higher rate (when the grace period ends).
- wanieda01, on 07/24/2008, -0/+1Student loan consolidation rebates are usually given by a private company when student loans are consolidated equaling more than $20,000. The more student loans consolidation, the higher the student loan consolidation rebate.
hxxp://student-loan-consolidationrebate.blogspot.com/
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