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First off, thanks to everyone in advance for your help. I’m in the same pickle as everyone else – I’m 23 and graduated with a crappy liberal arts degree from Northeastern in May 2011, but I’ve luckily been able to reinvent myself with a career in IT with some potential. My credit score is good (mid-700s) and I have consistent & reliable income. Here are the numbers… 1) About $16,000 in Direct Loans. 6 total loans, two groups. $185 minimum monthly payment, 10 year payoff. I’m about as happy as I could be with this situation. Unlike many others from reading this thread, I haven’t had any problems with ACS yet. 2) About $47,500 with Sallie Mae, who also service 2 FFELP loans ($2,522 / 6.8% and $4,295 / 5.55%). $425 minimum monthly payment, 15 year payoff (10 for FFELP) 1) $21,249 3.25% 2) $6,945 5.25% 3) $4,836 6.75% 4) $7,721 10.5% Yes, 10.5%. That's what happens when your parents don't cosign. 3) And finally, a $2500 Perkins Loan paid directly to Northeastern, $50 monthly payment, 5 year payoff I’m paying just over $650/month right now for everything combined. I make about $2750 a month. Between loans and rent ($600) almost half of my income is spoken for and I just barely get by. I can’t help thinking that I can improve my situation. My #1 goal is to get all of this debt gone as soon as possible, and that has to begin by lowering the interest rates of the ghastly Sallie Mae loan ($7,721 / 10.5%) and beginning to pay more than the minimums. I have 3 ideas that might or might not help me achieve better success: 1) Consolidate the 3 Sallie Mae loans, leaving out the big one with the 3.25% rate. I just don’t know if it’s possible. I submitted an online application for a Wells Fargo private consolidation loan and it said I’m approved…with a cosigner. That’s not gonna happen, my dad already wants off the two Sallie Mae loans he cosigned. 2) Use the Special Direct Consolidation Loan to take the FFELP loans away from Sallie Mae. This would save me almost $100 off my biggest payment and get more money out of their horrible hands. Unfortunately, the larger loan has the lower rate, so consolidating would probably add more interest. 3) Do a gigantic consolidation loan (All 6 Direct Loans, 2 FFELP, and the Perkins). This would simplify payments and not be too outrageous. The estimate on the application is $26,081 with a rate of 5.875% and monthly payments of less than $300 for 10 years. If anyone has any advice, whether about these ideas or any other ideas, I’d really appreciate it! I’m feeling pretty lost in space over the whole ordeal, but I know I need to fight back as hard as I can. Thanks again!
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Jun 15, 2012 21:39
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If I plan on working in the Public Sector, and hopefully taking advantage of the 120 payments and then they pay it off thing, can I also do the income based repayment plan? I plan on having about $85k in loans when I graduate from Law School.
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Jun 16, 2012 18:42
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outsideoftexaco posted:First off, thanks to everyone in advance for your help. I’m in the same pickle as everyone else – I’m 23 and graduated with a crappy liberal arts degree from Northeastern in May 2011, but I’ve luckily been able to reinvent myself with a career in IT with some potential. My credit score is good (mid-700s) and I have consistent & reliable income. Here are the numbers… I'd go for either the Special Direct or the gigantic consolidation, depending on a few things. If you do the 3rd option, keep in mind that if you lose your job, or become totally and permenantly disabled, etc., you still will have to pay on your loan. Where as if your loans remain as federally subsidized, you will have a lot more options come what may. As for the special direct consolidation, it's a good option for you. It'll keep your interest rates the same on your individual loans, only .25% lower, and you'll still be able to pay on the higher interest rates first. Stumpus posted:If I plan on working in the Public Sector, and hopefully taking advantage of the 120 payments and then they pay it off thing, can I also do the income based repayment plan? Honestly, there's not a lot of point to doing any other plan but IBR with Public Servant Loan forgiveness.
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Jun 16, 2012 21:03
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I'm sure this is a pretty dumb question: on myedaccount.com, I was changing some stuff around and cancelled/reapplied my Kwikpay for some reason, and in the process it got started up after my normal pay date and didn't make the june payment. However, for a while now its had my amount due to be $0 and the next duedate as 3 months in the future. I assume that this is because I've been paying more than the minimum? Would it kill me not to make a self payment this month?
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Jun 17, 2012 16:28
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tuckfard posted:I'm sure this is a pretty dumb question: on myedaccount.com, I was changing some stuff around and cancelled/reapplied my Kwikpay for some reason, and in the process it got started up after my normal pay date and didn't make the june payment. However, for a while now its had my amount due to be $0 and the next duedate as 3 months in the future. I assume that this is because I've been paying more than the minimum? Would it kill me not to make a self payment this month? Probably not. If you want to, go for it, but keep in mind that if Kwikpay's re-set up, it's not unheard of for a forbearance to be applied onto the account so that people don't think that their loans are being paid when they aren't and ending up past due.
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Jun 17, 2012 22:46
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I have two loans with Sallie Mae and one with Nelnet. I recently completed the special direct loan consolidation offer, on the application it said the Sallie Mae loans were eligible for consolidation but Nelnet was not. I'm fine with that, but when I'm done I am informed that the application will be sent to Nelnet, no mention of Sallie Mae. Also, what does the special direct consolidation do? I had the impression that you get a small interest rate reduction and it locks that rate in.
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Jun 17, 2012 23:09
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Binary posted:I have two loans with Sallie Mae and one with Nelnet. I recently completed the special direct loan consolidation offer, on the application it said the Sallie Mae loans were eligible for consolidation but Nelnet was not. I'm fine with that, but when I'm done I am informed that the application will be sent to Nelnet, no mention of Sallie Mae. What that almost certainly means is that your Department of Education loans are with Sallie Mae and your FFELP loans are with Nelnet. In other words, I'm pretty sure that your loans are going to end up with Sallie Mae once everything's done. And the Special Direct allows you to lock in the interest rate and lower it by .25%, yes. Which is really nice in some circumstances. My husband has an interest rate of his FFELP loans of 1.76% and if he wasn't in school, he'd being doing it whether he liked it or not to lock those suckers in, and to also keep his awesome 1% interest rate reduction for using auto debit. So for people with older FFELP loans with incentives, it is fantastic. For people with newer higher interest rate FFELP loans... it's not much of a benefit. Besides the incentives though, SDC loans aren't that different. Don't expect miracles, but it'll be nicer than what you had before, ideally.
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Jun 18, 2012 00:41
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Effexxor posted:What that almost certainly means is that your Department of Education loans are with Sallie Mae and your FFELP loans are with Nelnet. In other words, I'm pretty sure that your loans are going to end up with Sallie Mae once everything's done. Oh ok, that sounds good I suppose. I thought Nelnet was private or something, because on the form it was listed as not able to be consolidated.
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Jun 18, 2012 01:23
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Effexxor posted:Honestly, there's not a lot of point to doing any other plan but IBR with Public Servant Loan forgiveness. But does this also raise your interest? It seems to me like raising your interest wouldn't matter, since you make 120 set payments based on your income and then it's paid off. But your answer is ambiguous. Are you saying it's the best thing, or that they still give you the shaft even though you a public servant?
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Jun 18, 2012 05:34
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Stumpus posted:But does this also raise your interest? It seems to me like raising your interest wouldn't matter, since you make 120 set payments based on your income and then it's paid off. It really doesn't matter if you make the 120 set payments because the rest will be paid off by the government, IF it is still around in 10 years. My answer's ambiguous because I really hate stating that something's factual and guaranteed with student loans. But there is no point to doing PSLF if you aren't doing IBR. It'll be the lowest payment option, 90% of the time. Granted, if the Income Sensitive or Income Contingent plans are lower for you in your sitatuation, then by all means, do it. What's pointless about PSLF with any other plan, i.e. standard or graduated on a 10 year term, is that your loans will be paid off on any good standard or graduated plan.
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Jun 19, 2012 01:14
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Effexxor posted:It really doesn't matter if you make the 120 set payments because the rest will be paid off by the government, IF it is still around in 10 years. Actually, payments made under any payment plan other than Standard or Income Based/Income Contignent do not count for PSLF. And since a Standard Plan will pretty much pay your loan off in 120 payments (because this is 10 years), it only makes sense to do IBR and ICR.
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Jun 19, 2012 05:29
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Jesus, I know nothing about my students loans. I just signed up for anything I needed to pay off whatever was left of my private school's tuition. I graduated in December. Been working, but had a non-work related accident in May, broke my leg and am out of work until September at least, not sure if any of that is pertinent. I have a direct parent plus loan, subsidized stafford, unsubsidized stafford, and perkins. Great lakes has been hitting me up to consolidate my loans to get a "0.25% interest rate reduction from the current interest rate on each commercially-held Federal Family Education Loan Program loan as of the date it is consolidated." Sounds good, anything to be wary off? I have basically no idea what I'm doing and I'd like to start paying this off little by little, but even if I get a job come September I won't be making much with cost of living and all.
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Jun 19, 2012 18:51
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mitztronic posted:submitted my IBR request documents. Hopefully gets approved This was from a long time ago. I now pay a mere $900 a month which results in me being fairly unable to save any real amount of money. I had to move to a smaller place (not a big deal, I don't mind). Anyways, the point is it's depressing to realize that the amount i owe on my loans really isn't decreasing in any meaningful way because of the 6-8% interest. I just can't get over how loving insane this interest rate is. have fun with your several hundred thousand dollars of interest sallie mae. I hope you choke on it and die e: haha just calculated that more than half my payments go to interest. 
mitztronic fucked around with this message at 23:18 on Jun 20, 2012 |
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Jun 19, 2012 21:59
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I have about $14k in OSAP loans. I have $2k sitting in a savings account right now. I currently have a part time job with lovely hours and lovely pay. I am also on repayment assistance, where the govt pays my interest until September. I will most likely be eligible for this for another year or so, assuming I still can't get anything else. I want to pay off these stupid loans and get them out of my life, and this $2k is saved up for these loans. Should I give them all of that in one chunk, or should I pay my minimums once the assistance wears off in September? (or possibly after another 6 month period.)
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Jun 21, 2012 01:35
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So, I may have an interesting predicament, and I'm looking for some kind of answers or advice. My school's website states that my aggregate loan amount is $41,493, but the National Student Loan Data System states my outstanding balance is $46,716. My school approved me for $12,500 in loans for the coming Fall and Spring semesters. This would place me above the $57,500 aggregate limit. So, in short, what do I do, and how is my school allowing me to borrow more money?
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Jun 25, 2012 20:52
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Sorry about the wait guys! Koshernostra, that's the special consolidation program and from what I've heard from students it's a good program. Also, I hope you've talked to your servicers about deferments/forbearances on your student loans, because if you can't work you qualify. mitztronic, take heart and keep at it, your balance is not the highest I've ever heard of. Hopefully things will get brighter for you! Robin Sparkles, I would hold onto your savings if that's your only savings for emergencies and just pay what you can toward your loans. Once you get a better job and can start saving money up again, do it and start hitting your loans harder at that point. notlupus, is the NSLDS total balance including interest accrued? Remember to subtract that total before looking at your aggregates. If it's still too high, contact your financial aid office and talk to them about the issues you've found.
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Jun 26, 2012 23:36
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Wiggy Marie posted:mitztronic, take heart and keep at it, your balance is not the highest I've ever heard of. Hopefully things will get brighter for you! Hah, thanks  I actually found out via phone call that I have another $8k loan that I never received anything in writing because they had the wrong address, and it took them 3 months to decide they should probably give me a phone call. Anyways, it's another $80/month so I'm just under $1k a month now. I feel incredible bad for people who have more debt than me. I cant imagine how stressful it must be for them, considering how bad this is for myself.
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Jun 26, 2012 23:49
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You can look into having your payments adjusted again based on the new overall balance. It might help you up a bit!
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Jun 27, 2012 00:13
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Nevermind!
No. 9 fucked around with this message at 22:51 on Jun 29, 2012 |
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Jun 27, 2012 12:13
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Wiggy Marie posted:notlupus, is the NSLDS total balance including interest accrued? Remember to subtract that total before looking at your aggregates. If it's still too high, contact your financial aid office and talk to them about the issues you've found. I'm not entirely sure. There'd still be a discrepancy of about $1,000 if that were the case. I don't think I really want to contact our financial aid center, because I need the help finishing school. I did talk with my parents, though, and they said they'd help me work something out to finish college. So, I guess ultimately this isn't as much of an issue as it was a couple days ago. I'm just sort of interested to see what happens now. Thanks for replying!
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Jun 27, 2012 20:46
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Ok, I finally have a job where I can afford to make loan repayments, and I have a decent mortgage in student loans to pay off. I have about $200k total in loans, roughly 50% of which are federal (roughly $75k Stafford, $25k GradPLUS) and 50% private. Most of my Stafford loans have really low rates right now since they're pegged to the LIBOR, but obviously the GradPLUS and private loans do not. That said, some quick questions due to the special direct consolidation deadline coming up: 1) It's my understanding that the special direct consolidation is to buy out any FFEL loans so that they're direct loans like any other, and each loan bought out in this manner gets a 0.25% interest rate dedication. Is the consolidation an actual consolidation of loans into a new loan, or just a consolidation of lenders where the loans remain separate? 2) Am I right in assuming that I don't qualify for any of the new IBR provisions because I am not a 'new' borrower (e.g. one planning to take out at least one loan in 2012) even though I otherwise have loans that would qualify? If I only qualify for the older provisions, capping repayment at 15% hardly seems worth it since that will basically be my payment anyway. 3) It's entirely possible that I could be making over $100k this year. Would special direct consolidation really be worth it in this case? I probably have 20 different actual loans, and if I consolidated it would mean losing the flexibility to make more than the minimum payment, which I could use to target either smaller loans first to quickly reduce my total minimum, and/or target high interest private loans. It seems like if I have 2 different scenarios where I could make extra payments towards principal, I should pick the one that also reduces my overall monthly minimum payment.
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Jun 30, 2012 00:21
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1. I am honestly not super familiar with the program, but I have heard that it is a consolidation of loans, but not a consolidation into one loan. You should definitely call your servicer to clarify exactly what it means. 2. I have not heard of anything like that disqualifying a borrower from IBR, unless of course you're still in school and thus not in repayment. Otherwise, you should look into it. *Presumably if you're taking out a new loan you're still in school). 3. If you're going to be making that much, why will you need another loan? I would suggest NOT taking out a new loan, that should be more than enough to pay any amount of tuition you have unless it's ridiculously high. As for payment strategies, anything which takes out the interest accruing is where you want to start. Private loans should be goal number 1, then the rest after.
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Jul 2, 2012 01:57
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I'm so happy this thread exists. I am a rising junior in a four year acting program. I'll graduate with a BFA in acting (waiter for life  ) I managed not to take any private loans out in my freshman and sophomore years, but I will have to take some out for my junior and senior year.I have done some rough estimates : I currently owe 20,970.14 in federal subsidized and unsubsidized loans for my freshman and sophomore year. So If it continues at roughly the same rate, I will owe 41940.28 in federal loans (subsidized and unsubsidized) when I finish my final year. I will probably owe 14,000 in private loans when I graduate as well. So without interest I will probably owe $55,940.28 by the time I graduate. Roughly. I would like to go for my masters in directing, but I'm just gobsmacked. I have no idea what to do or how to start. Should I try to focus the bulk of my money into paying off my private loans? How long should I wait to pursue my masters? Should I pursue my masters? I have no money in the bank right now due to college expenses like books ( and maybe some tattoos) . Am I totally hosed when I graduate? I'm just confused as to what I should do with the small amount of money I make at my part-time job in school and my part-time job during the summer. Should I be hoarding it for my impending loan payments?
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Jul 3, 2012 19:27
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Quick question! Finished my FAFSA up yesterday and am going to get myself applied at a community college pretty quick here. I printed out a sheet giving me my FAFSA info and it said I'd be eligible for a Pell Grant ($4,100) and Direct Stafford Loan ($9500) estimates. Do you find out more when you register for classes? I'll be turning 24 before the semester starts and have heard that people of that age get a bit more towards school. Is this why my Pell grant amount is much higher than when I registered when I was 22? The Pell grant does not need to be repaid, correct? It'd be nice to have a bit of extra wiggle room while living as I'm not settled on a job yet or anything.
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Jul 3, 2012 22:25
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I'm going into my junior year of college and costs are increasing while my finances are decreasing. I currently have $7000 in debt and will be taking out an addition $7,500 for this year. Even after this, I'll be left owing roughly Emmideer fucked around with this message at 23:44 on Jul 4, 2012 |
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Jul 4, 2012 23:40
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Lblitzer posted:Quick question! Finished my FAFSA up yesterday and am going to get myself applied at a community college pretty quick here. Pell grants do not need to be repaid, correct. And the limit to how much you qualify for and borrow does increase after a certain age and weather you are a dependent or not. Usually after you've completed a FAFSA the information is sent to the community college you're attending for Financial Aid info. That can take a week or so for it to process. When I did my FAFSA, after a week or so I was able to log on to my schools student website which gave a detailed financial aid summary and which loans, grants etc. you wanted to accept and how much for each semester. If your school doesn't have it onlne I'd check with the financial aid office after a few days or so to see what you need to do next.
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Jul 5, 2012 00:18
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Jon Joe posted:I'm going into my junior year of college and costs are increasing while my finances are decreasing. I currently have $7000 in debt and will be taking out an addition $7,500 for this year. Even after this, I'll be left owing roughly Some schools have work study programs as financial aid. You'd basically work a part time job at the school and it would go towards your tution. It may depend on the school, but a few years ago at my university a work study program would cover about $1500 a semester or so. It might or might not be better than just working somewhere else but it's an option.
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Jul 5, 2012 00:21
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Avellon posted:Some schools have work study programs as financial aid. You'd basically work a part time job at the school and it would go towards your tution. It may depend on the school, but a few years ago at my university a work study program would cover about $1500 a semester or so. It might or might not be better than just working somewhere else but it's an option. I'm already receiving work-study. (My college is expensive, but swapping to a different one is one of the last things I want to do.)
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Jul 5, 2012 00:27
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I have a question! FAFSA's submitted, I'm registered, etc. I accepted my Pell Grant (and a state specific grant) and I accepted the $3,500 subsidized loan. However, I wasn't offered the unsubsidized loan (on my school's financial aid portal, anyway). It's my understanding that only the subsidized bit is conditional on need, and that anyone can get the unsubsidized bit. Is that not so? Are there limited unsubsidized funds to allocate, per school? FWIW I'm independent, and I already did my entrance counseling and MPN.
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Jul 5, 2012 03:36
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Thank you so much for this thread. I start grad school in the fall. I have been offered GRADPLUS and federal unsubsidized loans totaling tuition and fees plus $3K a semester for each semester of the first year. Do I just take the loans and not look at private lenders? Everything online says to do this. But I feel it's odd to simply take the government money without asking around. But EVERYONE says to do just that. And do I take the full amount? Is it possible to take just what I need to cover fees and tuition? If so, which loan is better to take the full amount of? Thanks again!
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Jul 6, 2012 00:47
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SRyJohn posted:I have a question! FAFSA's submitted, I'm registered, etc. I accepted my Pell Grant (and a state specific grant) and I accepted the $3,500 subsidized loan. However, I wasn't offered the unsubsidized loan (on my school's financial aid portal, anyway). It's my understanding that only the subsidized bit is conditional on need, and that anyone can get the unsubsidized bit. Is that not so? Are there limited unsubsidized funds to allocate, per school? You're generally able to get much more in unsubsidized than subsidized. The fact that you got the full $3,500 in subsidized loans mean that you were judged to have definite need for the loans. There is generally a limit on how much unsubsidized loans that the schools will give out, mostly because the good ones know that it's something that you avoid as much as possible. However, that being said, don't be afraid to get them if you need them. You're taking these loans out because you need them, and you'll have many more options to handle your debt so long as you stick with the federal loans. RebBrownies posted:I'm so happy this thread exists. Get those private loans down first before the federal loans. But that being said, deep breaths, you will not be hosed, you will be in the norm and there will be options to help, especially with the federal loans. What I would suggest is that you contact your private loan provider and find out what your largest interest rate loan is and see how much interest accrues a month on that specific loan. If it's not a massive financial hardship and you can pay that one down while saving up enough for the upcoming school year, then great! If not, take care of yourself and pay what you can. oneof27 posted:Thank you so much for this thread. You do want to avoid private lenders, and there's a reason. If you get into a car accident and can't work, your federal loans can be completely wiped out. Private loans can't. If you're unemployed, have an economic hardship, can't afford to make your payments, you have tons of options with your federal loans to postpone them and possibly have the interest paid on your federal loans. There's also a lot of federal regulation that's in place to keep you and your interests in the best place possible. Most private loans don't offer anywhere near that kind of support. If it was me, I'd take as much of the unsubsidized loans out and take the least amount of GradPLUS loans that you can, so long as you will be able to make it comfortably through the school year.
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Jul 6, 2012 19:29
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Bless you Effexxor! Thank you so much for your help! I agree with your advice and don't really have anything to add. As a sidenote, how are you finding the job?
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Jul 7, 2012 05:15
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Wiggy Marie posted:Bless you Effexxor! Thank you so much for your help! I agree with your advice and don't really have anything to add. It's good! It's a bit stressful, especially since I'm now dealing with escalations, but I do feel much more challenged, and I do feel like I'm good at it, which is always a good feeling.
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Jul 7, 2012 06:43
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I am one class away from receiving my B.S. in bio, but I decided not to finish it because I wanted to continue to be eligible for the pell grant at my community college (I wanted to enter their nursing program). I just found out a couple of weeks ago that I am no longer eligible for the pell grant because I have already been in college for 6 years. I am pretty stressed out about this because I don't have enough money to afford books, supplies..etc for the RN program this Fall. I am currently looking for a job, but some employers will not consider me because they do not want to work around my school schedule. I got a call for a hospital job yesterday morning, but the conversation ended the moment I mentioned I was in the program . I was hoping to apply for some loans, but my school does not participate in any loan programs (they are accredited, but a counselor said something about people taking them and never being able to pay them back?). I was wondering if anyone can help me find loans I might be able to qualify for? I'm still looking for a job & scholarships to help pay for my education. *I should probably mention that I'm in southern California. daynip fucked around with this message at 03:21 on May 6, 2013 |
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Jul 7, 2012 12:05
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daynip posted:I am one class away from receiving my B.S. in bio, but I decided not to finish it because I wanted to continue to be eligible for the pell grant at my community college (I wanted to enter their nursing program). I just found out a couple of weeks ago that I am no longer eligible for the pell grant because I have already been in college for 6 years. I am pretty stressed out about this because I don't have enough money to afford books, supplies..etc for the RN program this Fall. I am currently looking for a job, but some employers will not consider me because they do not want to work around my school schedule. I got a call for a hospital job yesterday morning, but the conversation ended the moment I mentioned I was in the program Your school probably lost their accreditation with the Department of Education because their default rate was too high. If a school's graduates are defaulting at too high of a rate, the school will lose it's accreditation because that's a big red flag that the school is either giving out way too much money, not giving their students a good enough education to be able to afford the student loan payments or that they aren't doing ANY education. Usually, it's a mix of all three. I'd suggest finding another school that can actually disburse student loans. From what you've said about the current school, and the fact that your financial aid officer hasn't given you any help, I'm seeing a bunch of red flags.
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Jul 8, 2012 17:21
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My checks finally cleared. Paid off $37k worth of undergrad loans. Now time to buy a big jacked up truck and a couple of dirtbikes!
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Jul 9, 2012 19:13
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I'm looking for some advice on lowering payments or consolidating some of my student loans. I've been paying over $400 a month since I graduated and I feel like I haven't even made a dent yet  I have these Federal loans which I consolidated into the ACS system: $17,410.78 @ 6.125% $4,248.28 @ 6.125% which comes out to $166.83/month And these loans with Sallie Mae: Tuition Answer - $2,931.22 @ 9.75% Signature Loan - $4,864.52 @ 7.75% Signature Loan - $7,888.34 @ 9.25% Signature Loan - $3,763.96 @ 9.25% which comes out to $252.17/month. One of those is due to be done in 2016 but the rest last until 2025. I know I'm getting raped on the Sallie Mae payments, but my parents had horrible credit and I had non-existent credit when I started college. Is there anything I can do to get those interest rates down or am I just hosed for a long time?
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Jul 9, 2012 22:00
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My girlfriend is exiting medical school and we are trying to figure out her loan situation. She applied for the Special Direct Consolidation, and the webapp outlined four of her loans which were deemed eligible for Special Consolidation. She also has loans which are (assumably) eligible for traditional Direct Consolidation, but the Special DC application said that you should not begin a Direct Consolidation app before the Special DC app. Is the Special DC also going to consolidate traditionally, or do we need to also apply for traditional Direct Consolidation? Edit: http://www.tgslc.org/pdf/specialconsolqanda01062012.pdf this doc posted:Traditional Consolidation So I need to wait for the Special DC to complete, then do traditional consolidation and roll them all into one, it seems. lament.cfg fucked around with this message at 23:46 on Jul 9, 2012 |
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Jul 9, 2012 23:33
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Stupid question, but I'm about to pay down all my Sallie Mae loans to the tune of $9700. My monthly payment has been about $160 a month, but I don't want to pay interest, so I'm going to pay it off now. Any things I should consider or should I just send the check?
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Jul 10, 2012 01:41
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Say that my brother in law had some student loans in the 6-8% interest range. And say that I had some money I wanted to invest. What would best way to loan him money at say 4%, in order to pay off the loans? Can I pay Wells Fargo or someone to service it for me at any reasonable rate? Are there sample contracts I could use? With this amount of money I'd want to do something formal, legal, and ideally not just use a spreadsheet to keep track of it.
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Jul 10, 2012 02:33
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