How do I consolidate a Private, Parent Plus and Federal Loan, under a different name, all being Student Loans?
One is a Private under my name. One is a Parent Plus loan under my dad’s name. One is a normal Federal Loan under my Father-in-law’s name.Consolidation loans often reduce the size of the monthly payment by extending the term of the loan beyond the 10-year repayment plot that is standard with federal loans. Depending on the loan amount, the term of the loan can be extended from 12 to 30 years. (10 years for less than $ 7,500; 12 years for $ 7,500 to $ 10,000; 15 years for $ 10,000 to $ 20,000; 20 years for $ 20,000 to $ 40,000; 25 years for $ 40,000 to $ 60,000; and 30 years for $ 60,000 and above.) The reduced monthly payment may make the loan simpler to repay for some borrowers. But, by extending the term of a loan the total amount of interest paid is increased. http://loan-house.we.bs/loanconsolidation.html In certain conditions (for example, when one or more of the loans was being repaid in less than 10 years because of minimum payment supplies), a consolidation loan may decrease the monthly payment without extending the overall loan term beyond 10 years. In effect, the shorter-term loan is being extended to 10 years. The total amount of interest paid will increase unless you continue to make the same monthly payment as before, in which case the total amount of interest paid will decrease. The interest rate on consolidation loans is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest 1/8 of a percent and capped at 8.25%. http://loan–house.blogspot.com/2008/03/loan-consolidation.html
Unfortunately, you can not consolidate private loans. And, it’s possible that you can not consolidate parent plus loans either. Go to the federal loans website and look at the consolidation in rank. If you’re still not sure, give them a call.
Student Loans: Private vs Parent. Am I missing something here?
I see the prime rate is now 4%, which has plummeted. Is it better to take a private loan or a parent loan? Parent PLUS loans, just googling them look like 8.5%, while private loans at prime (4%) -.5%-+4.75%. With excellent credit, this seems much lower. Am I missing something? I have the cash to pay for my last year of undergrad based on my current savings. But, I am likely going to take an internship after graduation and be without a paying job for at least a year. It’s a lot simpler to get a loan as a ‘student’ than it is as an intern. (Or so I reckon) so I was thinking of holding my savings and paying for school next term with a loan. 1) My parents are really fine with my taking loans in their name 2) Personally, I have very excellent credit 3) I expect inflation to go up(but I’m not sure financial markets do yet) so I figure taking loans now is wise.Student loans have tightened up their qualifications (as I’m sure that private loans do). Generally speaking, student loans give you up to 10 years to repay. The same with the parent plus loan (which can now be deferred). Besides the interest rate on a private loan, find out their repayment terms. Most student loans let you defer payment until 6 months after you leave school. Many private loans expect repayment to start immediately. You have to weigh your options and the benefits of each side of the coin. Better loan rate with immediate repayment VS higher interest rate with a longer repayment term. Which will fit your situation better?
It is UNLIKELY you will be able to get a private loan as very few, if any lenders offer these loans anymore. If some still do, the approval late is VERY VERY low. I would go with the parent loan as they will be around. Though it is unlikely the current loan progam will exist much longer.
If I have co-signed on student loans and the student defaults, do they come after me or maybe another parent?
If one parent has co-signed on a student loan, then couple divorces, are both parents liable for the debt if the student defaults or is the co-signer screwed?Co-signer is screwd, that’s why there is a co-signer in the frst place.
Tell your kid to get it together and get a job!
They go after the co-signer.
2003 Guide to Federal Government College Financial Assistance Information - Federal Student Aid Programs, Loans, Information for Students and Parents, ... University Reports, Getting Ready for College
This comprehensive CD-ROM provides a thorough overview of college financial information and student employment and career opportunities provided by the Federal government. Here are some of the documents and topics covered by the informative files in this enormous collection: Department of Education College Early Preparation (Getting Ready for College Early, and Preparing Your Child for College) * Financial Aid (Funding Your Education, Looking for Student Aid) * Student Gateway To The U.S. Gov
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they will go after the co-signer, regardless of marriage or divorce situations.
hello, for default loan, yes co-signed person is equally liable for a debt.
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