 Consolidating Loans, Confused |
| Consolidating Loans, Confused |
  Jan 4 2007, 11:00 PM
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#1
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 Group: Members Posts: 26 Joined: 23-February 06 From: San Antonio/ Lubbock Member No.: 70  |
Ok so I finally consolidated. But I'm confused and I cant find answers anywhere.
It says my principal is 41k and my interest is 47k and total payoff is about 89k... it says i pay 240something for the first 2 years and and in 2009 like 280 something until 2031. 89K confused the heck outta me because the interest rate im at is 6 point something. So my online friend was saying if I double up my payments and not pay the minimum... The 89k lowers? Please explain. Thanks!!!! Anyone know of a helpful site. Are the consolidating companies as bad as the Lenders then???? |
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Jan 4 2007, 11:28 PM
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#2
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 Group: Members Posts: 10,620 Joined: 23-February 06 From: Houston, TX Member No.: 48 |
it sounds like for some reason your interest was compounding while you were in school.. i dunno why it would have been. and 6%... that sounds astronomical for student loans... who did you consolidate with?
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Jan 5 2007, 03:45 AM
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#3
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 From Atlantis to Interzone Group: Global Moderators Posts: 2,512 Joined: 23-February 06 From: Somewhere in space and time Member No.: 65 |
QUOTE (impala454 @ Jan 4 2007, 11:28 PM)  it sounds like for some reason your interest was compounding while you were in school.. i dunno why it would have been. and 6%... that sounds astronomical for student loans... who did you consolidate with? Well, there are subsidized and unsubsidized student loans. Unsubsidized loans do accrue interest while enrolled. -------------------- QUOTE (Spectatrix @ Oct 13 2006, 09:51 PM) Holy shit, pebkac, you're awesome! "Be who you are and say what you feel, because those who mind don't matter and those who matter don't mind." - Theodor Seuss Geisel (AKA Dr. Seuss) "An idea that is not dangerous is unworthy of being called an idea at all." - Oscar Wilde |
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Jan 5 2007, 11:51 AM
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#4
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Group: Members Posts: 10,620 Joined: 23-February 06 From: Houston, TX Member No.: 48 |
QUOTE (pebkac @ Jan 5 2007, 03:45 AM) Well, there are subsidized and unsubsidized student loans. Unsubsidized loans do accrue interest while enrolled. well this is true but to the tune of 42k on 47k over 1-4 yrs?? my total amount of my loans was about 36k, with about 8k i couldn't consolidate bc they were private loans. so i had 28k consolidated with panhandle plains, and on a 20 yr note i started off paying $86/mo, and every 2 years it goes up like $8 (i think, haven't looked in a while). and the rate is something like 2.75% 6.x% on student loans is insane... i think i got a better deal than that on my damn truck |
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ttugurl Consolidating Loans Jan 4 2007, 11:00 PM
pebkac QUOTE (impala454 @ Jan 5 2007, 11:51 AM) ... Jan 6 2007, 09:18 PM impala454 QUOTE (pebkac @ Jan 6 2007, 09:18 PM) Aft... Jan 7 2007, 12:33 AM
Spectatrix QUOTE (ttugurl @ Jan 4 2007, 11:00 PM) So... Jan 5 2007, 01:13 AM woody QUOTE So my online friend was saying if I double u... Jan 5 2007, 09:06 AM Jessica the going interest rate on student loans is 4%.
I... Jan 5 2007, 12:13 PM woody my interest is at like 3.5%. I pay about 220/month... Jan 5 2007, 01:29 PM Jessica ummm of course thats what she meant. what the fuck... Jan 6 2007, 10:00 PM pebkac QUOTE (impala454 @ Jan 7 2007, 12:33 AM) ... Jan 7 2007, 12:25 PM |
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