 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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Jan 6 2007, 09:18 PM
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#5
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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 5 2007, 11:51 AM) 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 After re-reading her post, it makes sense. I think she's saying that by the time she's done paying it off, the interest paid will be 42k. And to answer your question, yes, if you make higher payments on the loan than the minimum amount due, it will lower the amount of interest you have to pay. -------------------- 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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ttugurl Consolidating Loans Jan 4 2007, 11:00 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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