Comments on: Money Mistake Monday – Thoughtless Consolidation of Student Loans.

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Thanks To All My Guest Posters Last Week. | My Two Dollars — Sun, 30 Mar 2008 19:01:13 +0000

[...] PaidTwice, who submitted Money Mistake Monday – Thoughtless Consolidation of Student Loans. [...]

By: michelleh

michelleh — Tue, 25 Mar 2008 19:43:24 +0000

We have a student loan on our daughter who is currently a freshman. We began paying it back in February of this year. It’s curretnly at 7.75%. My husband and I never had any college loans. We paid as we went – long ago! ha! So we don’t really understand all the details. My question is can you get a lower rate if you only have one loan? Any help would be appreciated!

By: Tight Fisted Miser

Tight Fisted Miser — Tue, 25 Mar 2008 02:54:39 +0000

When I graduate next year I\’m going to search out the best consolidation deal. My loans from my first year are already consolidated but that was a good deal because it locked in the 4.75% interest rate and current rates are 6.8%. Consolidating my loans disqualifies them from the CCRA public interest loan forgiveness though so I might not consolidate them.

By: Mrs. Micah

Mrs. Micah — Mon, 24 Mar 2008 20:23:39 +0000

We’re definitely going to have to get Micah’s consolidated for sanity’s sake. But when we do so, I’ll remember to check for interest rates…most are Sallie Mae anyway, there’s just a couple from undergraduate which aren’t. I don’t know how their rates will affect this.

By: paidtwice

paidtwice — Mon, 24 Mar 2008 19:28:02 +0000

Um, yeah, they won’t lower the interest rate. Well, for paying automatically and on time they lower it 0.25%. But that’s it. If I had known to ask before i consolidated I might have been able to get the rate lowered but once consolidated, they know they’ve got you, and they don’t care. lol

By: Anonymouse Writer

Anonymouse Writer — Mon, 24 Mar 2008 19:15:43 +0000

Have you called Sallie Mae to see if you there’s a way to lower the interest rate? I can’t remember for sure, but I think when consolidated, I only had one loan and they just let me lock in the lower interest rate. Anyway, it may be worth a try!

By: Dawn

Dawn — Mon, 24 Mar 2008 16:59:03 +0000

Um yeah right there with you on this one, I graduated in 98. I remember going to some sort of seminar sort of thing where they basically say hey your graduating and you are goign to have to pay those loans off, here his your consolidation paper work. I honesly didn’t think I had any options, I am consolidated at 8.1% and my hubby as well….we call it our college mortgage! UGHHH at 4% they probably would have been paid off by now, oh well you live and learn.

By: Thoughtless Financial Moves - Guest Post at My Two Dollars | I've Paid For This Twice Already...

Mon, 24 Mar 2008 15:53:31 +0000

[...] (in a “if I had to do stupid things at least they can be good blog posts” way) to have written this week’s Money Mistake Monday at My Two Dollars.Â David is off yurting (yes, yurting!) this week and asked a few bloggers to fill in for him, and [...]

By: Matt

Matt — Mon, 24 Mar 2008 15:36:49 +0000

Even badly consolidated debts aren’t that bad… I consolidated my credit card debt only to start racking it back up. That’s the epitome of stupid. I’m glad I grew up a bit since then.