Best solution for paying student loans...

[Mofoman]

Just graduated back in August from Temple U. I had no clue about student loans, grants, and scholarships and all that shyt when I first went to school when I was 18. I would have waited to goto school, but that's another story. So in trying to pay for school, with no help from family, I just applied for a bunch of federal loans, which covered the majority of my tuition...fast forward 5 years later, and I've racked up $45k in debt, and FASFA is on my back about paying them back to the tune of $500 a month, which I simply can't pay right now.

I been been sifting thru several options to pay my loans back, but I really know jack shit when it comes to all of this. I've considered consolidating, so I have one monthly payment that covers all of my loans, but what are the drawbacks to this...I know there are some drawbacks, but what?

 

[geist]

Nah, there's no real drawbacks to consolidating student loans except you'd probably be paying them all off over a long period of time.

So what you do is:
consolidate them all
Pay more than the minimum, say $20-$50 more (whatever you can afford)
When you start making more money increase what you've been paying
Find a payment calculator and figure out how much
Set a goal for when you want to pay them off

It's all about paying the principle of a loan down. Once you do that, interest will be nothing.

 

[TruDat]

Nah, there's no real drawbacks to consolidating student loans except you'd probably be paying them all off over a long period of time.

So what you do is:
consolidate them all
Pay more than the minimum, say $20-$50 more (whatever you can afford)
When you start making more money increase what you've been paying
Find a payment calculator and figure out how much
Set a goal for when you want to pay them off

It's all about paying the principle of a loan down. Once you do that, interest will be nothing.

WERD

 

[DJ_ShowNuff]

Nah, there's no real drawbacks to consolidating student loans except you'd probably be paying them all off over a long period of time.

So what you do is:
consolidate them all
Pay more than the minimum, say $20-$50 more (whatever you can afford)
When you start making more money increase what you've been paying
Find a payment calculator and figure out how much
Set a goal for when you want to pay them off

It's all about paying the principle of a loan down. Once you do that, interest will be nothing.

tru indeed i used 2 work as a consolidation speacialist n trust me 45k isnt as bad as some of the things i've seen. I called a guy one time with just over 200k in student loans, u woulda thought i saved his life...

the catch to consolidation is that u ultimately end up paying more due to the fact that they extend the time u have pay so it lowers ur payment amounts, but because of that your interest is risen cuz it depends on time so choose the time you want it stretched to wisely, n look into the company you want to do it with because some will only consolidate if u have the same loans from one place, some will say you must have multiple loans, but most are out to make life easier, just ask them if you pay of the principal does the anticipated interest get erased

 

[BigATLslim]

One word: defer.