I want to attend school again and repay the loan. How does one decide between fixed and variable interest rate. Since then we have bought a house and have transfer student loan to another lender significantly brought up his credit. If that is the case, you could always consider paying more than your monthly required payment, which would reduce the total amount of interest you paid over time. Please let us know if you have more questions as you investigate your options.

Susan, if your son has a private student loan the interest rate is based on the credit guidelines of the lender. Collateral for the loan will be sample of proporsal letter to the bank for the. Any additional money you pay will go transfer student loan to another lender towards your principal balance. Steve — once you’ve consolidated federal student loans, the interest rate on your consolidation loan is fixed for the life of the loan, so there aren’t options to lower it.

Only you can decide what’s best for your situation but to learn more please visit our website at wellsfargo.com and enter "private consolidation" in the Search box. They have good credit but I am concerned about what they would have to put up (i.e their house) in order to help me consolidate to lower the monthly payments in order for me to be able to start a more independent life. Cosigners can sometimes better the terms for which an applicant qualifies.

Are you looking for a fast mcdonalds jobs food job at mcdonald s. I still have several years in graduate school, want to keep making early payments and paying off interest as I go, but how can I get these paid off faster and more efficiently. Hello Gina- in order to apply for another private consolidation loan, Wells Fargo requires more than one loan to be included in the consolidation. The payment is so high and we are only paying the interest. So either way, consolidation could be a solution for you.

Older versions may limit your ability to access some of this site's functionality. They’ll be able to give you the most accurate details for you to make your decisions concerning Federal Stafford Loans. You can get a general idea of what the rate will be by looking at the most recent 91-day T-bill auction rates -- check out my post on May 8, 2008 for more info on doing that. If you switch your student loans from federal to private, you’ll lose the protections you have with your federal student loans.

Now, you could use a private student consolidation loan to try for a lower rate, but it’s not something we generally recommend. If you're looking for options to payoff the loan a little faster, you may want to pay a little more than is required each month. If the index rate on which your private student loans are based begins to rise you could see a rate above your current 6.8% on your federal Stafford loans. Been paying about $1000+ a month towards these transfer student loan to another lender loans and it still might take another 5 years. Later during repayment, they both filed for bankruptcy.

Matt -- One thing I mentioned in the post that might be helpful for you is private student loan consolidation. Several years ago, I co-signed a Sallie Mae student loan for my nephew. I’d recommend that you contact your current federal loan service provider to inquire about what options may be available for you.

This might be a good place to start to see if you’re eligible for a loan discharge. There aren’t the same options for rehabilitation on private student loans as there are for federal student loans. As an aside, I have been writing my congressmen and Senators for quite some time on an idea I had (but haven’t heard back), and I was wondering if you have ever heard it discussed in the political and/or financial world. Any suggestions would be greatly appreciated. It appears even if I pay the loan back early I stil have to pay the entire interest. In general, here are a couple things to remember.

We are paying aroung 750 a month, and going into credit card debt due to the inability to pay all of the bills. I recently saw an ad on Wellsfargo about student loan and able to lower the interest rate if we have a saving/checking account at Wells Fargo. For some types of credit — like a student loan or auto loan for example — minors are legally able to enter into the agreement provided that they have a cosigner. Mar prospective home buyers with bad credit may think they have little or no and a. Barbara, I graduated last year and have two private loans with variable interest rate.

However, a consolidation loan usually requires immediate repayment, so that wouldn’t solve your problem. By posting content on this Blog, you expressly grant Wells Fargo (and its affiliates) the right to use or distribute the posted content in any form, worldwide, and in perpetuity. Sales contract pdf form, free download.

What you have is a federal consolidation loan made through the Federal Family Education Loan Program — this program allowed private lenders to make federal student loans. I have a Private loan and a Fed Loan the Private loan i owe about 10k and my rate is 6.8% i have 4 diff loans with them that they combined with one payment my monthly is 300$ a month some of those loans are only 24 months and the other 2 are 72 months I am trying to lower my payment and extend my months to 10 years If i can and maybe lower my interest rate. I can probably manage my Direct loans and believe I can continue to get them deferred, at least for a little while.

A federal consolidation loan is a bit different because of the terms the federal government has set up. The reason we stray away from that word is because consolidation means taking out a new loan to pay off old ones (or one) — which you are right, does meet the general definition of refinancing. Now, if you have a private consolidation loan (rates are usually variable and the loan was used to pay off private student loans), you could reconsolidate it to see if you could qualify for a lower interest rate. Plus you wouldn’t necessarily be guaranteed a lower interest rate on a different loan. You have a fixed rate, and your friend’s rate around 3% is probably not fixed and could change. Easy to use mortgage tools to help you establish your financial situation,.

Alicia -- I'm sorry to hear about the loss of your son. You should also consult a tax advisor to discuss any financial moves which you think may be tax-deductible. Feb is it possible to transfer this student loan to another lender or reduce my interest. Has your lender sold your student loan or transferred it to a servicer. Plus if you apply with a cosigner with good credit you transfer student loan to another lender may qualify for better terms than you currently have.

Consolidating can sometimes ease your monthly obligation because you are usually extending the repayment term. More substantively, though, I don't understand why banks like WellsFargo aren't specifically offering refinancing options for student loans. A bad credit rv loan will not be as hard request letter for cash advance in how. Especially since interest is capitalized and charged interest once you enter repayment.

I have a student loan with Bank of America for about 14K with a interest rate of 5.375% fixed. Hi Jim — Your daughter could take out another private consolidation loan without a cosigner. I have 2 private student loans from Sallie Mae total for about 20000 and interest is abuot 10,5%.I was thinking to refinance/consolidate my loans but I did not find many institutions which can do that for private loan. Hey Barbara.Your Blog is great I have found so much information on here, but still a little confused. Refinancing does not seem like an option since my credit score is actually lower now than when I took out the loans. My grace period ends soon and I am trying to figure out a repayment strategy that will leave me with the most money in my pocket.

Hi Chris — An index like LIBOR or Prime Rate is used to price variable interest rate loans. I went through a bankruptcy and had to go through a whole huge process with my student loans. Shop the large used car selection at no credit cars located in s c our columbia drivetime used car. I am searching around for a private student loan for about $3,xxx.

Cash advance advance loan cash advacne 400 throughout fast period. If your credit situation has improved since you took out your loan (or if you bring on a cosigner), you may qualify for a better interest rate than you previously had. With that information you’ll be able to see any errors and should be able to work with the current holder to resolve the issue.

Jan question is there a way to transfer my student loans to another lender. Your fiancé has already taken one of those steps by making interest-only payments. When he defaulted Direct Loans made him consolidate his loans at a 8.0% interest rate.

My husband defaulted on his student loans about seven years ago. Kathy — You could consolidate the private student loan, however, because consolidation usually happens after the student has graduated private consolidation loans generally go into repayment immediately so you’d be responsible for a full payment rather than just an interest payment that’s required on the loan you currently have. In addition to credit score and history, the lender might look at a debt to income ratio or other criteria. Since you’re balancing multiple loans it might make sense to meet with a financial advisor to talk through your situation and make sure you’re allocating your payments in the smartest way possible.

Also, the interest rate would likely be variable and could change over time whereas your current federal loans won’t change. If it does could i change to fixed rate. I have a loan with Sallie Mae for $13,248.80 at 9.25% from 2007 when I was 18 (which I started paying even before I graduated school back then and it seems like it's not going down even when I paid 2-3 times the minimum for a while. That will mean paying less interest over time.

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I was hoping to consolidate or transfer my student loans to another lender.

I have just entered my repayment of my student loans and really need to make my monthly repayment amount lower. Recently my payments went up, however when I logged online to see what the new payment would be it told me one amount, which I paid via automatic payment. Im paying my loan late each month, but at least Im paying. Remember, though, that even though that loan has the highest interest rate right now it also won’t get higher. Depending on field of study, school choice, and eventual job borrowers might not be in a situation to simply pay off their debt right away. I believe that a subsequent purchaser of a promissory note is responsible to ensure that the balance is computed correctly from the commencement of the note.

If you have immediate service needs or require a follow-up, please contact your bank representative or relationship manager.

Now, remember that your variable rate loans are going to reset on July 1, based on the results of the last 90-day treasury bill auction in May. My friends and I are anxiously awaiting your reply. Do you have any suggestions about what to do with this loan to relieve my worries. If you’re paying extra toward your loans, which it sounds like you are, have you considered which loan you want to pay off first.

I figured going with the government loans would be the best option, and did not even investigate private loans my first two years.

You’ll have to check with specific lenders to see what kind of interest rate range is possible with their student loans. It just depends if you credit situation has changed or if you brought on a cosigner with good credit. It’s through that program that the remainder of the federal loan balance is forgiven after a certain number of years. Remember, though, that consolidation usually extends the repayment term, so you could end up paying more interest. I have some student loans from Sallie Mae and from what I remember, I have to pay for the full interest no matter what.

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I dont understand after two years of making payments, why I cannot refinance the loan. The rest went to the fixed 5.37% interest rate. I also have private loans with AES (3 disbursements) varying from about 3.7 to 4.25%, variable. Though my monthly payments are low now, once libor goes back up, I know my payments will increase with it.

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That way you’re chipping away the principal balance a bit faster and reducing the amount that’s being charged interest. If you’re looking for payment relief you should check into other ways to lower your payments. Hi, I am headed back to school after a long time away. As a result of deferments or forbearances ive actually made 0 progress on my loans.

As for next year, legislation recently passed and signed into law (The Health Care and Education Reconciliation Act of 2010) eliminates the Federal Family Education Loan program (which allows private lenders like Wells Fargo to make federal loans) and has schools instead use the Direct Loan program for federal student loans. I also have 3 stafford loans under $6,000 together.

So unless you choose to use some other type of consumer loan (personal, home equity, etc., depending on assets) to pay off the student loan, you don’t have options to change your interest rate. The balance of my loan is now around $37k as Ive paid a large, lump-sum. They’ll be able to give you the most detailed and accurate information.