Comments on: I’m dumb for consolidating my student loan http://www.punchdebtintheface.com/2009/04/im-dumb-for-consolidating-my-student.html A fun personal finance blog Sat, 11 Feb 2012 04:21:35 +0000 hourly 1 http://wordpress.org/?v=3.3 By: PunchDebt http://www.punchdebtintheface.com/2009/04/im-dumb-for-consolidating-my-student.html#comment-1823 PunchDebt Wed, 18 Nov 2009 05:59:14 +0000 http://www.punchdebtintheface.com/?p=70#comment-1823 You actually can't reconsolidate student loans. It's not like a mortgage that I can just find someone else to take them. There have been talks about this changing though. You actually can't reconsolidate student loans. It's not like a mortgage that I can just find someone else to take them. There have been talks about this changing though.

]]> By: Leif Nabil http://www.punchdebtintheface.com/2009/04/im-dumb-for-consolidating-my-student.html#comment-1602 Leif Nabil Mon, 26 Oct 2009 21:47:35 +0000 http://www.punchdebtintheface.com/?p=70#comment-1602 Thanks for insight. I’ll definitely be careful with any loan consolidation “deals." I have a question, though. Why can’t you just pay off your whole loan, by “consolidating” into another loan with a different bank (taking out another loan and paying Sallie Mae back all at once)? That way you can lock in at a lower rate.<br /><br />Thank you! Thanks for insight. I’ll definitely be careful with any loan consolidation “deals." I have a question, though. Why can’t you just pay off your whole loan, by “consolidating” into another loan with a different bank (taking out another loan and paying Sallie Mae back all at once)? That way you can lock in at a lower rate.

Thank you!

]]> By: Enemy of Debt http://www.punchdebtintheface.com/2009/04/im-dumb-for-consolidating-my-student.html#comment-683 Enemy of Debt Sat, 25 Apr 2009 07:02:00 +0000 http://www.punchdebtintheface.com/?p=70#comment-683 Just wanted to stop by and say hello, and share my thoughts on consolidation.<br /><br />I hate CONsolidation companies. They make you think you are doing something and in the process charge you a HUGE amount of fees. Those fees are bigger than what they supposedly saved you. <br /><br />We consolidated one time and it became a nightmare! Oh yeah, I HATE Student Loans too. haha. We have almost KILLED all of our debt except for our house and have $3444 left to pay Sallie Mae. <br /><br />Great Blog! Just wanted to stop by and say hello, and share my thoughts on consolidation.

I hate CONsolidation companies. They make you think you are doing something and in the process charge you a HUGE amount of fees. Those fees are bigger than what they supposedly saved you.

We consolidated one time and it became a nightmare! Oh yeah, I HATE Student Loans too. haha. We have almost KILLED all of our debt except for our house and have $3444 left to pay Sallie Mae.

Great Blog!

]]> By: ashley http://www.punchdebtintheface.com/2009/04/im-dumb-for-consolidating-my-student.html#comment-673 ashley Thu, 23 Apr 2009 13:01:00 +0000 http://www.punchdebtintheface.com/?p=70#comment-673 Yeah it's funny how great they make that deal sound, isn't it?? Of course they're not going to tell you about the interest rate though. I guess it is convenient to only pay one bill instead of four, but still. Mine is at 6.75%, which I thought was pretty normal until my one friend (who graduated only one year ahead of me) told me his is only at 4%. I don't have Sallie Mae, but we can punch both companies in the face. Yeah it’s funny how great they make that deal sound, isn’t it?? Of course they’re not going to tell you about the interest rate though. I guess it is convenient to only pay one bill instead of four, but still. Mine is at 6.75%, which I thought was pretty normal until my one friend (who graduated only one year ahead of me) told me his is only at 4%. I don’t have Sallie Mae, but we can punch both companies in the face.

]]> By: Punch Debt In The Face http://www.punchdebtintheface.com/2009/04/im-dumb-for-consolidating-my-student.html#comment-672 Punch Debt In The Face Thu, 23 Apr 2009 03:49:00 +0000 http://www.punchdebtintheface.com/?p=70#comment-672 Josh- I ran the numbers and on my original $28k balance paid off over 20 years at 7% interest accounted for a total of $52,101 in payments over the life of the loan. <br /><br />If I locked in at around 3% (which a lot of people locked in at) I would pay a total of $37,268. <br /><br />That's a difference of $14,833! To me that is way too much money to spend on something that could have been avoided. However, you are correct, I will not be that affected by my stupid interest rate because I don't plan on keeping the loan that long.<br /><br />p.s. if I ever get a loan above 10% for ANYTHING please feel free to bitchslap away :) Josh- I ran the numbers and on my original $28k balance paid off over 20 years at 7% interest accounted for a total of $52,101 in payments over the life of the loan.

If I locked in at around 3% (which a lot of people locked in at) I would pay a total of $37,268.

That’s a difference of $14,833! To me that is way too much money to spend on something that could have been avoided. However, you are correct, I will not be that affected by my stupid interest rate because I don’t plan on keeping the loan that long.

p.s. if I ever get a loan above 10% for ANYTHING please feel free to bitchslap away :)

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