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BassDominator

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Anybody know of good websites or other sources to read up on the topic? Any suggestions of good companies to consolodate/refinance with? Any personal tips?
 

Krafty

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During our exit interview Sallie Mae was trying to sell us on their stuff. Basically their deal was:

0.25% Off for automatic debit
1% off rate after 33 consecutive payments
-and then some (I don't remember the rest, it wasn't that much tho).

My friend found this company though, that if legit (aka federal consolidator) ...check this

www.educationalloancompany.com

0.5% off of your rate for automatic debit
1% off of your rate after 24 consecutive payments

Seems like the best deal out there, unfortunately I have not seen the fine print. Some of the questions to be asked is
-Does forbearance forfeit the benefits?
-Is economic hardship deferment possible (w/o forfeiting benefits)?
-What are the fees?
:confused:

Check them out and post you you find something. :thumbup: / :thumbdown:
 

beriberi

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Our school recommends T.H.E. Their "bonus" is 0.75%, but it kicks in immeadiately. They say that this saves you more money over the life of the loan. Also, if you miss a payment, you get the bonus back as soon as you are paying again.

www.northstar.org
 
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BassDominator

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Thanks, guys.

Krafty: It doesn't seem like the site you suggested charged any fees. I vaguely remember hearing that you can't charge an origination fee on loan consolidation. Anyone know if this is true?

Beriberi: The calculators on that site were very helpful.

I'm no wizard at math. Can someone come up with some formulas to compare deals like these?
 

BassDominator

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Okay, I did some math to compare the deals. I have way too much time on my hands right now. Here we go:

I have about $100,000 in loans and plan to make standard monthly payments of $1000/month. Assuming an interest rate of 4%, I calculated the time it would take me to pay off different consolidation options:

Sallie Mae (discounts: 1% after 33 mos, 0.25% autodebit)
117 monthly payments @ $1000
1 final payment of $351

American Loan Company (1% @ 24 mos, 0.5% autodebit, 0.6% grace during period)
114 monthly payments @ $1000
1 final payment of $830

Northstar (0.75%)
117 monthly payments @ $1000
1 final payment of $410

Email/PM me and I will send you the Excel spreadsheet I used to do these calculations.

I've never heard of American Loan Company. Anyone know if they are reputable?
 

frog4brooke

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BassDominator said:
Thanks, guys.

Krafty: It doesn't seem like the site you suggested charged any fees. I vaguely remember hearing that you can't charge an origination fee on loan consolidation. Anyone know if this is true?
This is correct. Federally mandated that there are no origination/application fees.

There was an interesting discussion on consolidation and deferement about a month ago. May want to do a search.

F4B

Found it:
http://forums.studentdoctor.net/showthread.php?t=111356&page=2&pp=20&highlight=loan+deferment
 

southerndoc

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See the financial aid forum. There are a ton of resources and message threads about loan consolidation. I mentioned a few points in some of those messages that you should really listen to (looking for the interest rates the last of May, borrow benefits, etc.). Check it out.
 

BassDominator

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Thanks, southerndoc. I don't know how I missed the financial aid forum.... didn't find any useful threads there at the moment, though.
 
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