The wife has a bunch of private student loans spread out over 4 different companies. I would like to consolidate them all into 1 location with a fixed interest and time loan, like X amount for 72 months and then its 100% done. Has anybody else done this with little to no hassle and what company did you use? I am not really concerned about if the payment amount goes down(from the total of all current loans to the 1 single payment after the fact) I am mainly hoping to get the time table of paying them off down to 5 to 10 years instead of the current 100 years. Also I realize this is the beeb, so PLEASE keep all the dungeon style student loan stuff out of this, please. So anybody done this before and who did you use?
If your credit is good, you may get a lower interest rate with a conventional personal loan. Make sure to check all options.
Yep...family member just did this with Navy Federal. If you are eligible to be a member, you won't find better rates on loans, but any credit union will likely beat anything else you can find.
What rate are they currently? If it’s cheap money, use it to your advantage. Why not just pay extra and pay them off early?
We used Sofi and it was extremely easy (all online). We picked the 5 year plan and the rate was 3.25% which was a massive improvement from the 6+% from the consolidated federal loan. We were on the income repayment plan for loan forgiveness and had made about 60% of the payments and decided to switch.
This and consider doing them Ramsey style. Pick one and pay as much extra as you can while paying minimum on the others. Then when it is paid off add that portion to the next target etc, Good luck and hope you kill the debt fast.
I ended up taking out a 401k loan to pay off mine. Comes right out of my check and I pay myself interest.
I have looked at Sofi online, they seem pretty good so thank you very much for the god reviews on them. A personal loan would be nice, but she still has quite a bit left on these dern things and I doubt we could get a personal loan that big, but we will check. We have tried the Ramsey style and paid off a couple of the smaller ones, but it barely puts dent in it. But thank you guys for all the info and advise. The sooner these stupid things are paid off the sooner all that money each month could go to fun things.
I did a $35k loan from my 401k to assist in buying a house. Paid 4% on the loan back to myself. I had no issues with it. Granted 35k is not that large of an amount.
