(no subject)

[psghayleaux]

Student loans so confuse me. I keep getting stuff telling me to consolidate my loans. I did take out a loan three of the four years I was in college, but it was all the same type of loan, and through one place. And I only pay one place so I'm pretty sure I don't have anything to consolidate. But I am worried that my interest rate will jump and I'll go from mostly being able to afford my payment to not at all able.

Meh I don't like being an adult or even adult like.

Comments

[idiosyncratic.livejournal.com]

Consolidate. Trust me on this one.

Though you're making your payment to one place, your loans are still split up according to when you took them out (per semester). If you don't consolidate, you stand to have a drastic increase in July when the interest rates jump again. Mine jumped $50 a month between one year and the next.

What consolidation does is pay off ALL your student loans with one big loan, which you then repay. The extreme plus side of this is that it lowers your payments (mine went from $170 a month to $105) AND it gives you an even longer time to repay it because the repayment schedule basically starts over and you usually get 10-15 years to pay off the new, single loan.

[marcyleecorgan.livejournal.com]

having the same prob. *hugs*