Student Loan Question

**Broken Arrow** · 03-20-2008, 11:28 AM

Have you talked to your lender yet? Is it consolidated already?

**mpweaver4** · 03-20-2008, 11:32 AM

No. I began paying off the loan about 14 months ago and I have not talked to my lender. I was under the impression that because it's a private loan from one lender I had nothing to consolidate to. Am I incorrect?

**Broken Arrow** · 03-20-2008, 11:50 AM

Oh, it's a private loan? Ah, well then, most likely it can not be consolidated....

Still, it wouldn't hurt to give them a call and ask if there's anything they can do for you, eh? Worst thing that will happen is that they'll say "no".

Have you also talked to other lenders, such as your bank/CU perhaps? Perhaps they can offer you a much lower rate.

**InDebtInDC** · 03-20-2008, 11:56 AM

Originally posted by Broken Arrow View Post

Oh, it's a private loan? Ah, well then, most likely it can not be consolidated....

This is not correct. Any student loan is capable of being consolidated if you can find a lender willing to do so.

Originally posted by Broken Arrow View Post

Still, it wouldn't hurt to give them a call and ask if there's anything they can do for you, eh? Worst thing that will happen is that they'll say "no".

Have you also talked to other lenders, such as your bank/CU perhaps? Perhaps they can offer you a much lower rate.

I would shop around for rates. Different lenders will offer different features, like rate reduction, rebates, reduced payments, etc.

**mpweaver4** · 03-20-2008, 12:05 PM

Thanks for the advice. Yes, the loans were all taken out through Key Bank, and now i'm paying the total on those loans i took out each year. I will definitely shop around, do you have any suggestions as to what lenders may be able to help? I wouldn't mind saving myself some time if possible.

This brings up another question I've been thinking about. I know I need to build some savings for emergency purposes and I want to buy a house before too long, but it will be tough for me to resist throwing all my money at the debt. What do you suggest the proper saving/debt payoff should be? I make approx 45K right now and do a pretty good job avoiding wasteful spending. I want to set a short term payoff goal before I pursue buying a house. What do you think??

**Broken Arrow** · 03-20-2008, 05:07 PM

Thanks for the correction.

**InDebtInDC** · 03-20-2008, 05:10 PM

Originally posted by Broken Arrow View Post

Thanks for the correction.

Don't quote me on this, but I believe private student loan consolidation is yours by legal right

**Seeker** · 03-20-2008, 09:59 PM

Originally posted by mpweaver4 View Post

This brings up another question I've been thinking about. I know I need to build some savings for emergency purposes and I want to buy a house before too long, but it will be tough for me to resist throwing all my money at the debt. What do you suggest the proper saving/debt payoff should be? I make approx 45K right now and do a pretty good job avoiding wasteful spending. I want to set a short term payoff goal before I pursue buying a house. What do you think??

Although it's hard to judge by the info provided (45k earnings does not tell us how much you have left-over after bills/expenses to save), I'd probably put 50% for savings toward your future house and 50% into paying extra off the education debt.

You will need some amount for a solid down-payment on the house, and if 50% will not buy you a good down-payment for a house that you can see yourself living in (the last time I saw Ohio would be 1984), then you would have to adjust the ratio more toward house savings and less toward paying extra on the education debt.

Student Loan Question