Consumerism Commentary - Latest Comments in Changes to Student Loans Coming July 1

Re: Changes to Student Loans Coming July 1

beth — Mon, 13 Jul 2009 20:50:40 -0000

Now, if I happen to have borrowed between May 2007 and May 2009 - the worst possible time to borrow apparently in the history of the world - what can I do with my very high interest loans???? Will any policy be passed to help those of us with loan rates of 6.8% (stafford) and 8.5% (PLUS) that are now graduating into the worst economy in decades with the highest federal loan rates in decades? Can't our government do anything about that?

Re: Changes to Student Loans Coming July 1

Harlan Landes — Wed, 01 Jul 2009 10:53:00 -0000

Go to http://loanconsolidation.ed... and click on Borrower Services. Follow the instructions and apply for consolidation online.

Re: Changes to Student Loans Coming July 1

Heather — Wed, 01 Jul 2009 10:38:53 -0000

How do we sign up for this program? I am very interested in consolidating and by lucky coincidence, my prior attempts have failed, so this is perfect for me!! My mom told me about this program and I found this page - but where to apply???

Re: Changes to Student Loans Coming July 1

Jeremy — Wed, 24 Jun 2009 21:28:29 -0000

So where can I sign up for this?

I have appx 100k in loans from attending university and flight school, I enrolled when times were good and companies were desperate for pilots and hiring guys right out of college to fly for the airlines.

Now times are bad, all the airline guys are laid off, and there is absolutely 0% hope for a low-time pilot to get a job, due to the surplus of laid off experienced pilots.

I search daily for several hours a day for jobs and there simply is nothing out there I qualify for in the aviation realm.

Any alternative job I have any real chance of getting (call center, mcdonalds, etc) pays at BEST 14$ an hour.

Paying on my student loans is not possible while still keeping a roof over my head and having some cash for repairs on my old & used vehicle.

Advice?

Thanks.

Re: Changes to Student Loans Coming July 1

Roscoe — Sun, 21 Jun 2009 12:58:07 -0000

Do you have private student loans from banks? Are your loans generally from the Federal Family Education Loan Program (FFELP) or Direct Loan program? My mom consolidated her FFELP PLUS loans (including Sallie Mae) with ease to the US Department of Education's Direct Consolidation Loan program. I highly recommend it to check it out by going to their website at https://loanconsolidation.e... However, it only allows Federal guaranteed student loans such as FFELP.

Once piece of advice: when borrowing loans, consult with your Financial Aid Department when needed and see if it participates in FFELP and Direct Loan programs. FFELP and Direct Loan programs have very low interest rates (generally doesn't go up to 8.25%), compared to private student loans that may be similar to credit card rates.

Re: Changes to Student Loans Coming July 1

Harlan Landes — Tue, 16 Jun 2009 15:00:07 -0000

I thoght it was pretty clear in the article above that the lowest rates apply only to loans originated before July 1, 2006. I do hope that readers will read the full article before getting excited.

Re: Changes to Student Loans Coming July 1

Emily — Tue, 16 Jun 2009 14:30:07 -0000

Your post is very misleeding... you don't state right away that the 2% only applies to those who took out loans before 3 years ago... I assume most of those people have gradutaed and already consolidated. I got really excited and called up my friend to tell her the good news. About an hour later I read back over it and realized that it doesn't apply to her. She went to grad school between 2006 and 2009. I think this sucks, the people who need the intrest decreases the most won't get them.

Re: Changes to Student Loans Coming July 1

Wojciech Kulicki — Mon, 15 Jun 2009 13:39:48 -0000

Bleh! It's so hard to "win." :) You graduate during good times - you have a great job but a sucky interest rate. You graduate in bad times, you have no job, but a killer interest rate!

Sometimes I regret having consolidated so early - maybe I could have taken advantage of this situation.

Re: Changes to Student Loans Coming July 1

Sonny — Mon, 15 Jun 2009 12:10:53 -0000

I have been debating with myself on getting a student loan for the fall. I have the money to pay for school right now but the fall will be very tight financially for me and a loan would help a lot. I think I am leaning toward doing it.

Re: Changes to Student Loans Coming July 1

Nick B — Mon, 15 Jun 2009 11:49:33 -0000

What company is good to consolidate with? My variable rate student loan is with Sallie Mae, and they dont consolidate.