Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [loan-consolidation]

30 questions
16
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4 answers

Do I lose any rights, or run into any disadvantages, by consolidating my student loans?

My employer has offered to pay off my student loans. The problem is, they are only able to deposit the money in a single loan account. It is split across different companies. My employer can't pay into multiple accounts, so I must consolidate my…
Village
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2 answers

How can I determine if a debt consolidation offer is real or a scam?

A friend of mine recently attempted to go though debt consolidation. He received a phone call and was offered really good terms to consolidate his current debts. A promise was made that the company would negotiate with the creditors and reduce…
user4127
9
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5 answers

In layman's terms, what is balance transfer?

I know very little about my credit cards, all I know is that I make sure to do the minimum payments on time. Some suggested that I do balance transfer? What is that suppose to mean? Can someone pay all my debts from different credits cards and I…
Ulkoma
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3 answers

Can a debt collector garnish my wage without a judgment?

I am going through student loan hell. Trying to consolidate loans and running into walls (repeatedly). I am getting overwhelmed. Can a debt collector garnish my wage without a judgment? I am trying to consolidate a loan that has defaulted. It…
Geo
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7
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5 answers

Can I use my paid-for home as collateral for a consolidation loan to pay off outstanding bills?

I'm needing to find out if I can use my home and its feed as collateral for a 3000-5000 dollar loan to pay off my outstanding bills and just have one payment.
Kimberly Boudreau
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Should I try to consolidate my student loans? If so, how should I do it? What traps should I watch out for?

I recently graduated with my Bachelor's degree in Computer Science. I now have student loans to pay off. I've heard that something that should be done with your student loans is consolidation, but I know very little about it and unsure of where to…
Iain
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7
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3 answers

Would consolidating my student loans improve my credit score?

I graduated college a few years ago and have roughly $12,000 in student loan debt left. Even though I make 1 monthly payment, the loan shows up on my credit score as 6 installment loans. When I go to the student loan website, it shows 7 entries; 2…
WhatTheStudentLoans
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3 answers

What options are there for consolidating a large amount of private student loan debt?

I'm currently in a weird situation - I have a large amount of accrued debt (85k principal, ~15k accrued interest so far), spread amongst multiple smaller student loans. Some are federal stafford loans, which were taken out at Max, and some are large…
Andrei Krotkov
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6
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1 answer

Refused for Debt Consolidation Loan. Why would I be denied this loan?

I have numerous maxed-out credit cards and a half-used store account and I'd like to pay them all off with a consolidation loan, to reduce the interest I'm paying and clear them all up quickly. I'm paying around £600 per month in minimum payments…
James
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Refinancing Student Loans

I have 4 outstanding student loan accounts, all with the same lender, totaling approximately $40k. The interests rates vary from 3.15% to 6.55%. Each account has one or more loans in it. Loan 1: $5,200 @ 6.55% (unsubsidized) Loan 2: $6,000 @…
Kyle
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Fixed term or variable term for a student loan of 155,000 with the ability to switch between them

Friend is refinancing a student loan of 155,000 - check the details here or as below. Total amount now is about 155,000 now. While refinancing with Common Bond , we are getting the following payment terms. We are trying to decide to go between 10…
pal4life
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Expected rate for unsecured consolidation loan + where to apply?

I have about $50K+ in credit card debt and am paying anywhere from 0% to 20% on it, depending on the card. How much can an unsecured consolidation loan lower my rate, assuming I can get one at all? Will the lender pay the credit card companies…
user1731
3
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2 answers

How to take care of multiple student loans (consolidation, payment strategies)

I've freshly graduated college. Here's my current standing: I estimate ~ $1200/month in free cash after bills/entertainment/etc. My loans are as follows (all US based): 1: Perkins Amount: 3,240 First payment due March 1, 2015 2: Stafford…
user1231487974
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Debt Consolidation

I currently have a loan that I am paying on that has a 31k balance, with an APR of 9.24. I also have a credit card with a 6300 balance, and the APR is ~17.9%. I have an offer for a consolidation loan to pay off the card and the loan (total of ~…
user1154644
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Re-financing/consolidating multiple student loans for medical school?

Currently my friend has 5-6 loans for medical school in the 6.8% to 7.9% interest rate. The loans are of type Stafford, Unstafford, Plus, and a few others. I looked at http://www.staffordloan.com/repayment/consolidation.php to investigate…
Kevin Meredith
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