Student Loans Questions?
Asked by KanAfter I complete college I will have about 20K in student loans to pay back. However, these loans are from all diff sources it seems (Perkins, Stafford, Unstafford, etc.). Will I just be receiving a variety of different "bills" to pay these off? Or is there a way to consolidate all of these loans into one payment? Also, is there a way to get rid of some of these loans? I've heard if you do certain volunteer services they can be diminished...Anyone with info please share!
Favorite Answer
Answered by JRM
In almost all cases consolidating your subsidized and unsubsidized Stafford loans is to your benefit. You'll only have to make one payment and the payment will be less than if you keep them separate. You can include the Perkins in your consolidation loan, but you want to make sure that you don't qualify for any of the loan forgiveness programs because once you consolidate you lose those options. When you graduated you should have received a list of those cancellation options from the aid office. If not, give them a call and they should be able to help you out. You'll also want to check out what your interest rate will be on the consolidation loan. Your Perkins is at a fixed 5% rate. If including the Perkins in your consolidation loan will raise the interest rate you might want to keep it out of the consolidation if you can afford to make two loan payments. The only loan forgiveness program for the Stafford loans is if you teach in a Title I school district. If that's the case contact your lender for the application form.
In almost all cases consolidating your subsidized and unsubsidized Stafford loans is to your benefit. You'll only have to make one payment and the payment will be less than if you keep them separate. You can include the Perkins in your consolidation loan, but you want to make sure that you don't qualify for any of the loan forgiveness programs because once you consolidate you lose those options. When you graduated you should have received a list of those cancellation options from the aid office. If not, give them a call and they should be able to help you out. You'll also want to check out what your interest rate will be on the consolidation loan. Your Perkins is at a fixed 5% rate. If including the Perkins in your consolidation loan will raise the interest rate you might want to keep it out of the consolidation if you can afford to make two loan payments. The only loan forgiveness program for the Stafford loans is if you teach in a Title I school district. If that's the case contact your lender for the application form.
