more on consolidating
So based on some info on the Sallie Mae website it looks like loan consolidation of private loans (the majority of my debt) has a few advantages: "In general, there are two advantages to consolidating your private loans. First, you get the convenience of making just one payment, as all your private loans have been 'collapsed' into one new loan. Second, depending on the amount you borrow, you can extend your monthly payments thereby reducing the amount you owe each month which should help with your monthly cash flow."
Yet mine are already a single payment, and the monthly payments are not hard to meet.
The disadvantages include: "If your private education loans have any repayment benefits (for example, interest rate reductions for on-time payments) and you have not received these yet, you will lose them when you consolidate. Finally, remember that when you extend your repayment term and lower your monthly payments, you end up paying more over the life of the loan. However, there is never a penalty for repaying your Sallie Mae Private Consolidation Loan early."
And they are variable rate ("The Private Consolidation Loan is a credit-based loan. The interest rate on your Private Consolidation Loan will be a variable rate of the Prime Rate plus a margin of 0% to 6% determined by your credit history and that of your creditworthy cosigner (if applicable). Unlike Federal Consolidation, the interest rate on your new Private Consolidation Loan is not fixed and the rate of the underlying loans (those being consolidated) is not considered in the calculation of the interest rate on the Private Consolidation Loan.").
So I guess the only reason to consolidate those would be if my interest rate would be lower with a good credit history. Which makes me wonder if the stupid-doctor-can't-figure-out-how-to-bill-me issus is off my credit report yet, or if I should wait until it is to consolidate these. Oh, and I know my mom would cosign if it would lower the interest rate.
However, I might go for consolidating the federal loans since then it gets a fixed interest rate.
Yet mine are already a single payment, and the monthly payments are not hard to meet.
The disadvantages include: "If your private education loans have any repayment benefits (for example, interest rate reductions for on-time payments) and you have not received these yet, you will lose them when you consolidate. Finally, remember that when you extend your repayment term and lower your monthly payments, you end up paying more over the life of the loan. However, there is never a penalty for repaying your Sallie Mae Private Consolidation Loan early."
And they are variable rate ("The Private Consolidation Loan is a credit-based loan. The interest rate on your Private Consolidation Loan will be a variable rate of the Prime Rate plus a margin of 0% to 6% determined by your credit history and that of your creditworthy cosigner (if applicable). Unlike Federal Consolidation, the interest rate on your new Private Consolidation Loan is not fixed and the rate of the underlying loans (those being consolidated) is not considered in the calculation of the interest rate on the Private Consolidation Loan.").
So I guess the only reason to consolidate those would be if my interest rate would be lower with a good credit history. Which makes me wonder if the stupid-doctor-can't-figure-out-how-to-bill-me issus is off my credit report yet, or if I should wait until it is to consolidate these. Oh, and I know my mom would cosign if it would lower the interest rate.
However, I might go for consolidating the federal loans since then it gets a fixed interest rate.