I have both private and federal student loans and because I haven’t gotten a “real job” yet I can’t meet the deprivation of the payment on both. How do I consoladate both into one, or what are the rules on deferring them, or how do I do that? And how much interest are they going to nail me with? Can I both consoladate and defer, or only one or the other? Can private loans be deferred at all?
I was able to consolidate my federal loans into a nice package, but those pesky private loans aren’t allowed. What can I do?
I wish to God they told me in college that I wouldn’t be able to consolidate them all down the road.
I have federal through ACS at a total balance of 20K- fixed rate of 7.25% with monthly payments of $130 (But scheduled to go up again soon).
I have private through AES at a total balance of 34K-variable rate of 9.97 (which seems really high) with monthly payments of $285 (Not scheduled to go up for another year now).
I pay $400/mo in just student loans and with my car payments, credit cards, and rent- it’s not cutting it.
Everyone I’ve talked to said there’s nothing you can do. Fannie Mae said they can consolidate them but only to make it once monthly payment of the total I’m paying now. How can I consolidate the two into one lower longer term payment? Or if I absolutely cannot- should I reconsolidate my 9.97% Variable rate loan? Note: I’m on that plot where they assume you’ll have a excellent job over time and the payments gradually step up. But I still don’t have that excellent a job!
A friend told me that they defaulted on their private loans and the government bought them, no longer building them private and simpler to consolidate. Is that right?
In the past I’ve received private student loans that didn’t require school authoritative recognition and disbursed the funds directly to me – not through my school. I plot to attend a summer acting program but it’s not through my school, so they won’t certify my loan. Are there any companies left that are still doing private student loans without school authoritative recognition?