Glass To The Arson Posted October 16, 2009 Posted October 16, 2009 So I owe 3 private loans to Sallie Mae. Here are the balances and % rates: 1) 9000 - 11% 2) 9500 - 9% 3) 4500 - 7% Wells Fargo would take all of these loans and give me an interest rate (around 4-6%) with consolidation which is wayyyy better than Sallie Mae. this is what I'm paying... how weird is this?! (this includes my federal loans also) 1 months @ $188.41 7 months @ $309.86 95 months @ $472.49 1 months @ $473.88 192 months @ $121.45 Would you consolidate the private loans? Would you also consolidate the federal loans with another company?
PromoTheRobot Posted October 16, 2009 Posted October 16, 2009 Take whatever you have left and put it on the Jets to cover. PTR
WVUFootball29 Posted October 16, 2009 Posted October 16, 2009 So I owe 3 private loans to Sallie Mae. Here are the balances and % rates: 1) 9000 - 11% 2) 9500 - 9% 3) 4500 - 7% Wells Fargo would take all of these loans and give me an interest rate (around 4-6%) with consolidation which is wayyyy better than Sallie Mae. this is what I'm paying... how weird is this?! (this includes my federal loans also) 1 months @ $188.41 7 months @ $309.86 95 months @ $472.49 1 months @ $473.88 192 months @ $121.45 Would you consolidate the private loans? Would you also consolidate the federal loans with another company? Get rid of that Sallie Mae loan because the interest is going to eat you alive. Here's my question, How many private loans do you have? Is Wells Fargo looking to consolidate all your public and private loans or just the private?
apuszczalowski Posted October 17, 2009 Posted October 17, 2009 What would I do? I would ask you why I have your student loans and tell you to pay them off. Or, you could take out an life inusrance policy on yourself and fake your death.
KD in CA Posted October 17, 2009 Posted October 17, 2009 Consolidate loans with rates of 7%-11% into one with a rate of 4%-6%? Is this a trick question?
Glass To The Arson Posted October 17, 2009 Author Posted October 17, 2009 I have 3 loans. I'm consolidating with a co signer so I think I'm in the clear. And i have a good job!
JoeFerguson Posted October 17, 2009 Posted October 17, 2009 So I owe 3 private loans to Sallie Mae. Here are the balances and % rates: 1) 9000 - 11% 2) 9500 - 9% 3) 4500 - 7% Wells Fargo would take all of these loans and give me an interest rate (around 4-6%) with consolidation which is wayyyy better than Sallie Mae. this is what I'm paying... how weird is this?! (this includes my federal loans also) 1 months @ $188.41 7 months @ $309.86 95 months @ $472.49 1 months @ $473.88 192 months @ $121.45 Would you consolidate the private loans? Would you also consolidate the federal loans with another company? I take it you were not a math major.
Glass To The Arson Posted October 17, 2009 Author Posted October 17, 2009 I take it you were not a math major. It has nothing to do with math if you paid attention to the original post Its based on consolidation of interest rates Re-read it again and then come back to me, please!
JoeFerguson Posted October 17, 2009 Posted October 17, 2009 It has nothing to do with math if you paid attention to the original post Its based on consolidation of interest rates Re-read it again and then come back to me, please! You are paying between 7-11% and you can lower that interest rate to 4-6%. How is that not a math question?
The Senator Posted October 17, 2009 Posted October 17, 2009 So I owe 3 private loans to Sallie Mae. Here are the balances and % rates: 1) 9000 - 11% 2) 9500 - 9% 3) 4500 - 7% Wells Fargo would take all of these loans and give me an interest rate (around 4-6%) with consolidation which is wayyyy better than Sallie Mae. this is what I'm paying... how weird is this?! (this includes my federal loans also) 1 months @ $188.41 7 months @ $309.86 95 months @ $472.49 1 months @ $473.88 192 months @ $121.45 Would you consolidate the private loans? Would you also consolidate the federal loans with another company? This is good info, but just a start - I'll need more, if you want my help. Please give me your full name, date of birth, current address, SSN, tel #, email address, and bank account #'s - I'll wire you enough money to pay off all your balances.
Chalkie Gerzowski Posted October 17, 2009 Posted October 17, 2009 don't pay them... Sallie is going to end up with her whore sister Fannie and her pimp brother Freddie.
Nanker Posted October 17, 2009 Posted October 17, 2009 This is good info, but just a start - I'll need more, if you want my help. Please give me your full name, date of birth, current address, SSN, tel #, email address, and bank account #'s - I'll wire you enough money to pay off all your balances. Shouldn't you require him to send you a small payment in advance first? Say 2 or 3 thousand? After all, you'll incur some expenses on his behalf - like stamps and envelopes and such.
The Senator Posted October 17, 2009 Posted October 17, 2009 Shouldn't you require him to send you a small payment in advance first? Say 2 or 3 thousand? After all, you'll incur some expenses on his behalf - like stamps and envelopes and such. Good point - thanks! Stampede, $3K should cover my out-of-pocket costs - and please don't forget to include all relevant PINs.
Nanker Posted October 17, 2009 Posted October 17, 2009 So I owe 3 private loans to Sallie Mae. Here are the balances and % rates: 1) 9000 - 11% 2) 9500 - 9% 3) 4500 - 7% Wells Fargo would take all of these loans and give me an interest rate (around 4-6%) with consolidation which is wayyyy better than Sallie Mae. this is what I'm paying... how weird is this?! (this includes my federal loans also) 1 months @ $188.41 7 months @ $309.86 95 months @ $472.49 1 months @ $473.88 192 months @ $121.45 Would you consolidate the private loans? Would you also consolidate the federal loans with another company? You should seek out an online loan calculator and do the math for both scenarios - multiple loan payment schedules and a single loan with the interest rates your provider will give you. Pay attention to the total amount of money that you're going to pay the financial institution over the duration of your loan(s). What do you think is better - making payments on three separate loan schedules simultaneously or making a single payment at a lower interest rate for (perhaps) a longer period of time? Don't know what your income generating power is like and what amount of your budget you can spare for debt service. Short answer: Do a roll up of all the loans for as long a time period as you can - and then make payments in excess of the minimum required, i.e., pay the damn thing off early. You'll be glad you did.
The Senator Posted October 17, 2009 Posted October 17, 2009 Don't listen to Nanker - send me the $3K along with the info I requested, and I'll include a copy of my new book, How To Make A Million Dollars And Not Pay Any Taxes
KD in CA Posted October 17, 2009 Posted October 17, 2009 Shouldn't you require him to send you a small payment in advance first? Say 2 or 3 thousand? After all, you'll incur some expenses on his behalf - like stamps and envelopes and such. A couple years ago some a-hole running that scam used a mock-up of our company's check as the lure. They sent random people checks for $3,000 drawn on our company account with a letter telling them to deposit the check and send the proceed to the 'tax clearinghouse' for release of their lotto winnings. They must have grabbed a random check out of the mail to get our bank info. So next thing you know, people are either a) trying to cash these checks on us (banks are pretty good at catching this stuff now) or b) calling us up and asking about it. Obviously the scam is hoping people will forward the $3k before the check is returned. It didn't cost us any money, but was a pain in the ass to deal with. Had to close our operating account and set up a new one.
Glass To The Arson Posted October 17, 2009 Author Posted October 17, 2009 You should seek out an online loan calculator and do the math for both scenarios - multiple loan payment schedules and a single loan with the interest rates your provider will give you. Pay attention to the total amount of money that you're going to pay the financial institution over the duration of your loan(s). What do you think is better - making payments on three separate loan schedules simultaneously or making a single payment at a lower interest rate for (perhaps) a longer period of time? Don't know what your income generating power is like and what amount of your budget you can spare for debt service. Short answer: Do a roll up of all the loans for as long a time period as you can - and then make payments in excess of the minimum required, i.e., pay the damn thing off early. You'll be glad you did. It's actually a one single payment on a shorter period of time!
Glass To The Arson Posted October 17, 2009 Author Posted October 17, 2009 You are paying between 7-11% and you can lower that interest rate to 4-6%. How is that not a math question? Didn't mean to be a dick
JoeFerguson Posted October 18, 2009 Posted October 18, 2009 Didn't mean to be a dick Neither did I. Seems like it's a no brainer to consolidate.
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