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Tag Archives: student loan consolidation

Be Smart About Student Loan Consolidation

using a company to consolidation loans

Student loans can be a necessary evil. In many cases, students have to take loans to establish careers, but loan repayment can be really hard on new graduates. It was a long time ago, but I still remember the anxiety that came with getting our first loan repayment bills. Added to that was the knowledge that our interest rates would be going up soon. We panicked and consolidated as soon as possible. Because we didn’t know any better, our consolidation was through private loan companies. In my case it didn’t matter because my job was not and will probably never be eligible for government student loan forgiveness. However, in Jim’s case, we missed out on $6000 he could have gotten in teacher loan forgiveness. Because we were not smart about student loan consolidation, he consolidated the wrong loans with the wrong company, and we were out of luck. Sharks In The Water It has been over a decade since we finished school, and there are now all kinds of new rules and options for student loan consolidation and forgiveness. With no guarantee of a high paying job after college, it’s very easy to see why new graduates would jump at ...

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How We Lost $6000 in Student Loan Forgiveness

May is the first month in well over a decade when the Eyes on the Dollar household hasn’t had to make a student loan payment. While we certainly took our eyes off the dollar in paying those loans back, I wanted to share some final thoughts on student loans and why I think it’s important to consider all of your options before you do something big like consolidating or even paying them off. We’ve made our share of financial mistakes, but a huge one was losing $6000 because we consolidated the wrong loans. Hopefully you can use our mistakes to save yourself some serious money. Student Loan Forgiveness If you work full time in certain occupations, you could be eligible for loan forgiveness. Keep in mind, this is for the US only, and I don’t have enough room to include all the details. You’ll need to research them if one seems like it could work for you. Public Service Loan Forgiveness– This is the newest loan forgiveness program that was put into place in 2007. Basically if you work for the federal, state, or local government or for a tax exempt non-profit organization, you could be eligible for this program. ...

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How Can You Still Have Student Loans at Age 40?

Since closing on the first part of my business sale, we now have enough money to pay off our student loans. Before you start congratulating me, remember that I am 39 years old, and my husband is 43. How on earth do you have student loans in your 40’s? Start Late My husband didn’t decide to become a teacher until he had one failed attempt at college and several different jobs. He was 27 before he started college for real. He graduated at age 31, and then went right into a master’s program. He did work while getting his master’s, but didn’t really finish school until age 33. I finished my residency and started repaying my loans when I was 27. Most four year college graduates would already have 5-10 years on us. While I never think it’s too late to change careers, and I think our loans were worth it , it’s wise to think about how much debt you want to be paying off as you get older. Take Deferments and Forbearances When I was a resident, I put my loans into forbearance. The $600 a month payment seem like too much at the time, although I probably ...

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