The Student Loan Ranger's Mailbag Express: Consolidation and Repayment
Another month, another payment closer to loan forgiveness for the Student Loan Ranger. That's right: We don't just talk the talk; we walk the walk and we pay the debt.
Onto the Mailbag Express: As always, our responses are not meant to provide specific legal or financial advice. Your situation is unique, and we encourage you to reflect carefully on your options and to consult a financial adviser.
Dear Student Loan Ranger: I just observed your student loan webinar, but I wasn't able to access it until 15 minutes after the start time. Did you say that in order to use Income-Based Repayment (IBR) and Public Service Loan Forgiveness (PSLF), you must first consolidate Stafford and Grad PLUS loans into one loan? If they are Federal Direct, isn't it better to keep them separate as they have different interest rates? Great webinar, by the way—I feel a bit better about managing my student loans.
Dear Latecomer: I'm glad you found the webinar useful! You do not need to consolidate as long as your Stafford and Grad PLUS are indeed Federal Direct loans. If they are FFEL loans, however, they are not eligible for PSLF and you will want to consolidate them into a Federal Direct Consolidation Loan. (You have a right to consolidate them for that purpose.) If you don't know which type of loans you have, you can find out by signing into the National Student Loan Data System .
If all your loans are Federal Direct, the decision about whether to consolidate them will depend on the relative interest rates of the loans and the convenience of having one loan to pay instead of several. That is a decision for you and your financial adviser to make.
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Dear Student Loan Ranger: I graduated from law school in 2008 and consolidated all my federal loans into the Federal Direct Consolidation Loan. My current repayment plan is IBR, which, by the way, is awesome! I have been working in public interest or in government work since I graduated, with the goal of qualifying for PSLF. I have two questions:
1. My spouse and I file our taxes as married filing separately in order to lower my monthly loan payments under IBR. As my income increases, we're wondering at what point the tax benefits of filing separate outweigh the benefits of splitting our income under IBR.
2. I heard that your income for IBR purposes is either your current income or your adjusted gross income (AGI) from your most recent taxes. I currently make more than the AGI that my IBR is based on, and would like to know which amount I should be paying based on.
Student Loans Consolidated - News
[Get tips and tools for managing student loans.] Dear Student Loan Ranger: I graduated from law school in 2008 and consolidated all my federal loans into the Federal Direct Consolidation Loan. My current repayment plan is IBR, which, by the way,
The member referral program allows credit unions outside of the CUSO's CU network to link their members to two student loan products managed by CU Student Lending: EdAccess Private Student Loan and EdSucceed Private Student Loan Consolidation.
The new referral program, which features the EdAccess Private Student Loan and the EdSucceed Private Student Loan Consolidation, is a credit union managed program of over 110 participating credit unions that have pooled funds to offer private student
Yet, before students begin repaying these debts, many financial aid counselors and financial advisers in general want students to look over their student loan situation before making any decisions related to consolidation, as this type of student loan
Subsidized loans that are consolidated retain their subsidized benefits. Do I have to pay it back all at once? Most student loans allow you to spread payments out more than 10 years, and there are several options for payment plans.
Take Advantage of Student Loan Consolidation Before Rates Rise ...
In less than five weeks students will be subjected to the second largest rate increase in the history of the federal student loan program. With the upcoming rate hike, student borrowers are in the perfect position to consolidate their loans and lock in a low rate before the deadline, according to NextStudent, a premier education funding company based in Phoenix.
The interest rate increase and other changes to rules in the federal student loan program are due to the passing this past February of the Deficit Reduction Act of 2005, S. 1932, which was signed into law by President Bush. Along with major cuts to various federal programs, the legislation cut .7 billion to the federal student loan program.
Student borrowers who are not convinced that consolidation is a smart choice should note the upcoming changes on Stafford and PLUS loans. New rates for Stafford loans disbursed on or after July 1, 2006 will be set at 6.8 percent. For PLUS loans disbursed on or after July 1, 2006 the fixed rate will be 8.5 percent. However, if student borrowers take advantage of consolidation before July 1, they can lock in a low interest rate that stays fixed for the loan’s term. Borrowers also can extend their payment term.
July 1 is less than five weeks away so there is not that much time for students to make their financial situations easier. Consolidation bundles together all of a student’s loans to make one simple monthly payment. Instead of numerous student loan bills, students more easily can manage one monthly payment with one low interest rate.
Consolidation can help students who have college loans (http://www.nextstudent.com/privateloans/privateloans.asp) with high interest rates and numerous monthly student loan bills. One monthly payment with a lower interest rate and extended payment term can be the first step to helping students ease their financial burdens. However, it is important to take the first step by consolidating before the July 1 deadline, which is just weeks away.
Can federal and private student loans be consolidated? 
Can federal and private student loans be consolidated? 
Can federal and private student loans be consolidated? 
Can federal and private student loans be consolidated?
Can federal and private student loans be consolidated? Student Loans Consolidated - Bookshelf
How to Wipe Out Your Student Loans and Be Debt Free Fast, Everything You Need to Know Explained Simply
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U.S. Department of Education program under which borrowers can apply online for consolidation of their federally-insured student loan debt.
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