I am co-signor for 4 college loans each around $25,000. Have been paying them for 3 years. Is there any way to consolidate them into one loan/payment?
Answers | 2
Student loans can be consolidated, but you can't mix and match private loans and federal loans in the same consolidation package. Like any "loan re-do" the place to start is to contact the lender(s) and ask what they can do for you. Carefully consider the pros and cons - don't consolidate just to get a single payment - there may be other factors that make keeping what you have advantageous. Good luck!
We have several folks doing this.
1st check with your lender on consolidation. If you have more than one, ask each one. Pay close attention to the terms.. Especially, the rate and payback time.
Do a break-even on the proposed terms compared with the current terms. always look at the bottom amount after financing. Lower payment is good but a longer term will cost you in fees.
If possible, set up an investment account (retirement plan also works) with a higher rate of return using low risk. Calculate how long it will take for the investment account to equal the total amount (including all fees) for the student loans. This is a great way to manage debt.
Feel free to contact me to discuss further or just to do some calculations. No obligation.
It's not what you make, It's what you keep that determines your lifestyle.