Let me start by admitting that I am completely ignorant to all things student loan-related. I have been trying really hard to understand through my own online research, but still have major confusion.
I currently have eight loans through Navient (formerly Sallie Mae) – five subsidized, three unsubsidized – all with interest rates ranging from 4.5-6.5%. I feel like I’m not even scratching the surface on my principle, and only paying toward my interest. I am wondering if consolidation is right for me? I am not necessarily looking to lower my monthly payment (although, that would be wonderful!), I am more concerned with actually paying toward my principle and not just toward the interest.
I have a good paying job and decent credit – even have a cosigner if necessary. But I’m just not sure if that’s the correct route to take. I need advice and facts related to my specific scenario. A lot of what I read online covers all sorts of factors that I don’t think apply to my situation, which can be very confusing.
Any help is greatly appreciated!
May 3, 2014
Great questions Mallory… I decided to write an entire article about your particular situation. You can check it out here: https://studentloansherpa.com/plan-consolidate-federal-student-loans/
Hopefully this will help!
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