August 17, 2014
I can across this site looking into private loan consolidation and thought I would tell you a little but about myself. I graduated in 2012 from a private university. I have paid off all of my federal loans and am currently working toward paying off one private loan amount to $46,000. Little by little I’ve been making a dent in the principal balance. My current monthly payment in $343. (This is with a 7.25% interest rate.) I’ve been looking into private loan consolidation for a few months now, only to realize that even with my very good credit sore one of two things trips me up: 1. I still need a co-signer regardless of my good credit or 2. the institution simply cannot offer me a better rate than what I already have. Thankfully, I have someone who is able to help me with payments as I am in between jobs right now.
My main purpose for writing this introduction, is to warn against getting any type of private student loan. DON”T DO IT! They are difficult to work with, as very few companies deal with private loans, and if you are ever unable to make the monthly payments they are not able to be discharged in bankruptcy. I wish I would have known what I was really getting into before I signed on the dotted loan
However, with hard work and determination I know I will be able to pay off this loan.
May 3, 2014
That is really great advice. Thanks for sharing!
Your wise words were part of the inspiration for the latest article I wrote, for people looking for their first student loan: https://studentloansherpa.com/guide-first-student-loan/
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