If any of you have any experience with students loans then you can probably help me with my problem. I have taken around 19k as private student loan, After Graduation my balance was around 21k and now its 20.5 K.
My monthly payment is 225 which i am able to afford so far but around 160 goes in interest and 65 dollars are actually paid off principal. Is there a way that i can transfer this loan somehow and get a better deal or only way out is pay it off faster ? Are there any other options ?
If any of you have any experience with students loans then you can probably help me with my problem. I have taken around 19k as private student loan, After Graduation my balance was around 21k and now its 20.5 K.
My monthly payment is 225 which i am able to afford so far but around 160 goes in interest and 65 dollars are actually paid off principal. Is there a way that i can transfer this loan somehow and get a better deal or only way out is pay it off faster ? Are there any other options ?
I appreciate your time.
Thanks.
I don't think there is a way to refinance a PSL, unless you roll it over to a zero interest credit card/another kind of loan. You could try & talk to a credit union if they might be able to give you a bill consolidation loan.
If you are in US (that I am assuming you are), get in touch with any debt management company. They can talk to your creditor and bring the interest rate down. You would have to make payments through them though. I
He could try that, but one word of caution - a debt management company will probably take a cut out of the instalment, and I am not sure that the PSL company would be very receptive to a rate decrease unless he can demonstrate extenuating circumstances. Just saying that I borrowed more than I can repay might adversely affect his credit.
He could try that, but one word of caution - a debt management company will probably take a cut out of the instalment, and I am not sure that the PSL company would be very receptive to a rate decrease unless he can demonstrate extenuating circumstances. Just saying that I borrowed more than I can repay might adversely affect his credit.
No he does not have to show the circumstance and debt management companies are non-profit organizations and charge a fee of about 25 dollars that you add up to your monthly payment. Also, going through debt management does not affect your credit. During the loan repayment time, you may not be able to apply for credit cards but debt management shows a responsible attitude and creditors like that. I know cause I took advantage of that right after I graduated, though my 'student loan' was actually my credit card debt.
No he does not have to show the circumstance and debt management companies are non-profit organizations and charge a fee of about 25 dollars that you add up to your monthly payment. Also, going through debt management does not affect your credit. During the loan repayment time, you may not be able to apply for credit cards but debt management shows a responsible attitude and creditors like that. I know cause I took advantage of that right after I graduated, though my 'student loan' was actually my credit card debt.
Don't know how long ago you availed of this service, but the bankruptcy laws changed in Nov 2005. Might be worthwhile for him to "look before he leaps" :)
I actually talked to couple of companies for Loan Consolidation. Its easy for Federal Student Loans, but i had to work hard on Private Student loan. One of the companies gave me 7.41 % which is much better than 9.99 %.
If anyone else is facing same problem try https://consolidation.custudentloans.org/. I didnt want a co-signer but that would definitely help. Also they offered "Cosigner Release" after 12 consecutive on-time principal & interest payments. I also tried Wells Fargo but they didnt offer anything attractive.