Last Minutes News Business

If your loans ARE federal loans, you should start with the government's own consolidation program – you can find that here: http://www.loanconsolidation.ed.gov/

Good luck.

By redd on Oct 22, 2009

Do yourself a favor and don't ask that question here, because all you're going to attract are the scam artists that frequent this topic area.

Let me offer a few bits of advice:

First of all, paying $100 as a fee to be granted a forbearance may seem practically criminal, but the costs of consolidating your loans will be far more expensive than $100.

A consolidation loan rips up all of your old loans and replaces them with a single new loan. Consolidation loans are sold with the promise that you'll lower your monthly payment – and that's almost always absolutely true.

HOWEVER, what they don't tell you – while they're pushing the idea of a lower payment – is how they manage to offer you a lower payment. Think about this – either they're going to lower your payment by significantly lowering your interest rate (nope), they're going to lower your payment by forgetting about some of the money you owe (never), or they're going to lower your payment by simply having you make a lot more smaller payments (bingo!)

Suppose you owed me $100, and we had agreed that you'd pay me $50 this week and $50 next week. You come back and explain that $50 is really more than you can afford right now – and you ask if there's anything we can do to lower your payment. I'd say "absolutely! – how about if you only pay me $10 a week, would that work for you?"

You'd think this was pretty nice of me – until I told you the other part of the deal. You'd pay me $10 a week, but you'd make 15 payments of $10. So what's happened? Now you're going to pay me $150, not $100. That's how a consolidation loan works.

The only difference is that we're not talking an extra $50. Depending on the terms of your consolidation loan – and how much you already owe, chances are that you will pay tens of thousands of dollars more in interest if you choose to consolidate your loan. That's a heck of a lot more than the $100 Sallie Mae wants to grant you a forbearance.

Before considering a consolidation loan, talk to Sallie Mae about their alternative payment programs. There are programs that start out with a lower repayment and increase later, when, hopefully, you have more income – ask them for more information.

Finally, you may find consolidation a very difficult thing to arrange right now. I'm sure you've been watching and listening to the news about this country's banking crisis, if not – you should be. This current crisis is really impacting the student loan business – and there is little or no private educational lending going on right now. It's not just student loans either – I would wish you a lot of luck trying to find a car loan or a mortgage right now, unless you have a substantial income and a sterling credit history.

If Sallie Mae is willing to offer you a forbearance, and you really need it right now, swallow hard and pay the $100. That's the cheapest and most certain alternative for you right now.

Good luck, I hope that helped.

By rebecca on Oct 22, 2009

All of my student loans were through Citibank initially, and last year I consolidated through them. They gave me a 5% interest rate which I think is very reasonable. They have also been very helpful on the phone when I had questions and they have never adjusted my interest rates without informing me first. Their website is http://www.studentloan.com and I would recommend them highly.

By Dirk L on Oct 23, 2009

i dont know if any i have listed will help or not, but i'll post it anyway.

i think the first answer was a good post.
———–
try to aim for grants/scholarships more… they are not to be paid back. its confusing sometimes, but just keep applying. Scholarships usually have a 1 or 2 page application, and require an essay. Take your time with the essay, so yours stands out.

every big (and small) company you see (manufacturer, orgs, corps and groups also) all have grants and scholarships they hand out like candy. Walmart, Kmart, Target, Coke, computer companies etc etc etc

here are some links with a HUGE list of what is available. some you will need to copy and paste into a new window. also, fastweb (take the time to fill it in) will search databases and get back to you with a list of scholarships you qualify for.

Also contact all mens, womens associations in your state, they almost always have grants & scholarships. What ever field you are going into, contact the orgs, associations etc for them; Also check with professional organizations related to your career interests, such as the American Bar Association or the American Medical Association. they also always have scholarships. Research and dig, call then write. Its all worth it.

OVER apply; it doesnt hurt to have too many, and the extra funds can help with housing.

YOU WILL NEED ADOBE READER:
(yes, its free)
http://www.adobe.com/products/acrobat/readstep2.html

LIST
http://www.lifebridge.org/gran-list-alph.htm
http://www.angelfire.com/nj4/njcomputerchick/school.html
http://www.chrome.org/scholarshiplist.html

MORE & INFO:
http://www.ftc.gov/bcp/menu-jobs.htm
http://www.finaid.org/scholarships/other.phtml
http://www.finaid.org/otheraid/
http://www.back2college.com/library/scholarships.htm
http://www.collegeconfidential.com/
http://college-scholarships.com/
http://www.statefarm.com/about/part_spos/grants/grants.asp
http://www.gmsp.org
http://www.gmsp.org/gmsp_web/(nb5ctd55gavpfi55bb3a3j45)/scholarships.aspx
http://www.sfa.ufl.edu:16080/scholarshipcafe/
http://www.edsf.org/scholarshipAwards.cfm
http://www.fafsaonline.com/
http://www.fafsa.ed.gov/
http://www.feea.org/
http://12.46.245.173/cfda/cfda.html
http://www.salliemae.com/
http://www.ed.gov/finaid/landing.jhtml
http://www.scholarshipexperts.com/
http://www.educationplanner.com/ss/code/Profile1.asp?level=u&region=s&mode=EDIT&sponsor=2859&volume=SS&e&h
http://www.studentawards.com/
http://www.collegeanswer.com/index.jsp
http://www.studentscholarshipsearch.com/
http://www.studentscholarshipsearch.com/Detailed/Scholarships/Meta_indexes_and_other_scholarship_directories/Women_s_and_Non-traditional_students_scholarships_meta-directory_126.php

NURSING / CNA
http://www.scholarships-ar-us.org/grants/nursing.htm
http://www.dar.org/natsociety/edout_scholar.cfm
http://nursingworld.org/nursecareer/edfund.htm
http://www.medi-smart.com/finaid.htm
http://www.discovernursing.com/nursing-scholarship-search
http://www.ncaa.org/about/scholarships.html
http://bhpr.hrsa.gov/DSA/nsl.htm
http://www.nsna.org/foundation/
http://www.4cnas.com
http://www.choosenursing.com/
http://www.minoritynurse.com/
http://www.tylenol.com/page.jhtml?id=tylenol/news/subptyschol.inc
http://www.straightforwardmedia.com/nursing/
http://bhpr.hrsa.gov/nursing/scholarship/
http://www.akaeaf.org/programsandinitiatives/

http://www.schoolsoup.com/
http://www.blackexcel.org/link4.htm
http://www.jackierobinson.org/
http://www.wilsonfund.org/scholarships/scholarships.shtml
http://www.siemens-foundation.org/TeacherScholarship/
http://www.childcareservices.org/ps/teach.html
http://www.act.org/goldwater/yybull.html
http://www.uncf.org/

http://www.socxfbi.org/login.asp?reason=denied_empty&script_name=/cgi-alumni/adir2.dll&path_info=/search&sitename=FBI&scroll=10&p=1&S=scholarships&x=0&y=0
http://www.finaid.org/
http://studentaid.ed.gov/PORTALSWebApp/students/english/index.jsp
http://www.actstudent.org/finaid/scholarshipscams.html
http://www.act.org/recognition/clients.html
http://www.act.org/kfcscholars/index.html
http://www.kfcscholars.org/
http://www.rhodesscholar.org/
http://www.collegedata.com/
http://www.fastweb.com/
http://www.getreadyforcollege.org/gPg.cfm?pageID=139
http://www.policylink.org/EDTK/AH101/Financing.html#4
http://www.hud.gov/grants/index.cfm

BECOMING A TEACHER
http://www.aft.org/teachers/jft/becoming.htm
http://www.fseog.com/

CHILDREN OF MILITARY
http://www.militaryscholar.org/about/about.shtml
http://www.mcsf.com/site/c.ivKVLaMTIuG/b.1677655/k.BEA8/Home.htm
http://www.vfw.org/index.cfm <-do search for ‘scholarships’
http://www.milspouse.org/Educ/Fund/MilFScholar/
http://www.aerhq.org/education_dependentchildren.asp

INTERNSHIPS,
http://www.fasttrackinternships.com/
http://www.internprograms.com/
http://www.brillstreet.com/
http://ceri.msu.edu/

DEPENDENCY or NOT
http://www.salliemae.com/get_student_loan/apply_student_loan/understanding/financial_aid/dependency/

LOAN FORGIVENESS
http://www.pheaa.org/loanforgiveness/healthier_futures.shtml
http://www.aft.org/teachers/jft/loanforgiveness.htm
http://studentaid.ed.gov/PORTALSWebApp/students/english/cancelstaff.jsp?tab=repaying
http://www.finaid.org/loans/forgiveness.phtml
http://www.aessuccess.org/manage/cant_make_payment/Federal_Teacher_Loan_Forgiveness.shtml
http://www.staffordloan.com/repayment/forgiveness.shtml
http://www.educationplanner.com/ss/code/Profile1.asp?level=u&region=s&mode=EDIT&sponsor=2859&volume=SS&e&h

STATUS OF LOAN OR AID
http://www.nslds.ed.gov/nslds_SA/

IF YOU DON’T HAVE YOUR PIN yet (for your loan / aid status) apply for one:
http://www.pin.ed.gov/PINWebApp/pinindex.jsp

ESSAY HELP
http://www.scholarshiphelp.org/
http://www.gradesaver.com/resources/scholarship.html
http://www.collegeadmissionsessays.com/
http://www.nataviguides.com/broke_essay.html
http://www.princetonreview.com/college/apply/articles/process/essayjump.asp
http://www.scholarshipessay.us/
http://www.freschinfo.com/tips-brainstorming.php
http://www.freschinfo.com/tips-topic.php
http://essayedge.com/
http://www.korepetycje.com/Essays_Articles/scholarshipessay.html

GRANT SCHOLARSHIP SCAM LIST
(if you find a scam report it here too)
http://www.ftc.gov/ftc/consumer/media_psas_classads.html

LOANS
http://www.acteducationloans.com/
http://www.finaid.org/loans/educationlenders.phtml
http://www.financialaid.com/plus/index.cfm?id=plusloans
http://www.alternativestudentloan.com/
http://www.parentplusloan.com/
http://www.financialaidpodcast.com/about/
http://www.myspace.com/financialaidpodcast
http://www.FinancialAidPodcast.com

GRAD LOANS & SCHOLARSHIP
http://www.gradloans.com/graduate-plus-loan/
http://www.gfoa.org/services/scholarships.shtml

DEFAULTED STUDENT LOANS
http://www.ed.gov/offices/OSFAP/DCS/index.html

CONSOLIDATE LOANS
http://www.plusloanconsolidator.com/
http://www.salliemae.com/after_graduation/manage_your_loans/consolidate_student_loans/student_loan_consolidation.htm
http://www.salliemae.com/content/privateconsolidation/index.html
http://loanconsolidation.ed.gov/

RATE MY PROFESSORS
http://www.ratemyprofessors.com/index.jsp

INTERNATIONAL STUDENTS
http://www.iefa.org/
http://www.iefa.org/resources/
http://educationusa.state.gov/
http://college-scholarships.com/
http://www.studyabroad.com/forum/financial_aid.html
http://www.internationalstudent.com/
http://www.internationalscholarships.com/
http://www.internationalstudentloan.com/
http://www.globalslc.com/
http://www.edupass.org/finaid/loans.phtml
http://www.abroadplanet.com/student-loans/the-global-student-loan-corporation/
http://www.salliemae.com/international/

HISPANIC SCHOLARSHIPS
http://www.hsf.net/
http://www.scholarshipsforhispanics.org/
http://www.statefarm.com/about/part_spos/grants/hispanic.asp
http://www.hsfi.org/
http://scholarships.hispanicfund.org/applications/
http://www.chci.org/chciyouth/scholarship/scholarship.htm

By larsonface on Oct 23, 2009

By irishman1 on Oct 23, 2009

Your chances are prob pretty good to consolidate federal student loans. Don't consolidate federal student loans in any non-student loan consolidation loans, your interest rate will likely be higher and the interest you pay would no longer be tax deduct able.

By Windy on Oct 25, 2009

Generally, a consolidation loan lumps all your student loans into a new loan, with up to 30 years to pay back and a fixed interest rate. It really makes it easy if you have student loans scattered across different lenders/servicers.

The key word in your statement is 'up to $2000', if you have a lower balance, you probably will not get that much as a credit. Yes, you would get a credit, not cash back.

And if you do get 'up to $2000', believe me, you will pay for it eventually. There's no such thing as a free lunch (imo).

By blueyedwoman2006 on Oct 25, 2009

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if you get any luck please don't forget about me, hope it helped you.

By adria m on Oct 25, 2009