When Student Loan Consolidation ISN’T Worth It
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- Опубликовано: 1 июл 2024
- • Are you wondering if consolidation is the right move when interest is piling up? You're not alone.
In this video, we're tackling a tough question from Wendy, who's been making student loan payments for 18 years. She's made some serious progress, but now she's facing a consolidation option that might set her back.
We'll talk about the potential downsides of consolidation, like higher interest rates and longer repayment terms, but we'll also explore any hidden benefits that might make consolidation worth considering.
Whether you're just starting your repayment journey or you've been at it for years like Wendy, this video is packed with valuable insights and inspiration to keep you moving forward.
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📺 Chapters
00:00 Meet Wendy
01:30 What happens if you consolidate by April 30 2024
03:14 What about the interest capitalizing?
04:16 Get clear on your motivation for consolidating
08:37 Who should consolidate?
09:28 Who shouldn't consolidate?
🎥 Credits
• Hosted by Stanley Tate
• Editing by Helena Santin
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I'm on the SAVE plan and im not paying interest. I don't know when or if they'll start interest again. If I consolidate I'm afraid I'll have to start paying interest again. I'm afraid it's a bad deal and I only have a week left to decide, but I don't know what to do. I only owe 10,700 but im a custodian, so i dont make a whole lot. All 4 are federal and fixed rate, below 5%.
Thanks so much for this video. I just learned about the April 30 deadline late in the day on April 29. The website was so confusing and there seemed to be contradictory information in different parts of the website so I wasn't sure I would qualify for PSLF with the older loans. What I couldn't find anywher e was whether the 4/30 deadline was determined by Eastern time or the time zone where I'm located (PST). Online, it shows that my consolidation application was submitted on 4/30 but the PDF of my applicaition has 5/1 signature. Any idea whether I've missed the 4/30 deadline since it was after 4/30 EST?
Can you kindly advise me on this. My college came up on the predatory loan list and I filled out all of the necessary paperwork and heard nothing else back. DoI do? Thank you
I have several loans, undergrad and grad loans. They're all in various stages of PSLF with some over the 120 mark. I just completed my consolidation application (even though it quadrupled my monthly payment). I hope it was worth it. Do you know how PSLF is going to be affected since I applied before the April 30th timeline with all of my loans having different PSLF count amounts (nine loans between 77 and 125 confirmed payments)?
* So what happens if this person Consolidates her loans and then doesn't get the one time adjustment?
* Seems once you make this big decision and the one time adjustment doesn't work in your favor..your stuck in a bigger problem. Is this really a Government tactic :( ??
* Why is Consolidation so needed to even get considered??
You get the adjustment after you consolidate. Everyone with loans held by the Education department gets it.
Consolidation is needed if your loans aren’t owned by the Education Department. It can also make sense if you have multiple federal loans with different repayment histories.
@@stanleytatethanks for this info! I have 22k debt, all federal loans. Currently a combo of direct and FFELP loans (which are the majority.) I am honestly confused if I should consolidate. As I fill out the consolidation application, I’m left with two payment options: 1) ICR, monthly payment of $216 with a total of $31k to be repaid by 2036 2) SAVE, monthly payment of $278 with a total of $28k to be repaid by 2031. Ten loans total. Any advice is welcome! Thanks so much.
You said everyone whos loans are held by the ED but isnt it onky for the ones who qualifies? And what if the loans are in the hundred thousands and you were already in IBR for years with zero payment each month?@stanleytate
Over the years due to health or surgeries, I did use the forbearance for some months. Does this count as one of the 120 payments?
This is exactly what I needed. Doing the math, it is clear that I just need to proceed with the payoff. Thank you for your information provided.
Question. How did you come up with the math to determine your resolution? I'm a little confused on how to come up with that.
I used Mr. Tate’s tool to see how long I would have towards forgiveness roughly I have about 21 years. I finished grad school so even with Save I would have a 25 year payment period. I used the financial aid tool on the student aid website to see how much my payment would be on Save. It was about $1100 with save. If I paid under save I pay $1100 and get no forgiveness. I only have 18k left. So I would pay it off before I got to 25 years. I wouldn’t make 25 years paying $1100. So I would rather pay it off and keep my low monthly payment under the standard plan of $250. It keeps my payment low if something happens, but I could make a larger payment if I want to..
If I consolidate, my new monthly payment will be higher than what I’m paying now. Should I still do it? I have a few days to finalize
What about Gen X FELP borrowers that Navient steered towards Massive forebareance and their Interest balance is higher than principal and need the IDR adjustment?
This happened to me.
@@kristykewl69 It is unbelievable, isnt it? Everytime I called Navient, they said "let's just put you in a forebearance" , NEVER even telling me there was an income based repayment option - my loans would have been paid off a decade ago or more! I am wondering what recourse we might have?
This was me for almost 3 years never knew about IDR and given my income at the time I would have had to pay nothing, I went back and reviewed all the communication I had from navient and they would send me a letter saying your next payment is due type yes if you want to go into forebearance… well of course I do, I’m out of work let me just do that…instead of hey you can get on IDR and this will go towards your payment count.
@@SmecaWash Exactly!! They did the same thing to me too!
I dont understand the time variable. I heard in this video "forgiveness wont happen in 2 years for her". "Forgiveness wont happen in 5 years for him". What determines this these lengths in time? From what I'm hearing its different for different people. And in 2 or 5 years there is a chance that Biden wont be in office so what happens when the next republican decides to renig on all this?
What if I’m in the ICD Repayment Plan with Nelnet and the loan was transferred to Sloan Servicing and the are recommending me to do the Consolidation and ICDriven. I am single and a senior that has been reapplying for the I C Driven repayment plan over the years with a family of 4. So, I’m no exactly what to do. Should I reapply for the ICDriven plan or Consolidate?
That happened to me too. I don't know what to do.
I’m a victim of predatory online schools, should I consolidate to get the loan forgiveness?
I consolidated in 2012 and have other loans (direct and ffelp) that weren't included. Should I consolidate just those loans or consolidate everything into one? I'm concerned it would increase my rate, but not sure.
I would have to see your loans before I say what you should or shouldn't do.
@@stanleytate thanks, I went to your calendar, but you're booked through the 4/30 deadline.
FFELP don't qualify so don't consolidate yes?
Navients interest rates have increased to 7 & 8%.
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Total Student Debt is 1.6 TRILLION. Typical Democrat Proposal: day late, dollar short. Nevermind the Genocide, have some crumbs.
Facts
Hello 🥬
Focus on video editing.
It is quite low, edit in good style.
Because it is very important in your video.
Agree at heart. 🥬
Definitely yes 🍑
Yes, video editing is definitely low. 🥦