I am not sure wether the term “consolidation” would explain my question.
However, here is my problem: IUp on my graduation this july from college, I have Standford loan from tow lenders. An amount of USD 4813 from Edfinancial and USD 4515 from Salie Mae. In order to facilitate my future repayment, I contacted both banks asking wether they would allow me one monthly payment. However, both refused my request stating that I would not be qualified for consoldation due to minimum loan amount requirement.
What other options you suggest?
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There is minimum amount for consolidation, and you are below the minimum.
If you want to consolidate, your best bet is to go to a bank or credit union, and ask them if they’ll make you a loan to pay off the other two – then you’ll have one payment. This will be an unsecured loan, and they may want a higher interest rate to do it. Do you have a car (clear title) which you could use as colateral?
Antoher option is to teach yourself to think of is as one payment. Not “I owe $100 to xxx and $120 to yyy each month”, instead “I owe $220 in student loans each month.”
Then set them up for automatic payment from your bank checking account each month.
A LAST resort is to take a credit card consolidation. Interest will be high.
There is an advantage to keeping the strudent loans as they are – all of the interest is tax-deductible. Any of the consolidations available to you would remove that deduction.