Is it wise to consolidate student loans thru sallie mae when you took them out with them in the first place?

Is it wise to consolidate student loans thru sallie mae when you took them out with them in the first place?

I understand all consolidation rates are set by the gov. so it shouldn't make any difference who you use to consolidate with.

*** Best Answer - Chosen By Voters

While your base interest rates will be the same no matter who you consolidate with, many companies offer borrower benefits to help you further lower your payments.

These benefits include lowering the interest rate right when you consolidate, offering you staggered interest rate reductions based on your on-time payment history, or even up-front principal loan deductions (where they forgive a small portion of your loan amount.)

Do your own research - there are hundreds of student loan consolidators out there, many are "fly by night" internet start-ups. I am not a fan of Sallie Mae but they are a reputable company and since your loans are with them see what they will offer.

Also check with your school's financial aid office or website. Many schools will offer a list of consolidation lenders that will not include the smaller companies that market through spam, yahoo answers, etc. Or better yet, check a few school's websites. If you see a couple of lenders that are consistently listed, they may be a good one to look at.

PS Interest rates remained relatively flat from January 1 to April 1. We cannot predict what will happen on July 1 but we don't expect a big swing in either direction, so don't necessarily be in a rush.

Good luck!

*** Go with whoever offers the lowest rate. There IS a difference. And rates are going up.
*** You are correct when you say that the consolidation rates are set by the federal government. Student loan companies are not allowed to offer a different interest than what the federal government sets the interest rate at, which is based off the T-bill.

Student loan companies DO offer borrower benefits. These do differ on a company to company basis, but there are two main borrower benefits that are offered.

Do to the fact that based on all economic indicators right now it appears that interest rates may be increasing after July 1st I would suggest getting yourself locked in at your lowest interest possible as soon as possible.

Is non-payment of unsecured credit card loans an alternative to bankruptcy?

Is non-payment of unsecured credit card loans an alternative to bankruptcy?

I cannot do debt consolidation. I would rather not declare bankruptcy. A dishonest ex-husband dumped his debts on me when he shocked me by divorcing me two years ago after 14 years of marriage. This was in TEXAS.

Best Answer - Chosen By Voters

In Texas, they cannot garnish your wages. The statute of limitation is four years. You have no legal obligation to pay anything that is older than than.
Most likely your debts have been purchased by junk debt buyers for pennies on the dollar. They cannot do anything without a judgmet. If they threaten to sue you can offer them a settlement for a fraction of the original debt.

Other Answers

*** sure that's an alternative, until they start garnishing your wages. now that's a real bummer.

*** It is not the same at all. Why can't you do debt consolidation. Why don't you get a job? Go to a bank, call your cc company, do what you need to do. If you just don't pay your bills, guess what? The balances will keep going up, you'll always get creditors calling you, you'll demolish your credit rating. Go talk to a bankruptcy attorney and see what your options are. Depending on how much money you owe, there may be a way out. But not paying versus bankruptcy aren't even comparable, you can't say an alternative, they are two completely different things.

*** Well, in Canada they call it a consumer proposal and it is not really as bad as a bankruptcy, but your creditors agree to take x amount of cents on the dollar. You then have a monthly payment for a few years and then once you are finished, the debts are gone.
As for your ex leaving you with debt it is only your debt if you are jointly liable.

*** I don't know anything about Texas laws. I do know that if you can't do debt consolidation you are better off filing bankruptcy. Your credit score will actually improve because you won't have a bunch of judgements or late pays on your credit. All of the derogitory items then show up under one thing (bankruptcy). By the way you never know what may creep up w/ an ex. Be sure of everything your names were on together and get a credit report to see if there's anything on there you don't know about. All of your credit will remain good if you continue to pay your bills on time. There are alot of creditors that make you wait 2 years after your bankruptcy has been discharged before you can get any large credit (like buying a house) . I think you'll be fine. Good luck.

*** Can't you take your ex to small claims court to get his half of the debt? why are you letting this loser get off scot free. Sister, there are millions of stories like yours and women just seem to sit back and bear the burden. I would take his *** to court and maybe even report him for fraud. If you don't plan to consolidate and you already know bankruptcy is really only for an extreme situation. What you gonna do but pay the debt in full. You can try negotiating with the creditors to see if they will take some off, but from what you are saying here, you are going to have to foot the bill love. You really should take legal action against this man though.

*** If you don't file for bankruptcy, the creditors may or my not file a lawsuit against you to collect the the money owed. The negative information will be on your credit for up to 7 years. Your accounts may be turned over to a collection agency and you may need to deal with the phone calls and the letters. If the creditors do sue and get a judgment, you may have to deal with their judgment collection efforts: putting a lien on your home, gong after your bank accounts, etc.

*** A bankruptcy can stop all of this and eliminate all (or most) of the debt. It is just a matter of what you are mentally capable of handling.