Student Loan Consolidation Rates

I am entering my Sophomore year at a private, four year institution this year and still need to pay $7,649 before the beginning of the school year. This amount was determined after subtracting the total awards that the school awarded me from the total tuition for the school year.

Today I applied for a $3,500 Federal Stafford Loan through Nellie Mae.

Every road I take is a dead end in terms of finding a company with low interest rates. I am the first member of my family to attend a post-secondary institution, let alone full-time, and really have no idea what I’m doing.

Last year, my parents applied for a Federal Direct Loan for $6,000 and we’re currently paying on that amount.

I’m really worried that my total loan amount is going to be enormous when I graduate and that I will have no way of paying it off without living at home. Any suggestions about a good company or other financial advice is greatly appreciated, so much that I will reward someone with ten points.

Thanks.
I was told that we’re paying on the loan right now because it is in my parent’s name.

Thanks for your input, Joe.

A little confused on how private loan interest works. I need a 22,000 dollars loan with an interest rate around %8. If i do full deferment will I get a bigger bill every month after grad? or is it better to do interest only payment while in school, so i can pay my interest off earlier?

Does anybody know how many times you can consolidate private student loans? Right now I have approx $26K in student loans consolidated with Sallie Mae at about 10% interest rate. I would like to get a better one, but have already consolidated. If I can only do it once, do loan companies actually lower the rate based on credit and payment history?

Does that mean that a student loan I have at 4.75% will change to a different interest rate, starting tomorrow? I also have loans that are 5.75%… I’ve started the application for cosolidation on-line and it states my interest rate would be 5.5% is that really better? What will the instrest be? If my rate will stay the same for my 4.75% loans I won’t want to consolidate them right?

I have a poor credit score from when I was younger and very stupid with my credit cards, I’m in the process of rebuilding it by settling the old acounts, and using new credit cards alot better. I have a student loan for about $6000 that is currently defered because I’m back in school. Is this helping or hurting my credit? Is it better to start paying it or leave it alone?

Has anyone heard if Obama’s new budget includes anything about possible programs to help cut down student loan debt or a move to lower interest rates, particularly for consolidation?

Ok, the car has value and can be sold in default, but shouldn’t the interest rates for a student loan be lower??

I have 150,000 in low interest student loans (4%). I don’t have any other debt. I have nothing saved for retirement. Just finished school and am now earning 130K which becomes 86K after taxes. My cost of living is low -I spend a total of 3000 in living expenses a month (includes mortgage).
How much should I pay towards my loan versus saving it? I think I can invest the money and earn more interest, but I feel funny about not paying off debt.
I’m single in my early thirties, so one day I’ll have kids (hopefully) and will need to start saving for their college too!

I set my loan to be deferred until 2009 but I am graduating next month. I want to start paying down the balance. Is that possible? Also, if I wanted to start sending payment while in school and in deferment status can I start sending money to Sallie Mae to pay down my loan?

We know the downside of - if one of us dies the other is responsible for the loan - but we both have such high interest rates and would love to consolidate before they go up again. We are trying to simplify our finances and reap the benefits of smaller payments…