Ask MetaFilter questions tagged with loanconsolidation

I don't know, I just write this stuff...

EmpressCallipygos — Tue, 04 Aug 2009 11:22:00 -0800

I've picked up a freelance job writing simple financial-advice articles, but now and then the topics they give me to write about don't always work. Sometimes it's easy for me to spot the ones that don't make sense -- but not always, because I don't have a financial background. Can someone who does tell me if this statement (inside) about loans makes sense? This is a very basic-info type of site -- I've jokingly called it "Finance For Dummies" -- which features 200-500 word articles in a lot of discrete topics. For each of my assignments, I'm given a title (which I CANNOT change), and a couple key words. I must write the article to fit the title -- for example, if I get the title "How to apply for a HUD loan in ten steps," the article must describe the process one goes through to apply for a HUD loan, and I must have exactly ten steps. You get the idea. But I just got a title which sounds completely nonsensical. I've been asked to write about: "Should I Prepay My Credit Card Debt Consolidation Loan?"

Now, from what I'VE found, it isn't even POSSIBLE to prepay a debt consolidation loan. As I understand it, a debt consolidation loan means that you take out one big loan to pay off smaller loans, and then you make monthly payments towards that big loan. Am I right about that, and if so, am I right that you cannot prepay a debt consolidation loan even if you wanted to? Or is there something about the world of debt consolidation that I don't know about?

Fortunately, if I get an article title that doesn't make sense, I can contact the editors for clarification (I recently did that for something that made no sense whatsoever, and the editor agreed that he didn't get it either and changed the title); but I'm often loath to do so, because I don't have a financial background, and I like to be sure that any of my misunderstanding isn't just my own ignorance talking.

Thanks.

Find me an education loan consolidator

calistasm — Thu, 11 Oct 2007 19:33:57 -0800

Recommend me a good educational loan consolidator. My SO has about 40K in assorted federal loans and we would like to simplify the process by making only one payment and lock in one interest rate. Is there one lender that you guys would recommend over another? Are there any we should run screaming from? What we would like to do is reduce the amount of interest paid (it's tax deductible, yes, but it's still interest) and get a company that knows what they're doing (i.e., not Wells Fargo). I know about Graduate/Collegiate Leverage and will be giving them a call, but I was wondering if there was more info than what is in the archives. Total Higher Education's insta-rebate without x number of on-time payments intrigues me, but I can't help but feel there's some sort of catch, even when the math is in front of me. Thoughts? Recommendations? Handy spreadsheets? I would love to hear it all.

Who owns my student loans?

snickerdoodle — Wed, 10 Oct 2007 20:18:37 -0800

Who owns my student loans? I consolidated my student loans in June of this year, and quickly became unhappy with the bank in question. After calling them up, I wrote a letter (as instructed) requesting that they halt the consolidation. I subsequently consolidated with a different company. Now I'm getting bills from both companies!

I've called both companies, but neither can tell me what to do. How can I find out who owns my loan, and get the other company to stop billing me?

Consolidate my student loans!

The Michael The — Fri, 01 Apr 2005 12:35:09 -0800

I have a sizable amount of Federal Perkins and Subsidized Stafford student loan debt, and I'm thinking of consolidating to take advantage of current interest rates. 1) Is this a good idea (why/why not?), 2) Through whom do I consolidate? I seem to get offers to do so every day from random companies. Is any one more reputable than any other? The only one of which I've heard is Sallie Mae. FYI, I'm currently in my 2nd year of a full-time Ph.D. program, so I'll be in deferment for a while.