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Frequent Contributor
Posts: 297
Registered: ‎02-12-2012
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Re: Obama's Special Direct Consolidation Program

[ Edited ]

MarineVietVet wrote:

Student_Loans_Kill wrote:

 

 


Horrible advise.

I must say I've seen much friendlier and more respectful disagreement with another opinion.


Telling someone NOT to consolidate a series of student loans based on FICO theory mathematics is bad advise at best. Furthermore , as an observation providing input to the OP with useful personal experience is what I would want if I posted the same question. Which is what I suggested. Many trade lines consolidated into one department of education loan made my FICO increase. Signed...VA surgeon

Starting Score: 656
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Posts: 15,128
Registered: ‎07-14-2009
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Re: Obama's Special Direct Consolidation Program

[ Edited ]

Student_Loans_Kill wrote:
 

Telling someone NOT to consolidate a series of student loans based on FICO theory mathematics is bad advise at best. Furthermore , as an observation providing input to the OP with useful personal experience is what I would want if I posted the same question. Which is what I suggested. Many trade lines consolidated into one department of education loan made my FICO increase. Signed...VA surgeon

Isn't what you just typed much more respectful? That was my only point.

 

Even if we truly think someone else's opinion could not be more incorrect we can voice our disagreement in the right way. I don't know what is wrong with prefacing a comment with "I must respectfully disagree with you".

 


 

Established Contributor
Posts: 872
Registered: ‎10-16-2010
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Re: Obama's Special Direct Consolidation Program

In some instances, waiting 24 months with Sallie Mae would be a better deal. Now I'm in grad school and my loans are deferred. So now I'm ineligible for the SM 24 month lowered interest rate. For me, consolidation just doesn't make a whole lot of sense right now because my interest rate (i.e. payments) would not drop very much. Obama could have worked on that part a bit more. Just my two cents.


Starting Score: 760
Current Score: 716 Equifax 754 TU 736 Experian
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Regular Contributor
Posts: 206
Registered: ‎12-20-2012
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Re: Obama's Special Direct Consolidation Program


thankfulheart wrote:

I withdrew my regular consolidation and went with the special.  I already had several loans with DirectLoans and, yes, they each report as a separate tradeline, dangit, BUT, having them all under one "roof" makes it much easier for the payment end of things. IBR applies to the lot and I only have to make one payment.  The math didn't fall in my favor one way or the other, particularly, except maybe the .5% bit.  I'm shuddering at what adding the final loan to the consolidation is going to do to my scores as I'm in the hunt for a mortgage, but my lender told me it was a must-do to qualify, so it is what it is.  It's been about 30 days, so I'm anxious to have it settled to see the results.


I would love to keep this thread alive and find out how the Loan Consolidation impacted people's scores for better or worse.

 

Thankfulheart are you still on the forums? 

 

I graduate from my program in May and will be entering the Public Service Loan Forgiveness Program at that time.

I would love to hear any advice you have on the topic. Anyone else too.

 

:smileyhappy: 


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