What is Digg?73 Comments
- DrCrankenstein, on 07/02/2008, -2/+38Hell yes, I actually have a Stafford Loan.
Count this as the most personally important thing I've seen on Digg thus far. - Armor1901, on 07/04/2008, -0/+24I work for a major company owned by SallieMae as a supervisor overseeing collection efforts of federally insured defaulted student loans. The interest rate change has been quick, as just today at 7am our accounts have been documented and the appropriate interest rates changed. This is HUGE and depending on the size of the loan, can make a difference of 200-500 dollars a month in payment amounts. If you need to consolidate, do 1 of 2 things:
1) Get a FFELP (Family Federal Education Loan Program) consolidation
2) Contact Direct Loans and do what's called a William D. Ford consolidation. A WDF CCL carries with it the benefit of having payments be income contingent, meaning your loan payments will be based off your income, expenses, and family size.
Good luck, and Happy 4th! - KSUdesigner, on 07/03/2008, -0/+13My account is still showing that my rate is 7.22%. I'm guessing they just haven't updated the online system yet, especially since they are showing that they haven't received my payment for the month even though it cleared my bank 2 days ago. Will be nice to actually see that much of a rate cut.
- RicardoWilliams, on 07/02/2008, -2/+11i like.
- wildfire, on 07/03/2008, -1/+9Since there's still a credit crisis, it's difficult to find companies that will consolidate your student loans. When I called NextStudent, they said they're only funding NEW loans. I called Citibank and spoke with Devin who said they only offer PRIVATE student loan consolidation, but I believe she said starting July 1st I could contact Direct Loan Consolidation at 1-800-557-7392 for FEDERAL student loan consolidation.
Anyone have any luck consolidating recently? - inactive, on 07/04/2008, -0/+7I'm gonna to git me sum of dat edjukashun.
- gbarberi, on 07/03/2008, -2/+8Finally, some good news for me.
- inactive, on 07/04/2008, -2/+7Wait, is this a story about "The Man" giving us something we want? I'm sure diggers will find a way to claim this is part of a big scheme to screw us over.
- Kinglouis3, on 07/04/2008, -0/+4I work in a financial aid office and this is all great until you realize that you don't have the variable rate stafford loans but the fixed rate which didn't change at all.
- se2131, on 07/04/2008, -0/+4Unfortunately for us med school students (and I think grad school students as well, not sure), the rate is fixed at 6.8% for many years to come. Debt load for many of us is gonna be close to $300,000 , I don't understand why the lower rates won't apply to us. I mean, that debt can be manageable if you're a specialist, but it basically rules out primary care as an option for many physicians.
- ScottMitchell, on 07/04/2008, -0/+3Why are you going to buy a house when you already have debt that you can't afford to service? Jesus Christ, that's about as smart as cutting off your hand because you injured you finger.
- chenley1, on 07/04/2008, -0/+3Did anyone read the article???? Fixed rate loans will continue to drop to 3.4% in 2011
- lvlln, on 07/04/2008, -1/+4How do you take advantage of this? I just graduated last year and could use some lower monthly payments.
- BristolMyLove, on 12/21/2008, -3/+6Top 5 Scholarship Slip-Ups... http://dormscout.com/2008/07/03/top-5-scholarship- ...
- PeppermintPig, on 07/04/2008, -0/+3It's okay, though. He'll probably pass away with debt and it won't be his problem anymore. That's how the politicians in government are doing it, anyways, but they only have to rake in enough cash before they leave office.
- GodelEscherBach, on 07/04/2008, -0/+3I consolidated in 2004 (or was it 2003?) at 2.5%. Also, my understanding is that unsubsidized Stafford loans for the 2008-2009 school year are still at 6.8%, with no drop in sight. . . is that right? I'm asking because I'm returning to grad school after 10 years of working and will need to take out another unsubsidized Stafford in the next few days and it still says 6.8%
- bxblox, on 07/04/2008, -0/+3Yeah, two mortgages will fix that debt.
- evilgourmet, on 07/04/2008, -0/+2Awesome, I can't wait to see what rate I am getting when my loans roll in.
- ScottMitchell, on 07/04/2008, -0/+2PeppermintPig: for him to die with debt (at age 22) he's either going to have a short life or a long life with debt hanging over his head.
Why not just be an adult about it and pay down your existing debts before taking on new ones? - ronnsprocket, on 07/04/2008, -0/+2great help!
- inactive, on 07/04/2008, -1/+3You are an example of who I was describing. America is always at fault somehow.
- LansingSterling, on 07/04/2008, -1/+3in other news: later this year the FED will start raising interest rates and new people who were just introduced in the world of lifetime debt by taking loans wished they had not.
- 8ight, on 07/04/2008, -0/+2Damn, we pay ours off this pay check on July 10th. We're about 3 years early on getting that debt clearned. I'm not going to let this news ruin my happiness once I push that submit button next week though.
- Armor1901, on 07/04/2008, -0/+2Doesn't matter what your salary is, it matters what the size of the debt is, which is what you agreed to pay off when you signed your prom. note. Default on it, and they'll take 15% of your income pre tax. Trust me, I do it every day. See my above post.
- dakbonsa, on 07/04/2008, -0/+2I have around 27K stafford loan (sub+unsub) + 20K perkins + around 25K private...
so this must be good news since I've been paying 4% interest on the private loan (prime -1%) while the "federal loan" has been ripping me off.
Everyday, I kick myself saying "why did I not go to a public school like University of Mississippi or State University of Mississippi".... - sillywongster, on 07/04/2008, -0/+2Figure out which loan company holds your loans (call your college's Fin. Aid office if you need to), then call the company or go to their website and create an account. You should be receiving bills in the mail already or at least status updates from them. You want to then request a consolidation loan. You can get Federal or private. I recommend Federal!
See finaid dot org for further advice. - inactive, on 07/04/2008, -0/+2Yes I have a few student loans, and I'm doing fine financially, not that it's any of your ***** business. Keep up the doomsday stuff, the entire country should be collapsing any day now.
- Super6, on 07/04/2008, -0/+2Guess I need to hurry up and get myself a loan so I can invest in something, 4% is a good rate, and since the bad math tax (lotto) pays for scholarships in Florida to anyone who'll do 75 hours of community service and get some mediocre SAT scores, it's not like I'll actually need the money for college.
- bxblox, on 07/04/2008, -0/+2Check out the Federal Student Aid website : http://www.dl.ed.gov/
The outage message doesnt even make sense. - brad3378, on 07/04/2008, -0/+2To give you a ballpark idea what to expect, my unsubsidized Sallie Mae loans dropped from 5.75% to 4.75%
- JorgeGonzalez, on 07/04/2008, -0/+2My girlfriend was denied her loan today after years of acceptance, putting us in a major bind with classes less than a month away.
Best resource for finding another lender? - dagamer34, on 07/04/2008, -0/+2You just HAD to ruin my celebration. =/
- rowlodge, on 07/04/2008, -0/+2sallie mae loan management site is down tonight.
- PeppermintPig, on 07/04/2008, -0/+2Do you have a loan, santaliqueur? If so, tell us where you are in a year financially.
- ry4nsm1th, on 07/04/2008, -0/+2Those tips apply to many tasks, not exclusive to scholarships.
- wfiupublicradio, on 07/04/2008, -1/+3Did no one pick up on the fact that this is a spammy SEO press release for a student loan company? check the links in the article...they're all pointing to the distributor of the press release with anchor text like "student loan" "college loan" "private student loans", etc. I'm surprised they didn't include some links to "buy viagra" or maybe "discount mortgages"
- BristolMyLove, on 12/21/2008, -0/+1True, they apply to really anything you are going to hand over to somebody that's work/school related.
- FlamboBlumpkin, on 07/04/2008, -0/+1Unfortunately, federal consolidation is no longer an option with private lenders. Recent changes in legislature (last year in October, see Sunshine Act) made these loans almost completely un-profitable. The profit the lenders made from the loans afforded them the ability to give borrowers incentives like cash back, and interest rate reductions. This, coupled with a weakened securities market, means pretty much *all* lenders are out of the consolidation business. And there is little sign of return on that market.
You can still get a federal consolidation loan from the department of education (see ed.gov) but the only benefit they give now is a .25 reduction for auto-debit.
So in a sense, the man actually *is* sticking it to you. You now have no choice but to get a consolidation loan from the government, and the borrower benefits are a thing of the past...
Hope this helps - lukemann, on 07/04/2008, -0/+1I think if you would have read my comment you would know that I'm not talking about Canada. I'm talking about the people who graduate from Sanjiv's no name school in India with a degree that probably took them only 2 years to get. Something similar to a ITT Tech hear in America. Then they come over hear to compete with US trained engineers who attended a 4 year university which they paid out the nose for. It doesn't matter how much US Doctors are compensated what's matters is that there is a Global market for labor, but not a global market for education. If Inida and China want to send people here to work then our students should be free to go there to get their subsidized educations.
- LansingSterling, on 07/04/2008, -0/+1it is part of a big scheme to screw us over.
proverbs 22:7
The rich rules over the poor, And the borrower becomes the lender's slave.
- cvrefugee, on 07/04/2008, -0/+1So, what does this mean?
"Borrowers with subsidized Stafford loans that were disbursed on or after July 1, 2006, also saw a reduction in their interest rate, albeit a much smaller one. The rate on these student loans, which was previously fixed at 6.8 percent, dropped to 6 percent yesterday and will continue to fall over the next four years for both new and current borrowers, eventually dropping to 3.4 percent in 2011." - MaxReviewsVideo, on 11/21/2008, -0/+1Hilarious! So true though...bail out my arse! Make those bastards earn it and pay it back to us!
- iluvhatemail, on 07/04/2008, -0/+1https://loanconsolidation.ed.gov/appentry/appindex ...
that is the official application link that I got off of Marketplace.org - lukemann, on 07/04/2008, -0/+1It's nice that the same government that lets H1B visa holders who get their education for a pittance of what we pay lets you have a break on the 60k that you owe in order to compete with them. How does it even pay to go to college in the US and pay 15k+ year to compete with someone from India or China who probably paid 3k total for their education. You're staring out at least 60k in the hole to compete with someone who is willing to work for less. The best part is the Doctors who are 100s of thousands in the hole who get to compete with the foreign doctors who may have even gotten a free education.
- YancyFryJr, on 07/13/2008, -1/+2Amen.
- kurtwoodfin, on 07/04/2008, -0/+1What they don't tell you. If you have consolidated and you are out of school....this does not apply to you. Also, when you consolidated your loans they take an average or they use to do it that way. I hate these headlines because they are misleading!
- eryximachus, on 07/04/2008, -0/+1You can take out another loan to rent some office space, buy your equipment, and maybe even hire a nurse and secretary! Why stop at $300K??
Live the American Dream! - scamper22, on 07/04/2008, -0/+1I don't know. I'm Canadian and our tuition for public universities seems about the same as those in the states.
Now if you want to go to Harvard or something... that's your own perogative to waste your own money.
Tuition at University of Waterloo for Engineering = $5000 per 4 months
Tuition at University of Texas (Austin) = $4500 per 4 months
I only looked into U of Texas (austin) as I was interested in grad school there.
I suspect other US public school would have similar tution.
combine that with getting a great university education, access to coop... its decent.
And spare me the doctor in poverty. Doctors in the US are more than compensated for their work...especially compared to the rest of the world. A family doctor must make at least 150-200k per year. Even if they're 300k in debt, living modestly for a few years (on the level of say a 50k salary), they can pay it off in a few years.. then they're chillen. - chuk1, on 07/04/2008, -0/+1Good idea man i really like it http://sellyourhousefastnew12.blogspot.com/2008/07 ...
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