Loan Consolidation-Ever a bad thing?

Discussion in 'Teacher Time Out' started by TamiJ, Feb 12, 2012.

  1. TamiJ

    TamiJ Virtuoso

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    Feb 12, 2012

    I am curious because Sallie Mae sent me a notice saying I qualify, but is there anything that I should potentially watch for or be leery of?
     
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  3. MissAnt

    MissAnt Comrade

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    Feb 12, 2012

    I'm not sure how it goes with private loaners but I know that if you consolidate you are not longer eligible for loan forgiveness. That probably wouldn't affect though, teaching in Mexico.

    I wish I could consolidate, it would certainly make life much easier.
     
  4. ChristyF

    ChristyF Moderator

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    Feb 12, 2012

    I consolidated because I couldn't make the payments and they weren't willing to drop them. (I would pay $70 to $80 a month, but the payment was $135, so I was falling far behind.) I consolidated the loans and we set the payments at $85 a month, I pay at least $90 and some months I pay more. I'll pay back more money and for longer, but I'm making my monthly notes without a problem now.
     
  5. TamiJ

    TamiJ Virtuoso

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    This was one thing I was worried about because I don't know when I will be going back to the states. I would hate to no longer be eligible.
     
  6. TamiJ

    TamiJ Virtuoso

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    Feb 12, 2012

    Do you know if it would make me ineligible for the Income-based repayment option? I recently sent an application for the repayment plan since my income-contingent plan is over and I have to apply again anyway.
     

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