adding new creditors

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  • I was thinking about adding new creditors to my care one so that i have less monthly payments each month. I was going to try to add my school loan debt and see if they would accept the proposals. I was wondering though if i added all my student loans to this program, and after i saw how much my monthly bill would be, if my payment is way too high can i remove my school loans from this program. I didnt want to do anything dramatic at the moment. I just wanted to get an idea of how much i would be paying out monthly with my school loans added. can you help
  • Hello,

     

    Unfortunately, we typically do not receive any benefits from those types of lenders. A lot of this has to do with the historically low rates that Student Loans receive. If you add these creditors we will act strictly as a third party payer which means the creditor still expects the normal minimum monthly payment. Here is a previous post with some repayment options. You can remove the creditor once you add them by contacting us.

    There may be other options as well:

    Deferment:
    The temporary postponement of loan payments. During a deferment period, interest is not charged on Direct Subsidized Loans, but it is charged on Direct Unsubsidized Loans. The borrower has the option to pay the interest or have it capitalized.

     

    Forbearance:
    An arrangement to postpone or reduce a borrower's monthly payment amount for a limited and specified period. Interest is charged during a forbearance period, regardless of the loan type.

     

    If you have multiple loans you can contact an organization who will consolidate them into a new loan. Most usually provide a six month hiatus from making payments and you may be able to defer them again based on the new lenders policies.

     

    Most financial experts recommend Federal Direct Consolidation Loan program and few well known banks: Chase, NextStudent, Student Loan Network, and Wells Fargo

     

    Also check out, "Simple Strategies to pay for College" in our article library.

     

    Thanks

    Coach Tammy

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