Need Help with parent plus loans?

Answers:0   |   LastUpdateAt:2012-08-06 08:09:02  

Question
really stuck
Asked at 2012-08-06 08:09:02
It has all the consolidated parent plus loans ? I did and have really fucked up and not know what to do and would greatly appreciate any idea! That strengthened my daughters , as well as loans college financing services in 2002 with the loan of the real world , interest rates fall to lowest level in 36 years , I had also heard this on the internet and other places so I thought it was the right thing to do, boy was I wrong , I was told my interest rate would be around 4%, when I received the contract that was 7% , which in contact with them at the time, but you could get anywhere, I know it's too late to do anything as this was 2002, but had other concerns at the time that my son was being deployed to Iraq , so do not follow this , I would have paid over 6 years , plus the loan should have stayed with Sallie Mae and Sallie Mae paid over 4 years , my outstanding balance was 17,000 with an interest of 10,000, so I still owe 12,000, the loans are usually to do in 10 years, I will pay more than 20 years, I know it is my responsibility to pay this , but I would appreciate any ideas of what should be done and if this is unusual , my daughter is not able to pay this she has student loans to pay and still can barely even hold a university degree , so it is not an option , thanks for the ideas
Answer1jay-a4Answered at 2012-08-06 18:24:46
Well, the best thing you can do is learn from this and make sure your daughter does not make the same mistake he did. Federal loans should never be consolidated. Once established , you will lose all the benefits of federal loans to start.

Do not let your daughter to consolidate your loans when you graduate . Consolidation is a scam and just another way for banks to get more out of your / their money. The loans are usually paid in ten years takes 30 paying three times more in interest and the interest rate is variable . (Trust me the interest is not going down , only going up ).
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