Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Student Loans
Profile Image

Question By
capisces7

0 Contributions
0 People Helped
how to best tackle my CONSOLIDATION Student Loan Debt
I own a $16, 767.00 FFEL/Consolidation Student Loan via ACS/Wells Fargo than I can no further consolidate. This loan was opened October 12, 2007 and carries a 7.625% fixed interest rate. I am on a Graduated Repayment Plan. Every 2 years my payment increases. I have zero missed payments.

The entire amount of my payment is currently being applied to the interest and zero amount to the principal. I don't know what to do. I have an excellent credit score/rating of 779. Should I transfer this balance to a credit card or apply for a personal loan? Or
how can I find a lender; that will take over my student loan and offers me a better plan, so that the majority of my payment is applied to the principal? How can I best handle this predicament?

I really appreciate any advice you can offer me.

Thank you and Best Regards,

Jaime

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
3051 Contributions
2791 People Helped

I'm not sure if you would do any better with a credit card or another lender, but I think you should be able to switch your plan from the Graduated Payment Plan to the Standard Plan, which would give you a fixed rate that would not increase every two years.  Since you'l already consolidated, probably can't do anything about your interest rate.  But if you'd like to see about the Standard Plan, call my friends at Crest - 469-619-0644 and they can tell you in 10 minutes or so if they can help.  No cost to find out.  Hope this helps!

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.