I've freshly graduated college. Here's my current standing:
I estimate ~ $1200/month in free cash after bills/entertainment/etc. My loans are as follows (all US based):
1: Perkins Amount: 3,240 First payment due March 1, 2015 2: Stafford unsub Amount: 8,000 Current interest: 1,150 3: Direct stafford subbed Principal: 19,000 Current interest: 71 4: Parent PLUS loans (In my parent's name, but I'll be repaying) payments start 11/10/2014 on all of these. All through Nelnet, Inc. 5 separate loans 1. a. Principal 25,045 b. Interest 1,142.78 c. rate 6.41% 2. a. Principal 3,068 b. Interest 370.93 c. rate 7.9% 3. a. Principal 1,500 b. Interest 206.33 c. rate 7.9% 4. a. Principal 5,000 b. Interest 1,072.25 c. rate 7.9% 5. a. Principal 10,095.16 b. Interest 2,818.88 c. rate 7.9% 5. Wells Fargo Loans Still getting information regarding these. Probably around $18,000 (in 2 separate loans)
I saw this post. I'm wondering if it's still applicable? IF not, what should I do?
Which of these loans can be consolidated into one loan? Is it better to turn it into a few large loans, or would it be best to keep them small (in terms of how it looks on credit)?
If I start paying on the loans that aren't due for some time now, will I be expected to start paying for them RIGHT AWAY? For example, if I put 200 down on loan #1, will my first payment still be due to them on 3/1/15?
Is there any way to get the parent PLUS loans in my name? Right now it's hurting my mom's debt/income ratio. I on the other hand have a car, no credit card debt, and an apartment (where I plan to stay for at least 2 more years) so I don't see me needing a credit check any time soon.
Could it be worth taking out a private loan to pay all of these off and just pay on that loan? My credit score is ~ 720 but I don't have any collateral (car is leased), so I'm not sure about my odds of getting that loan
I'm not a huge fan of the snowball method - I don't need the 'pushes' to keep going. I'd rather save as much money as I can when paying these off, so I'm thinking the best one to go after first would be Loan 4 part 1, but I'm not positive.
EDIT: I'm definitely not eligible for the loan forgiveness for working in the public sector. I also have 3 months of safety net already.