Private Loan Consolidation/Ugrad Debt

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sandwiches5000
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Joined: Wed Oct 27, 2010 11:54 pm

Private Loan Consolidation/Ugrad Debt

Postby sandwiches5000 » Mon Jan 02, 2012 11:07 am

Hey all. So, I'm in a kinda mleh financial situation but it could be a lot worse as at least I have had a decent job for a couple of years. Essentially, I took out a lot of money for undergrad which I probably should not have. I did it because I had $0 family contribution and at the time was unaware of my options. I'm the only person to go to college in my family really and they've been removed from the whole process. I signed the loan myself w/o cosigner. (In retrospect I know I probably should have taken a year off or attended a cheaper college, etc.) I have about 65k after interest with Sallie Mae, which no longer allows you to consolidate. I also have a very low interest federal loan of about 20k. Bad, I know. I know I will have to take out loans for law school because I kinda crapped out on my lsat (took it 3 times, canceled 1,) even though I was trying to get a great scholarship because of this undergrad debt. I've been accepted to a few t14s so far and I'm leaning towards Michigan at the moment for a number of reasons, one of which is the lower cost of living vs. a big city... I'm aware that barring any significant scholarship money I will have to go directly into the highest paying sector I can get in to for a while so I can tackle my debt and that this will delay the purchase of a home, etc. Orrrr I've also thought about the debt forgiveness which I know Michigan has. My eventual goal would be to work in the public sector but again, having the undergrad debt, I feel like private is my best option for a while?

LONG story short my q is- What is the best company I can go with to consolidate my private law school loans + the Sallie Mae? I don't want to deal with crazy monthly payments so I want to get it all in one. I think I have pretty good credit as I've always paid cards on time or in full and have never missed a payment on any bill whatsoever. I have no other debt minus the loans nor do I have a wife, kids, cars, houses, or any other financial obligations minus some wisdom teeth that need pulling.

Also, I have about $20k saved up that I am figuring out what to do with loan-wise. I'm thinking I might give 10k to Sallie and then take the rest for living expenses, books, at school. Not sure.

I know that my financial situation is not the brightest, so please don't yell at me. I just need some financial advice.



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