(Closed) Do they make one mega loan to combine all your loans?

posted 5 years ago in Married Life
Post # 3
Member
1077 posts
Bumble bee

I’ve never heard of a loan like that, but I suppose you could refinance your house and use the difference to pay off the loans? I’m not sure I would reccommend that though. You can consolidate student loans for sure at least. 

Post # 5
Member
6124 posts
Bee Keeper
  • Wedding: August 2012

@MargaritaVille:  I don’t think you can merge student loans with consumer loans. 

 

I would also advise not to consolidate your and your H’s student loans into one, if you were thinking of that. Experts advise against this.

 

Are there any CC debt in there?  Maybe try calling them to lower the rate, and threaten to leave them if they don’t.

 

 

Post # 6
Member
1293 posts
Bumble bee
  • Wedding: December 2018

@MargaritaVille:  I am not sure if consumer proposals cover student loans, and there are tax implications to consolidating. Rather than doing it officially, I’d suggest getting a low interest rate line of credit and putting everything on that – one payment, no credit bureau implications (provided you’re closing the other debts as you pay them off).

Post # 7
Member
2457 posts
Buzzing bee
  • Wedding: September 2012

Nope, those don’t exist. Lenders don’t want to talk to each other; makes life SO much more fun that way. :/

 

Hell, with my loans, I can’t consolidate more than I have now because Chase doesn’t Sallie Mae, and they won’t work together. And, that’s why I pay around $800 (sometimes $940) each month. Yay for private loans. Oh, wait, no, I hate it. 

 

Post # 9
Member
2457 posts
Buzzing bee
  • Wedding: September 2012

@MargaritaVille:  Seriously. We could’ve paid for our wedding in a heartbeat just with my own money if it weren’t for my loans. We could also save for a nice house, too. Instead, we’ll be lucky if we EVER own. 😛

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