Student Loan Consolidation ?
Is there an easy way to consolidate loans within Money
(2002)? I had four separate loans...say $10,000 each,
and have consolidated them to a lesser amount...say
$35,000. I could just close the four old loans, and
start anew...but is there a way to transfer balance
between loans?
-This is no different than if you had a mortgage and refinanced by taking out
a new mortgage loan. Open a new student loan account and do a transfer
between the other 4 loans into the new one. Then, after all the paperwork
is finished go ahead and close the other accounts.
-If you setup the new loan account as just a liability account (not a loan)
just enter new transactions that are "charges" category (type this out, if
it isn't in the pull-down) Transfer, subcategory the old loan account name,
in the amount of the old loan balance. This will increase the balance of the
new loan and zero the balance on the old loan.
If you used a loan account for the new loan, things will be more
complicated.