Student Loan Cosolidation Questions

[xferlawstudent]

I'm looking to learn more about consolidating my student loans.  Does anyone have any good websites to learn more about the process?

[jacy85]

Not yet, but I might after our "exit interview" in a few weeks.

If you go through a lender (and not your school) for loans, you may want to give them a call and see what information they offer.  If my school doesn't provide any good info (and I'm not holding my breath here), that's going to be my next step.

If anyone else has some information to pass on though, I'd be as grateful as the OP.

[John Galt]

I found graduate leverage to be helpful and consolidated through them without a problem. They also offer a private loan consolidation program.

graduateleverage.com

[1LMan]

Now isn't a great time to consolidate.  Wait until the rates drop. My college loans are under 3% because I consolidated when the time was right.  In the next 3-5 years they will drop again, but now is a bad time for rates. You will likely end up with like 5-7%, which is pretty much garbage.

[xferlawstudent]

Now isn't a great time to consolidate.  Wait until the rates drop. My college loans are under 3% because I consolidated when the time was right.  In the next 3-5 years they will drop again, but now is a bad time for rates. You will likely end up with like 5-7%, which is pretty much garbage.

That's not true for Federal Consolidation.  The Federal rates are set by statute at the lesser of the weighted average of all your loans' interest rates or 8.25%.  Changes in the Federal Funds Rates will not affect consolidation.

[1LMan]

Really?  My loans from undergrad are all federal and I have them locked in at under 3%.

[txlawstu]

Interest rates do vary but they will never be more than 8.25% for federal loans.  Right now they aren't great.  If you can afford to wait, you might want to.

As far as information about consolidating, go to any of the lenders websites and they give you all the information you need about the process.  If your lender doesn't do them, or you are willing to go elsewhere and have never consolidated before, you might want to shop around for a better interest rate.  Some are higher than others, some charge fees where others don't, etc.

[xferlawstudent]

http://www.finaid.org/loans/consolidation.phtml

when you consolidate federal loans, the rate will be FIXED at the weighted average of your current interest rates or 8.25%, whichever is less.

Once you consolidate, they will not vary.

[xferlawstudent]

Interest rates do vary but they will never be more than 8.25% for federal loans.  Right now they aren't great.  If you can afford to wait, you might want to.

As far as information about consolidating, go to any of the lenders websites and they give you all the information you need about the process.  If your lender doesn't do them, or you are willing to go elsewhere and have never consolidated before, you might want to shop around for a better interest rate.  Some are higher than others, some charge fees where others don't, etc.

You cannot shop around for interest rates.  They are FIXED.  You must mean private loans, not federal.

[1LMan]

No dude, I only have subsidized and unsubsidized federal loans from undergrad.  When I graduated, I consolidated them together at under 3%.  You CAN lock in a rate for federal loans.  Call FAFSA if you do not believe me.  I could also send you a scan of my bill with the locked in rate shown lol.......