student loan consolidation
In the United States both the Federal Family Education Loan Program (FFELP) and the Federal Direct Student Loan Program (FDLP) include consolidation loans that allow students to consolidate Stafford Loans, PLUS Loans, and Federal Perkins Loans into one single debt. This results in reduced monthly repayments and a longer term for the loan. Unlike the other loans, consolidation loans have a fixed interest rate for the life of the loan.
Cosmetic Counter
asked:
"I have a subsidized student loan in the amount of $11,460.55, does anyone know the names of specific companies that have the best consolidation rates at this time? What are those rates?Well maybe I should ask, "which company offeres the best incentives and rate deductions"?"
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Sallie Mae replied:
"The federal consolidation loan has a fixed interest rate, based on the weighted average of the interest rates of the student loans being consolidated, excluding Health Education Assistance Loans (HEALs), rounded up to the nearest 0.125% or 8.25%, whichever is less. The weighted-average interest rate calculation is based on the official interest rates for the student loans being consolidated, exclusive of any borrower benefit or other special rate discounts.By law, all lenders are required to use the same interest rate formula for federal consolidation loans. Instead, you should consider customer service, flexible repayment options, online account access and applications, reputation and industry experience when selecting a lender."
there4u replied:
"This blog should give you some great companies. I ultimately went with American Education Services.Hope that helps,Alicia"
curious george replied:
"You'll have to shop around to find the best deal. Generally speaking, the companies that will give you the most incentives are the ones that are new and more willing to reduce their profits to get more customers. However, they'll also be less-likely to work with you if you need to defer payments or if some other issue comes up in the future.Here are a few places I'd check out: - student loans and consolidations - get up to four competing offers, no obligation - fairly large student lender/consolidatorBest of luck!"
Windy
asked:
"Also, Do debt consolidation companies include federal educational loans into the consolidation?If you have a federal student loan, and the loan company offered a 1800 # for a consolidation company to take the loan and pay it?"
Question posted courtesy of:
Found-1 replied:
"Your chances are prob pretty good to consolidate federal student loans. Don't consolidate federal student loans in any non-student loan consolidation loans, your interest rate will likely be higher and the interest you pay would no longer be tax deduct able."
Mel replied:
"i think anyone can consolidate their federal loans THROUGH the federal loan company (direct loans). the government works with students to allow them to pay what they can if you are having problems paying your loans off. i would not have another company pay off your federal loans and consolidate through them. your interest rates will end up WAY higher. call direct loans and ask someone what your options are there. that would be your best choice."
Dirk L
asked:
"These crooks known as Sallie Mae have screwed me. Two years ago I started receiving my student loans, and the interest rate at the time was only 2%. I even have a sheet of paper stating that.My total in loans was $42,000.I get my statement in the mail last week and suddenly I owe them $57,000 and they jacked up my interest rate to nearly 18%. I nearly cried. I called Sallie Mae right away stating, I cannot pay $688.00 a month it is just ludicrous.I only have a couple more weeks to find a cheap, but very respectable loan consolidation company. My sister uses Nelnet, but they haven't gotten back to me yet.For all of you college graduates what is a cheap, but VERY respectable and honest Student Loan Consolidation company?You can email me with details if you'd like.Thank You."
Question posted courtesy of:
jml167 replied:
"All of my student loans were through Citibank initially, and last year I consolidated through them. They gave me a 5% interest rate which I think is very reasonable. They have also been very helpful on the phone when I had questions and they have never adjusted my interest rates without informing me first. Their website is and I would recommend them highly."
God r replied:
"Students who are looking for a student loan should pick three schools they are most interested in, talk to the admissions office, and ask what is needed to apply in their school.A bad credit
depending on whether you are a homeowner or not. The rate of interest to be paid on unsecured bad credit student loans is higher than that on secured bad credit student loans. This is because the secured bad credit student loans are backed by your home as a security."
Pitty T replied:
"Student consolidation loan involves converting the loans taken by the students or parents into a single big loan from one lender. They are available as FFELP, FISL, Perkins, HEAL, Health Professional Student Loans, NSL, Guaranteed Student Loans and Direct loans. Few of the lenders let you consolidate these loans as private loans."
Whats my Name replied:
"You post your profile on this webiste and then lenders come to you. I recommend trying"
esweetie01
asked:
"Wanted to know if anyone is happy with the service they provide. Or are they like Salliemae where they rip you off and charge astronomical interest rates on student consolidation loans."
Question posted courtesy of:
payingcollege replied:
"Private student consolidation loans are not guaranteed by the gov't - so they're a much higher risk to the lender. Therefore, they're typically based on the credit history of the borrower. It's unlikely you'd get a significantly different interest rate if you shop around to different lenders.What you can do is get your credit in as good shape as possible before you consolidate, and/or find a cosigner with good credit. This can help bring the interest rate down. The rates may *seem* high, but they're probably lower than a typical credit card or car loan rate, plus the interest on them may be deductible on your taxes."
blueyedwoman2006
asked:
"I am wondering how student loan consolidation works,,, once i consloidate my loans do i get a sum of cash? i know i have gotten offers that say up to $2000 now if you consolidate. does that mean i get $2000 for myself, or do they take that off the ammount of the loan."
Question posted courtesy of:
Luke 6:37 replied:
"You don't get $2000 off, you probably just save that much in interest by consolidating. You are basically consolidating to get a lower fixed rate on your loan, that's the benefit."
greentadpole replied:
"Generally, a consolidation loan lumps all your student loans into a new loan, with up to 30 years to pay back and a fixed interest rate. It really makes it easy if you have student loans scattered across different lenders/servicers.The key word in your statement is 'up to $2000', if you have a lower balance, you probably will not get that much as a credit. Yes, you would get a credit, not cash back.And if you do get 'up to $2000', believe me, you will pay for it eventually. There's no such thing as a free lunch (imo)."
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