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Debt Relief – Insolvency – Bankruptcy Information » Student Loan Help » ADVICE needed: A LOT of Student LOAN CONSOLIDATION………..?

ADVICE needed: A LOT of Student LOAN CONSOLIDATION………..?

Hi everyone. I have loans from college and 3 years worth of medical school (I did not finish). Most college loans were Direct Loans or Stafford Loans I think, and almost all my med school loans were from Sallie Mae. I also have a few private loans that helped pay for school. I know next to nothing about student loan consolidation, so can anyone explain how it works and/or give some wise counsel and advice? I’d greatly appreciate it!!

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2 Responses to "ADVICE needed: A LOT of Student LOAN CONSOLIDATION………..?"

  1. eri says:
    Here’s the official consolidation website.

    https://loanconsolidation.ed.gov/AppEntry/apply-online/appindex.jsp

    The idea behind it is that the government will buy up all of your loans and combine them into one for you, which usually means you can pay a bit less each month than you would making the minimum payments on them all separately. It takes a few months to go through, during which you can usually stop making loan payments. The rate is pretty high right now (about 6%, I think) but still better than the rates you get on private loans. To fill all this out, you’ll need information about all of your loans, so it helps to have statements from them all in front of you. They also have a phone number you can call for help, and they are helpful.

  2. super man says:
    Ur going to be paying lots of money for awhile if u don’t they will take it out of ur pay cheek so good luck should have finished

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