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Can anyone more info on student loan consolidation programs?

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3 Responses to "Can anyone more info on student loan consolidation programs?"

  1. Ruby says:
    There is only one (1) consolidation program. This is a federal program, you can consolidate all federally guaranteed loans – NO PRIVATE LOANS. It puts you on a fix rate, gives you a rate reduction of 1.25% and lowers down your monthly payment by extending your payment terms. It also has no prepayment penalties so you can make additional payments if you want to finish paying your student loans sooner than your payment term. You also have deferment and forbearance rights to suspend your payments up to 6 years. I hope this helps you…
  2. Student Loans says:
    When it comes to student loan consolidation programs, there really is only one consolidation program. The Federal Student Loan Consolidation program offers a fixed interest rate on your loans. This is important because most Stafford loans care a variable interest rate.

    When you are choosing between different federal student loan consolidation companies the differences you will come across are borrower benefits and customer service. A number of companies offer borrower benefits which vary from company to company. Having said that, companies are currently offering all the same borrower benefits at this time to remain competitive; your three options are:

    .25% – auto debit option, standard with all loans.
    1% – rate discount for ontime payments, standard with all loans.
    1% – cash back, be careful as although this may sound attractive it will cost you more in the long run.

    Be aware that the FFELP Consolidation Program is strictly for your Federal Loans. Some companies will want you to consolidate your private loans with your Federal Loans. This is a big concern to the Department of Education as students have been losing their Federal Benefits, see source below for more information on this.

  3. Gary M says:
    I visited this site yesterday about student loan consolidation it contains some useful information that may be relevant.
    http://www.loans.tohelpyou.info

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