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Whats the Catch with Student Loan Consolidation?

I get all these offers in the mail to lower my interest rate for my student loands — 2.75% for example

Are these companies any good? Or I am better of sticking with my 3.7% and 4.5% interest rates

This is the linK!


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4 Responses to "Whats the Catch with Student Loan Consolidation?"

  1. hedgefundinvesting says:
    here are the catches I know of so far. the highest rate possible is typically 8.25%, you only get to consolidate once…so make it a good one, hopefully with a fixed rate. Student Loan companies offer many deferred or delayed options, but paying this way might wind you up paying off your education while you are simultaneously trying to pay for your children’s education. Do the math and make sure you can get those things paid before your kids start hitting 18+. If no kids yet, go ahead and guesstimate when you might have them. Scary huh? Best of luck! P.S. I hate student loan companies.
  2. pgcpaul says:
    Please post the url of the place that offered the 2.75% consolidation. That might have been possible back in 2003, but not today . . . are you looking at an old flyer??
  3. sister2paris says:
    Ask yourself this question if you hear of a really great deal: what are the Student Loan Consolidation conditions, what’s the catch? Our “catch” is that we require more than $20,000 in Student Loan Consolidation for the 1.0% after 36 on time payments. That means that more than 70% of graduates are eligible to take advantage of our benefits, and for those students who have less than $20,000 in loans – hey, that’s a good thing!
  4. Joe says:
    The web sites says that they have rates as low as 2.75%, that means that some people may get 2.75% but not all people. I suspect very few people qualify for this rate. It’s a teaser rate to attract you. Looking at this page, it doesn’t look like you will get 2.75%. It looks like you will probably not end up saving much money.
    (Parenthetically, if your student loans are at this low a rate, I would not be in a rush to pay them off. This is in answer to a previous question you asked.)

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