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consolidating student loans... help

post #1 of 7
1/30/03 at 12:41am
Thread Starter 
Anyone out there paying back student loans? I started paying for one school back in November and this coming March I will have to start paying back another. Govm't do take a bite, don't she?

I've been getting offers in the mail to consolidate, but I really don't know which companies to avoid or which to accept. If some fellow chewers could offer up some advice I would appreciate it greatly. After all, I'm just an unfrozen caveman and I'm very confused by your modern economic systems. Thanks.
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post #2 of 7
1/30/03 at 1:00am
The best thing to do would be to contact your loan lender(s) and ask them what is the best way to consolidate your loans.

In case you're not exactly sure who your lenders are go to <a href="https://www.studentclearinghouse.org/secure_area/loan_locator.asp" target="_blank">Student Clearing House</a> to find out.

Hope this helps.

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post #3 of 7
1/30/03 at 3:52pm
I consolidated all of mine right after graduation with the Department of Education. I just recently locked in an interest rate below 4% for the rest of time. I reccommend the Direct Loans Dept. of Edu people. They're cool.
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post #4 of 7
2/3/03 at 2:58pm
Thread Starter 
Thanks for the tips. I will check out those options.
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post #5 of 7
2/3/03 at 3:21pm
Can you consolidate if you only have 1 loan?

Don't forget the tax break on the interest.
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post #6 of 7
2/3/03 at 3:26pm
Join a prestigious law firm that loan sharks for the mafia.
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post #7 of 7
2/3/03 at 3:52pm
Check with your school to see if there is a state agency that oversees the student loan process.

Since I went to college in Pennsylvania, I consolidated my student loans under PHEAA (Pennsylvania Higher Education Assistance Agency). I dropped down 2 1/4 points and there was no charge to do this.

Good luck with whatever way you consolidate though.
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