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Consolidating my federal student loans - looking for a fair rate. Help please.?

I currently have 8 federal student loans open through AES. I have been very good at making payments on time, however I realized that many of my peers have consolidated these loans. I believe the federal interest rate is around 6.85% fixed. Most my loans are higher than that. I am carrying about ,000 in federal loan debt.

GATE 03′: 8.02%
STAFFORD 04′: 7.22%
GATE 04′: 8.02%
GATE 05′: 8.02%
STAFFORD 05′: 7.22%
STAFFORD 06′: 6.80%
GATE 06′: 8.02%

I also noticed that my current balance on about half my loans is higher than my original balance, meaning I have been set up to not even cover just interrest accrued. Anyways, I am looking for a fair interest rate to consolidate these loans and equally a reputable company.

Are there any things I should be cautious with in deciding to consolidate? Should I wait for the federal rate to go down? Any recommendations of solid loan consolidators would be appreciated. Thank you.

This entry was posted on Tuesday, February 2nd, 2010 at 11:58 pm and is filed under Student loans. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

4 Responses to “Consolidating my federal student loans - looking for a fair rate. Help please.?”

  1. Maybe you can try below website to get the information you need. It’s about student loans consolidation articles for your second opinion.

    http://www.1st-student-loan-consolidation.info/Articles/Student%20Loan%20Consolidation%20-%20Save%20Money,%20Pay%20Less,%20Spend%20More.htm

  2. If you consolidate, the interest rate will be the average of all your rates, +1/8%. So you’d be looking at roughly a 7.6% fixed rate. The terms for deferment and forbearance remain the same as the Stafford loan. Also you can take up to 25 years to pay a consolidation loan.

    So if you think that interest rate is attractive, then start researching lenders to see who offers the best incentive package. Many offer things such as interest rate reductions for on-time and electronic payments.

    This only applies to Federal Student loans, you cannot consolidate private and Federal loans.

  3. First of all you have to choose the right organisation, who will really help you to overcome this problem. Try someone who is BBB registered. Before choosing one go through articles where you will get good or bad about consolidating company. Though all are not bad but you have to be a little careful. Moreover try to save little each month to get out of the debt.
    http://www.studenthut.blogspot.com

  4. [...] Consolidating my federal student loans – looking for a fair rate … [...]

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