Consolidating Student Loans?
How and where do I go to consolidate my student loans? I graduated a while back, nearly 3 years ago. My student loan had a variable interest rate which has really shot through the roof this year. This has put on some added pressure on my finances. I heard that consolidating my student loans might help with my payments. I was hoping to consolidate but I really don’t know where to go. Do I go to a bank and speak with a loan officer? What do I have to do to make sure I am getting good deal. Can I shop around? Will this affect my credit score? If I shop around other banks, do I need to have an account with them?
A bunch of typical student loan consolidation questions. Yes consolidating your loans will help bring down your payments in your case since your variable rates have increased year on year. Learn from this experience and look for a consolidated fixed loan. You have both private and government lending programs that you can tap into. Starting with a bank is a good first step. Do shop around and pick the best deal since you can consolidate your student loan only one. So make sure you pick a good lender and a good loan program, one that will help you reduce your rates and at the same time also not increase your loan term by too much.
Lastly make sure you are not charged or hit up with exorbitant fees to consolidate your student loans. Exhaust all your options and pick the best one. One final word about student loan consolidation. If you are looking to consolidate because you want to do so with your spouse, then spousal student loan consolidation is no longer allowed. There are many reasons, Deferment, Disability, Death and Divorce