What is the best company to consolidate my student loans?
Feb 06
Student Loans Q&A Student Loans Q&A 2 Comments
I have about 20K in student loans and I graduated this past semester.
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Feb 06, 2010 @ 23:53:20
The two main things that you will come across when thinking about what Student Loan Company to go with are Borrower Benefits and quality of Customer Service. Student Loan Consolidation companies do NOT have the ability to undercut one another and lower a borrower’s interest rate due to the fact that this a FREE federal program, regulated by the federal government. The Interest Rate you will receive is regulated by the Federal Government and based on the T-bill.
One thing that separates companies from one another are Borrower Benefits, different companies offer different Borrower Benefits. There are two main Borrower Benefits that you will encounter; .25% reduction for using Automatic Debit, and 1% reduction after 36 ontime payments. I would suggest inquiring with the company as to what their Borrower Benefits are when it comes to Student Loan Consolidation.
The interest rate you receive is based on a weighted average of your individual loan interest rates with the larger loan amount interest rate getting more weight than the lower loan amount interest rate.
Keep in mind it would be in your best interest you go with a company who offers the FFELP Consolidation Loan Program. If you were to consolidate your Federal Student Loan debt with you other debt than you would lose all of your Federal Benefits that come along with your Federal Student Loans. For more information on Borrower Benefits and the FFELP Consolidation Loan Program, please visit the source below.
Feb 06, 2010 @ 23:53:20
sallie mae