Comments on: Student Loan Relief

By: Judy

Judy — Fri, 11 Jul 2008 13:12:25 +0000

I believe my loans are private - from student loan finance corporation - they told me that I can’t consolidate them - is this correct?

By: Philip

Philip — Thu, 19 Jun 2008 18:31:31 +0000

I am looking forward to my date to consolidate. My first loan payment is currently scheduled to be due in August, so I will consolidate before it even comes around. You indicate that it increases total by extending total repayment. I was under the impression that if my income were of a certain level they would consolidate and reduce rates, but not extend payment period.

I have no reason to get off the normal 10 year repayment plan. Also at 4.25% it would be better to save or pay other loans back faster. I wish I was still in deferment period and I could get it at 3.625 save ~$800 over the life of my loans.

By: July Bucks

July Bucks — Wed, 23 Apr 2008 12:10:51 +0000

One fixed-rate loan is definitely the best option. BTW it’s very helpful for financial planning and managing budget. Though consolidation is free and can sound real good, additional fees will be added anyway, so it’s better to make timely payments.

By: KMC

KMC — Wed, 23 Apr 2008 11:18:47 +0000

Nope. You’re right - you can only consolidate once. I should have mentioned that in the post.

By: Jeff

Jeff — Tue, 22 Apr 2008 20:59:53 +0000

What’s the story for people that have already consolidated their loans? Can they “re-consolidate” if the new interest rate is lower than their current consolidated interest rate?

It seems the answer must be no. Otherwise everyone and their college-educated dog would re-consolidate every time the rate reached a new low. We’d all be at the lowest historical rate since graduation.

But if someone knows otherwise please speak up and save us all the trouble of reading the fine print!