topic Re: Loan Consolidation Help in Student Loans

Loan Consolidation Help

Anonymous — Wed, 17 Nov 2010 00:55:31 GMT

Guys,

I have two federal loans one with Sallie Mae and the other with Direct Loans (US Govt).

Wanted some advise if I should consolidate my loan with Sallie Mae or the Direct Loans.

Are there any pros or cons by consolidating loans?

Kindly advise

Thanks

Darwyn

Re: Loan Consolidation Help

hodap2001 — Wed, 24 Nov 2010 19:55:15 GMT

You only want to consolidate your loans, if you know for a fact you are fully completed with your educational programs and no other student loans will be taken out. You can only consolidate once and that is through William D. Ford Federal Direct Loan.

Re: Loan Consolidation Help

Anonymous — Wed, 24 Nov 2010 20:21:24 GMT

@hodap2001 wrote:
You only want to consolidate your loans, if you know for a fact you are fully completed with your educational programs and no other student loans will be taken out. You can only consolidate once and that is through William D. Ford Federal Direct Loan.

IME this is not true. Consolidating loans is an option that really needs to be thought out. Interest rates change, the possibility of having the school loans satisfied earlier because of the employment you are in is no longer an option. Just have to make a decision which makes you happy and are comfortable with.

Good Luck