consolidate question

[Anonymous]

Hi, wondering if anyone can give any advice. My boyfriend will be graduating soon and has loans with sallie mae. What does he want to look for when its time to consolidate his loans? And also should he stay with sallie mae or look for some where else? Any advice would be helpful!

[LynnInMN]

I always recommend consolidating with Direct Loans.

[Anonymous]

Thank you for the reply!

What are direct loans? Where do you get them?

[Anonymous]

Is it ever wiser to just not consolidate?  Seems to me like a refi you will incur more fees and the term kills you with interest?

[Anonymous]

good question, does anyone have any answers for us?

[LynnInMN]

Google Direct Loan Consolidation.  It is the federal consolidation program for federal loans.  (If he has private loans he is pretty well SOL right now.)  No fees, interest rate is based on the weighted balance of the current interest rates, more payment options than Sallie Mae.

[Anonymous]

Lynn is giving good advice--I recently consolidated all my loans with Direct Loans; mine were with Sallie Mae too.  Direct Loans was free; it was fast (especially if you apply electronically), and the folks there are very easy to work with and very flexible. 

[Anonymous]

Thank you so much for the advice! Are you talking about the website that is ed.gov? Kinda weary about online sites, just want to make sure it is something that can be trusted.

[LynnInMN]

http://www.loanconsolidation.ed.gov/