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Resources for Finding the Best Way to Consolidate Student Loans
"My daughter just graduated college and has several Student Loans..."
Helping a family friend learn about Consolidating Student Loans
Student Loan Consolidation
The conversation with my friend Ken went from the recent graduation of his eldest daughter, to a question about refinancing her student loans. You'd think his worries were over now that she graduated and the college expenses were behind him. (Ok maybe a future wedding would still get to Ken's wallet, but that's another topic)
Student Loan Rates Rise in July 2006
Although it has been a couple of decades since I paid off my own student loans, I was able to tell my friend that Variable Student Loan rates were gong to rise in July of this year. If his daughter were going to consolidate her student loans, she should do so before July. This was going to take some research. So we sat down to the computer and fired up the internet search engines. Here are a few of my favorites:
There are plenty of good websites with information for the former student and/or parent to review. One of my favorites was Top 10 Gotchas When Looking For A Consolidation Loan. This is just one topic on the Q&A page from the Non-Profit "Student Lending Works" in Ohio. Don't let the Ohio part stop you from reviewing all the great information on federal and student loans. The information also is valid for other states. I liked this Gotcha - a consolidating company says "No fees for applying for our consolidation loan!" Ummm, Not charging fees is a requirement with federal loans. No one charges a fee for a student loan consolidation. (I didn't know this myself.) There are many other great pieces of information you should review for consolidating your student loans.
Who is this Southern Belle "Sallie Mae"?
Sallie Mae is the name of a company that creates and packages Student Loans. Huh? What does that have to do with my Student Loan?
Sallie Mae started life as a quasi agency of the federal government. They set the standards for federal and private student loan consolidation. It was slowly changed over to a private company and today they own or manage student loans for 10 Million borrowers like you. It is a Fortune 500 company.
Sallie Mae also has some great information and tips on consolidating student loans. Try this link Sallie Mae Consolidating Student Loans Information.
And the media dispenses some Student Loan Consolidation Advice...
ABC's Good Morning America did a piece on the upcoming annual rate change and information on consolidating student loans.
As is my custom in these "For What It's Worth" pages, I keep it short. Look into as much information as you need to feel comfortable before making a decision. Just take it slow and don't be afraid to ask questions. If you're not comfortable dealing with one company, move on to another one. Don't let fear freeze you into not consolidating those loans. I make no recommendations on individual companies.
About For What It's Worth
"For What It's Worth" is written by me - a guy who likes to research before he buys. I don't over research, I gather enough information so I feel confident talking/buying/taking action. These pages cover anything from buying a grill, refinance loans, to Renting computer, to CD Replication. Hey, if I had to do research, I'll share it here. Maybe it helps you, maybe it doesn't - but you can't beat the price. These are not meant to be recommendations even if I mention a specific product or company. What I choose to buy or use may not be suitable for you. You are left to use your own brain and common sense to make your own decision.