Pay Less, Consolidate Your Loans

Consolidation is a great program. In most cases your monthly payment is lower, particularly if you have a high balance.

However, the interest rate is NOT ususally lower. Consolidation interest rates a weighted average of your current interest rates. In past years you were able to lock into a lower rate if you consolidated while still in deferment....however you can no longer do that.

Again, if you have a high balance and limited income, I always recommend that you consolidate with Direct Loans thru the DOE. The FFELP consolidator listed in the OP does not offer income contingent repayment plans.

Hello soaplady,

I have been reading good points from you in the forum? Are you involved in loan services or something? You seemed adept about the matter.

Loans has been a crucial problem for students that hunts them even after they graduate. The studentloanconsolidation.com has given me nice inputs about student loan consolidation that might be of further help those who has problems with their multiple loans.

Anyways, thank you for sharing your expertise on the matter. I look forward of reading more from you?

Are you based in the US?

I am currently not working in the student loan industry. I spent 10 years working as a student loan collector and then 5 years as a financial aid officer at a major university. I am currently self employed....I make soap now for a living and have my own retail store. However, I have been advising on several student loan boards for many years. I continue to advise to keep my financial aid skills up to date in case I ever need to return to the evil corporate day job. I still have many connections I keep in touch with in both the financial aid and collection industries so they will often forward me changes in FA policy.

My guess was right, you sell soap. (because of your username) nice knowing you though. I admire ur wisdom. so u make ur own soap and sell it? that's interesting? where did you learn it?

its me lady therese, i forgot to log in