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Consolidate Student Loan

Delores Said:

Can anyone recommend somewhere to Consolidate my student loan?

We Answered:

Don't consolidate. Instead of paying on those loans for the next 10 years you'll be paying on them for the next 30. Giving them double the interest you would have if you had never consolidated. Even the interest rates won't likely be better than you have now.
Also, if you have private and federal loans both, you can't consolidate them together. Meaning you'll always have more than one payment. Kinda defeating the purpose of consolidation in the first place.

Dana Said:

How can I consolidate my private student loan with sallie mae if i have bad credit?

We Answered:

Sallie Mae doesn't consolidate private student loans anymore.

You can look around, but I think most private lenders suspended that service about two years ago (just not profitable enough).

If you need Sallie to lower your monthly payment, call them and ask about the repayment options you (and your loans) are eligible for.

Gordon Said:

If I consolidate my student loan with a personal loan can I still write off the interest?

We Answered:

Nope. It will no longer be a student loan then. You may be able to consolidate several student loans into another student loan at a better rate, but if you pay it off with a personal loan you'll be left with a non-deductible personal loan.

Michael Said:

Is there any way to consolidate federal student loans with a private student loan before the july 1 deadline?

We Answered:

As far as I know consolidation is only on govt loans you cant consolidate a private loan.

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