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Direct Loan Consolidation

Jo Said:

what are the pros and cons of loan consolidation for federal direct loans and federal perkins loans?

We Answered:

I did. You can usually get a much better (and fixed rather than variable) interest rate that way. I am not sure what the cons are, I only know the pros.

Sue Said:

Is Educational Direct a good company to utilize for loan consolidation?

We Answered:

They sent me (and still do actually) plenty of offers. Like you, it was not a company that I had any experience with. No one used it, so I elected to go with Sallie Mae, as my loans had already been sold to them, and their consolidation rates were the same (this was back in 2003). If I were you, I'd stick with Sallie Mae. Though I haven't heard anything bad about Educational Direct, I haven't heard anything good either...and unknowns with something this important are a bit scary to me. :)

Ben Said:

Loan Consolidation Questions (Direct & Perkins)?

We Answered:

Most likely. But it would have been better to consolidate all the loans at once so as not to incur the origination fee. It's much better to consolidate your loans for a number of reasons. If you get into trouble (or just behind) with your loans, it's better to have one loan instead of a dozen.

Katrina Said:

What is an Direct Consolidation Loan.?

We Answered:

Nowadays, many people can get into a bad credit situation if they do not keep track of their income and expenditure. Many young executives suddenly find that they are being offered credit cards by various companies. Those who are sensible will find a credit card that suits their needs, sign up, keep track of their purchases pay off their credit card bills in full each month, and ignore offers from other companies. There are others who may be dazzled by all the credit on offer and will end up with credit cards from several companies. They may easily end up making lots of purchases on credit while making the minimum payments on their cards.

Then, one day they realize just how much debt they are in when they need a debt consolidation loan to get out of a bad credit situation. At the Debt Consolidation and Debt Reduction Service, we do not give you debt consolidation loans. We help you reduce your debts by 40 percent to 60 percent and your payments by 40 percent. We see to it that you pay no interest late fees, or penalties. We get you out of debt, and out of a bad credit situation, within three years. We ensure that you receive no more harassing phone calls from creditors by negotiating with them.

Veronica Said:

How long does a school loan consolidation take?

We Answered:

It is usually a few days to about a few week process, depending on if everything was done online or if you had to mail some paperwork. I would be concerned.

Is there a reason you chose to consolidate with a lender instead of Direct Loans? If you have already signed for the paperwork with the lender, then you will need to consistanly call and keep on top of them until the process is complete.

I would also check out how reputable the lender is. It seems that everyone is in the student loan consolidation business these days. Lenders like Sallie Mae, Chase, PNC, CitiBank, Teri Loans, Wachovia, SunTrust these are are all reputable lenders.

Good luck!

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