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Government Student Loan Consolidation

Regina Said:

Student loan consolidation question...?

We Answered:

Correct, you are unable to consolidate a federal & private loan into one. Right now, due to economics, it is difficult to get a decent rate with lenders across the board. Contact your Financial Aid office to see which lenders they are currently working with for both private & federal. When I did consolidate mine (federal), I checked out & Those (2) are legitimate. It is easy to call them and speak with a consultant over the phone. Since you should be going into repayment, you may have to make the first few monthly payments until your paperwork has been processed. The consolidation advisors will walk you through everything as to how to contact your current provider or they may on your behalf before the loan goes into repayment.

Clifton Said:

I am being constantly harrassed by Student Loan Consolidation outfits. What is the ripoff or horror of this?

We Answered:

I signed up for a consolidation loan last year after extensive research. They all offer the same interest rate which is set by the federal government. The only differences between the hundreds of consolidators is that some offer discounts of .25 to 1 percent for paying on time or setting up electronic payments. Just check who offers the best deal and sign up. Once you have consolidated, which you don't need to do until you graduate, you can throw all that mail from other consolidators in the trash without even looking at it.

Larry Said:

Consolidation of Student Loans (private and government)?

We Answered:

Some private consolidation lenders will allow you to consolidate federal and private student loans together. Sallie Mae *strongly discourages* you from doing this, as it may result in the loss of subsidies, grace periods, deferments and other benefits.

It is possible to consolidate your private and federal loans separately but with a single lender so they are easier to manage. Make sure to understand all the pros/cons before you consolidate.

Good luck!

Sandra Said:

Where can I find debt consolidation for "private" student loans?

We Answered:

Credit card debt is not secured debt either. I don't know what difference it makes.

You are paying for your past bad behavior. You can keep shopping around and see if you can find a lender who's willing to let you borrow at less than 20%.

You might have to struggle for a few years on a very tight budget until you get matters under control. Congress expanded the types of student debt that cannot be discharged in bankruptcy. I don't know if yours falls into that category, but it is getting very difficult to walk away from student debt.

Edgar Said:

Has the government cancelled student loan consolidation discounts? When is it effective?

We Answered:

better see your guidance counselor asap!

Bessie Said:

Student Loan Consolidation?

We Answered:

With the changes underway in the student loan industry many companies have backed away from blending loans.

You could consolidate all the federal loans into noe and if you have more than one private loan combine them into one. This would make it a little easier for you to track and pay only two loan payments.

Many companies will do this, you could try Student Loan Advisors at and do both consolidations at the same time.

But currently, I don't think, you'll be able to put private loans together with federal loans.

Discuss It!

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