Neil Said:

About student loan consolidation?

We Answered:

Consolidation will allow you to choose a longer repayment term (up to 30 yrs, depending on your loan amount) which will give you the cushion of lower monthly payments. However, a longer term means you will pay more interest over the life of the loan (just like if you payed only the minimum on your credit card).

Sallie Mae offers lots of information on their website, including a calculator so you can plug in your loan amount and see what your payments would be, depending on which repayment plan you choose.

http://www.salliemae.com/after_graduatio…

Mae Said:

Does anyone have a private student loan consolidation with Education Finance Partners?

We Answered:

Private student consolidation loans are not guaranteed by the gov't - so they're a much higher risk to the lender. Therefore, they're typically based on the credit history of the borrower. It's unlikely you'd get a significantly different interest rate if you shop around to different lenders.

What you can do is get your credit in as good shape as possible before you consolidate, and/or find a cosigner with good credit. This can help bring the interest rate down. The rates may *seem* high, but they're probably lower than a typical credit card or car loan rate, plus the interest on them may be deductible on your taxes.

Lloyd Said:

What's the difference between student loan consolidation companies?

We Answered:

No, they aren't all the same. While the interest rate they have to give you is mandated by Congress, their service and repayment incentives vary quite a bit. Plus, there have been many new companies that have come into the market literally over night. Go with a well known company. How about the lenders that currently hold your loans? Have they been a problem to work with? Has their service been good? Were they recommended by your aid office? If you can answer 'yes' then just consider working with one of them.

Tara Said:

Looking for a student loan consolidation with excellent customer service. Any recs? I hate Sallie Mae.?

We Answered:

Try Freedom Student Loans (http://www.freedomstudentloans.com/). They are a fairly new company. You can get a free consultation from the representative who will explain clearly how it works. The firm is BB rated too. You can call them directly at 1-866-902-9641.

All the best.