Gregory: What is a good loan consolidation program for Federal and Private student loans?
I am looking for a good student loan consolidation program that will take on both my Federal and Private student loans from Sallie Mae. If you know of any good ones that you have heard of or used in the past, please leave a description or website so I can look into it. If you are a loan company, don’t bother answering the question as I will mark it as Spam. Thanks.
Answers and Views:
Answer by stressedandconfused
I used direct loan consolidation. It took about 2 months.
Unfortunately you can’t consolidate your federal loans with your private loans. Be wary of any loan consolidation outside the federal direct program, most of the benefits of loan consolidation is just hype and doesn’t save you any money. Instead of repaying your loans over a 10 year payment you pay on them for 25 years or more… and they loan company gets MORE of your money since you are paying on it for so much longer. For what? Just a few bucks less a month and usually not much better of an interest rate.
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