There are tons of shady loan consolidation services out there. So that’s why I recommend doing your homework when you’re ready to consolidate your student loans.
As mentioned before, student loan consolidation programs are open to most students. And it’s highly recommended that you consolidate your loans if it will lower your monthly payment and provide you with some breathing room.
Here are some websites we recommend you check out as you consider your various student loan options:
National Student Loan Data System (NSLDS)
To find out how much you owe, visit the NSLDS website to confirm the sum of federal loans you’ve taken. This website is managed by the U.S. Department of Education’s central database for student aid. This is the first website you should visit before conducting your research.
Direct Consolidation Loans
This website is hosted by a Federal Student Aid organization and provides fixed rate loans to students who wish to consolidate. Their interest rate is based on a weighted average of the various loans you owe money on. The interest rate can not exceed 8.25%. They have a nifty online calculator to help you figure out what your rate would be if you consolidated with them.
Obudsman Federal Student Loans
Though there are many benefits of consolidating student debt, consolidating your loans may not be the best option for you. The Obudsman Federal Student Loans website provides you with a list of questions you should consider before finding a lender. This website should be among the first websites you visit when determining whether a student loan consolidation is the right choice for you.
Sallie Mae Student Loan Advice
If you want to consolidate your loans, then you should check out current interest rates with Sallie Mae (the nation’s leading provider of student loans). They have an online calculator to help you figure out what your interest rate and monthly payment will be if you consolidate. Since Sallie Mae loans are manged by the government, you have no application fees or credit checks. This is definitely worth checking out.
Student Loan Solutions
Student Loan Solutions works with students who want to consolidate their loans into one comfortable monthly payment. They work with a variety of lenders and offer students competitive interest rates.