Should I consolidate my student Loans?
Asked by melissaI have jsut graduated and have over $60,000 in college loan debt.. I have aroung 9-10 different lenders.. Should i just keep things the way they are or should i consolidate my loans? I havent started making payments yet...
Favorite Answer
Answered by Student Loans
Hello Melissa, As the other responders have said, YES, it makes complete sense fo ryou to consolidate! Especially being that you have such a large amount of student loan debt... The government offers this program to students as a way to teach people a more effective way to manage your debt.. By combining all of the loans into one loan it simplifies your finances.. Think about it, at the end of each month, do you wan tto be sending a9-10 seperate payments to 9-10 seperate lenders, or do you wnat to make one payemtn to one lender??? Imagine the checks, stamps, and envelopes you would use in just 1 year if you stayed the way you are.. Not only that but look at the more important issue.. All loans taken out before July 1st 2006 are variable rates.. In the last few years interest rates have been on the rise... If you dont consolidate into a fixed rate, your rates will rise on all of your loans.. THIS MEANS YOUR PAYEMTNS RISE AS WELL!!! By consolidating you get what is called a weighted average interest rate.. The take an average of your interest rate based on the amount of each loan... More importantly the interest rate is FIXED on the new consolidation loan.. So, it make s complete sense to consolidate your student loans!! Remember, the government offers this program FREE OF CHARGE!!!! My name is Jason Fry, i am a financial advisor for Student Aid Lending.. We are licensed nationwide and are a title IV lender administered by the Department of Education.. Take a look at my personal yahoo 360 page.. You can find alot of helpful information as well as a direct link to our website... 360.yahoo.com/my_profile-HlUDUhMib7M9Wlj6o6L2SfGcEYtkt9xsaQ--?cq=1 Feel free to call or email me at any time with questions, or curiousities.. I will take time to answer any and all questions!! Good Luck! Jason Fry Student Aid Lending 1-800-964-0642 ext. 114 jasonf@studentaidlending.com
Hello Melissa, As the other responders have said, YES, it makes complete sense fo ryou to consolidate! Especially being that you have such a large amount of student loan debt... The government offers this program to students as a way to teach people a more effective way to manage your debt.. By combining all of the loans into one loan it simplifies your finances.. Think about it, at the end of each month, do you wan tto be sending a9-10 seperate payments to 9-10 seperate lenders, or do you wnat to make one payemtn to one lender??? Imagine the checks, stamps, and envelopes you would use in just 1 year if you stayed the way you are.. Not only that but look at the more important issue.. All loans taken out before July 1st 2006 are variable rates.. In the last few years interest rates have been on the rise... If you dont consolidate into a fixed rate, your rates will rise on all of your loans.. THIS MEANS YOUR PAYEMTNS RISE AS WELL!!! By consolidating you get what is called a weighted average interest rate.. The take an average of your interest rate based on the amount of each loan... More importantly the interest rate is FIXED on the new consolidation loan.. So, it make s complete sense to consolidate your student loans!! Remember, the government offers this program FREE OF CHARGE!!!! My name is Jason Fry, i am a financial advisor for Student Aid Lending.. We are licensed nationwide and are a title IV lender administered by the Department of Education.. Take a look at my personal yahoo 360 page.. You can find alot of helpful information as well as a direct link to our website... 360.yahoo.com/my_profile-HlUDUhMib7M9Wlj6o6L2SfGcEYtkt9xsaQ--?cq=1 Feel free to call or email me at any time with questions, or curiousities.. I will take time to answer any and all questions!! Good Luck! Jason Fry Student Aid Lending 1-800-964-0642 ext. 114 jasonf@studentaidlending.com
