Discussion in 'Budget Board' started by MyZoeJane, May 24, 2007.
How do I do it? How do I know if I'm getting a good deal?
I consolidated about three years ago. All of my loans were federal subsidized and I consolidated with the government. I was able to lock them in at 3.5%. I was able to do it with one phone call. They sent me the paperwork, I signed it, and returned it. It was very easy and painless. I have had plenty of offers to consolidate with outside agencies before I did it with the govt, but I chose not to. By staying with the govt I can still defer them if I need to due to a financial hardship or if I go back to school. I don't think you can do that if you have a loan through and outside agency.
salliemae dot com
Try them first - don't know what rates are right now, but like the above poster, I got a very low rate 2% on my first one and 4% the 2nd time I consolidate (first for undergrad, then for master's)
With SallieMae if you do automatic withdrawal, they shave off a .25%, so my current rate is 3.75%, then after 3 years of "on time payment" which if you are doing automatic payment, you will do no problem, you get another 1% off. So in another 2.5 years my rate will be 2.75%
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