loan consolidation

[luvmyfam444]

is there a company that's best for student loan consolidation?

 

[Kathryn Merteuil]

I don't know if there is a company that specializes in that. I work in lending, and we do debt consolidation, but we absolutely, positively will not touch a student loan.

 

[Suger Mag]

Are your loans private or federal?

when my husband and I did our consolidations we used the tool through the federal student loan websit.

I consolidated mine way back in 2012 and he just did his this Feb 2025. We wanted to use the Fed system as both of us were in Public Service Loan Forgiveness programs. Mine were forgiven and his are still working through the system.

 

[_19disnA]

Borrowing more money to 'consolidate' your debts never seemed like a sound financial approach.

 

[kdonnel]

Borrowing more money to 'consolidate' your debts never seemed like a sound financial approach.

Debt consolidation can help a great deal.

It can bring lower interest rates, simplified/lower payments, faster payoff, and improved credit utilization.

The big question is if spending habits got the person in debt, will they make a change to prevent additional debt from occurring?

In this case the OP is specifically asking about student loans so likely they are not running up debt indiscriminately.

 

[Mackenzie Click-Mickelson]

My husband used SoFi to consolidate his student loans

 

[Mackenzie Click-Mickelson]

Borrowing more money to 'consolidate' your debts never seemed like a sound financial approach.

Student loans are in an entirely different category of debt and loans. Not only the terms of the loans but the types, the way it is taken out, when it is taken out, the repayment period, the interest calculation, etc

That isn't even getting into the absolute debacle several programs have been, then the pandemic-related pauses, the companies who were shut down from being able to hold the loans (thus shifting your loan from entity to entity) because they were doing bad stuff, etc.

 

[LuvOrlando]

There are many and before Covid I looked into it a lot for my kids and would recommend reading articles on the topic because once the loans are in private space they behave differently, meaning you can't get any forgiven for certain kinds of jobs.

Just understand what you are doing before you jump.

At the time I think we determined Discover was the best choice and SoFi a close second choice but I don't remember precisely why, we ended up sorting things out on our own so I can't say more. I just looked it up and Discover has since left the market and moved their business to Firstmark

https://www.nerdwallet.com/article/loans/student-loans/consolidate-student-loans

 

[tvguy]

Apparently all student loans were not forgiven.

 

[Marrila]

Apparently all student loans were not forgiven.

No surprise there. If they had been, it would have been big news.

 

[tvguy]

No surprise there. If they had been, it would have been big news.

I guess it could be a "glass half full, glass half empty" situation. But the $188+ Billion in student loans that were forgiven certainly qualifies as big news to me.

 

[Marrila]

I guess it could be a "glass half full, glass half empty" situation. But the $188+ Billion in student loans that were forgiven certainly qualifies as big news to me.

Which is your opinion.
But you did use the word all.