Why NOT to consolididate your student loans
Posted By: Dr. Frugal in Loans on 08/15/2007 at 14:09:52
You can consolidate all your loans with one lender at any time without a consolidation loan if you just want to simplify your payments. If a lower interest rate is your goal, remember that after making 48 payments consecutive on-time payments, you may qualify for an interest rate reduction of 2%(!). This may put you at a lower rate than you could get by consolidating, depending on your current interest rate. To figure out what makes the most sense for you, try Sallie Mae's online loan consolidation calculator in the tools and calculators section of SallieMae.com.
You can manage your student loans online at manageyourloans.com, where you can make payments, view the status of your loan and payment history, update your contact information, reduce postpone payments, and change your payment plan.
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