Student Loan Consolidation Programs

When it comes to consolidating your student loans you have 100’s of different options out there. student loan consolidation programs can save you thousands if not ten’s of thousands depending on how much you owe and what interest rate you are at. It is important to note that consolidating your student loan may not always be the right course to go.

If you owe under 5,000 dollars and already at an interest rate of 6.5% or less you really do not have much of a need to consolidate your student loans. Most people who are looking to consolidate this low amount are trying to do so because they do not have the current finances to pay the monthly payments. It is better to just contact your lending institution and go over your options with them. They may deffer your payments for 6 months or even extend the life of the loan to drop the monthly payment levels down enough for you to pay them.

However if you are like my wife who has close to 200,000 dollars in student loan debt then yes it is well worth looking to consolidate.

WHAT YOU SHOULD KNOW FIRST

Before even looking to refinance you need to know how much money you can pay out each month. This way when you do conolidate you can get a monthly payment you can afford.

Your credit score and job history can play a big part in what interest rate you end up getting. If you have had your job for under a year but very close to a year you may just want to hold off until you hit that one year mark. Many people will tell you it does not matter but it really does. Looking over your credit score will also help because you can dispute any items you do not feel are legit. I myself have a few dings and even though I was late 4 years ago on the credit card I still report it as inacurate. Some times this will clear it up and some times it won’t.

It is also important to know that if a lender gets back to you with lets say a 6.50% interest rate you can always just say you want a lower rate. It is amasing how many times you can squeze them a quarter percentage point or two.

A good program I like to recommend to people is studentloannetwork.com I know a few of the reps over there and they are very helpful.

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