did you consolidate your student loans??

Question

if so, was it really worth it and if it helped you, who did you go through?/

thanks!

Answer 1

Yes, it is worth looking into. However, federal student loans change interest rate once a year on July 1, so you should wait until next May or June to lock in a fixed rate. From now until then, the rates will not change whether you consolidate or not. Your decision to consolidate at that time should depend on the economy and whether the rates will go up or down after July 1. As to which bank to contact for consolidation, you can contact your original lender because your lender likely will do it for you to keep your business.

Answer 2

I did, through Sallie Mae, who already owned my loans. They kept promissing that my interest rates would go down, then when it was all finalized my interest rate actually went up! I called to complain but they said it was my fault for not reading the fine print, and wouldn't budge. So I paid off the loan in full so I wouldn't have to deal with them again.

Moral of the story: don't trust Sallie Mae, and make sure you find out your new interest rate ahead of time - don't believe them if they just say "it'll be lower", get the actual number.