Consolidation: best lender??

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I know this topic has already been discussed a bit. However, I'm hoping that with graduation getting closer, people will have done more research into loan consolidation.

The best I've seen so far is UHEAA. Although their deal sounds so good that I have to wonder there isn't some catch. Graduate Leverage is also a very good group to go through, and I think they provide a lot of security and peace of mind in that you know you'll get a good deal and not be screwed some how.

Has anybody found a better lender to consolidate with?

Do any of you know anything about UHEAA? Is it as good as it sounds? Or are there hidden costs or pitfalls that they aren't telling us about?

 

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After some more research, it turns out that UHEAA doesn't re-amortize you loans, so that's why their deal sounds so good. It's very misleading.

 

[rhinosp_33]

After some more research, it turns out that UHEAA doesn't re-amortize you loans, so that's why their deal sounds so good. It's very misleading.

can you explain what you mean by re-amortizing your loans? even if they apply only part of their interest rate deduction perk into your actual interest rate... and the other part into payment of principal, its still a better deal from my calculation....

 

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can you explain what you mean by re-amortizing your loans? even if they apply only part of their interest rate deduction perk into your actual interest rate... and the other part into payment of principal, its still a better deal from my calculation....

Well it depends what you mean by better deal. Overall, with UHEAA you'll pay much less interest. However, you'll have to make larger payments faster. That's b/c they don't use the new lower interest rates (which you receive from using automatic withdrawal and making ontime payments) to calculate you monthly payments. Your minimum montly payment is kept at the original rate it was set at before any of the borrower benefits were added.

Since the interest rates are so low right now, it's advantageous to pay these loans off as slow as possible, and use your extra money to invest or pay off your other higher interest loans (credit card, car, house, etc). For example I would bet that if you went with graduate leverage instead of UHEAA and put all the money you saved with your smaller monthly payments it into the stock market, you'd come out way ahead.