Loan Consolidation?

[mochafreak]

I'm trying to consolidate my federal loans and I'm pretty paranoid about someone trying to screw me over. I'm reading all the fine print, but...does anyone have experience with College Loan Corporation or another company?

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[DMD_hopeful]

I'm trying to consolidate my federal loans and I'm pretty paranoid about someone trying to screw me over. I'm reading all the fine print, but...does anyone have experience with College Loan Corporation or another company?

Just consolidated my loans this past week. Try calling your lender (the company who sends you the fed loan quarterly statements), many of them do consolidation loans as well. It's a pretty good deal--especially before June when interest rates are supposed to go up again.

 

[ItsGavinC]

You can also get LOTS of information and advice in the SDN Financial Aid forum.

 

[mochafreak]

You can also get LOTS of information and advice in the SDN Financial Aid forum.

very good point...completely forgot about that forum

Thanks guys

 

[(|)]

I don't know much about consolidation. But last week my undergrad institution sent me an email about it. I'm graduating next week and had to do my official loan exit interview. They warned me to be very careful because there are some benefits you lose when you consolidate. I don't recall what they were exactly.... maybe one was deferrals?

 

[lulubean]

my financial aid advisor strongly recommends consolidating through Access group or Citibank. Check them out on the web. He strongly discouraged consolidating through any of the companies who send you stuff in the mail.

But definitely consolidate! The interest rate is around 2% and will most certainly go up to at least 5% come July 1st.

 

[mochafreak]

Thanks for the replies guys. I am now only considering the bigger companies (Sallie Mae, Citibank, etc.). I will certainly consolidate, I don't want to think of the ramifications of not doing it.