Consolidating School Loans
Updated: January 7, 2009
Come July, the rock-bottom rates on your federally guaranteed, variable rate student loans will be going up. Here discuss the benefits of consolidating your loans now is Certified Financial Planner Curt Anderson.
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Why should people consider consolidating their student loans now?
Low interest rate environment.
Significant interest savings over the life of the loan.
Pending program changes - variable rate & origination fees.
What should people keep in mind when consolidating their student loans/
You can only do it once.
If all your loans are with one lender you have to consolidate with that lender.
If you have more than one lender, shop for the best terms.
Don`t include Perkins loans.
If your married, don`t consolidate them together.
How soon should you start the process?
