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re: Consolidating Student Loans
Posted on 10/19/14 at 1:45 pm to LSUsuperfresh
Posted on 10/19/14 at 1:45 pm to LSUsuperfresh
If you don't consolidate, you still have access to each loan. If you do consolidate they are looked at as a whole but with the original interest-rate.
I think that's the whole point of consolidation, that is just a scam to get the borrower into paying those higher rates longer.
What is the advantage? You get just one bill instead of a few?
I consolidated six loans and half were federal and half private, I receive one bill, but if I didn't consolidate I don't think I would get six individual bills maybe two
I think that's the whole point of consolidation, that is just a scam to get the borrower into paying those higher rates longer.
What is the advantage? You get just one bill instead of a few?
I consolidated six loans and half were federal and half private, I receive one bill, but if I didn't consolidate I don't think I would get six individual bills maybe two
This post was edited on 10/19/14 at 1:47 pm
1
Posted on 10/19/14 at 1:49 pm to Rust Cohle
If you consolidate your interest rate is the average of them, but on one bill. Some companies like Sofi.com have their own rates based on credit score and other factors. You can move this to the money board and get better help. You can put them in online calculators to find the best option.
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