Q asked:


I took out a private loan with TERI for my freshman year, and three more private loans with SallieMae for the last three years of undergrad. I called SallieMae to ask about my options and they were very unhelpful (not surprised). Is anyone in the same position or does anyone know of a company that could consolidate all of these loans so that I have only one monthly payment? Thank you !!

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2 Responses to “Does anyone have advice for a recent college graduate wanting to consolidate student loans?”

1. Caffeinated Content on July 29th, 2008 4:33 am

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   Your very best bet is to keep these loans with their original holders. Consolidating private loans usually ends up costing you far more in the long run than it would to pay off the original loans. If you do end up deciding or finding a program that will allow you to do it, make sure you read all the fine print and understand exactly what the cost will be over the life of the loan - not just a lower monthly payment. Lower monthly payments typically mean you pay more in interest, sometimes double or triple what you borrowed to start with.

2. Caffeinated Content - Members-Only Content for WordPress on July 30th, 2008 11:21 pm

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   Don’t do it. Put your checking account on an “auto pay” so you don’t have to worry about the extra time and postage. Most will do this for free and you don’t have to do anything extra. Consolidation loans are the worlds biggest ripoff.

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