Apr

28

What does it mean to consolidate student loans?

Filed Under Financial Aid 

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I took out Stafford subsidized loans each year I was in college through Sallie Mae. Interest rate is now 8%. Is it possible to consolidate?
I already make one payment through Sallie Mae

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4 Responses to “What does it mean to consolidate student loans?”

  1. Caffeinated Content on May 1st, 2008 12:03 pm

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    You’d have to contact a financial institution like CitiBank. That’s who I used to consolidate mine (I had the same two loans too). Consolidating means they contact Sallie Mae and Stafford in order to make one payment a month. It’s quite decent. But like I said, you need to call a financial institution, but have you graduated yet or received notices to consolidate? If you have, see what their rates are.

  2. Caffeinated Content on May 1st, 2008 3:49 pm

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    There are a lot of factors that determine whether or not you qualify to consolidate your student loans.

    To determine if consolidation is right for you, visit Mapping Your Future (http://www.mappingyourfuture.org/paying/cnsldte.htm).

    Due to recent changes in the Federal Regulations, most lenders are steering away from consolidation. For example, Sallie Mae and NelNet (two of the largest Student Loan Providers) recently announced that they will not consolidate for a borrower who owes less than $30K.

  3. Caffeinated Content on May 4th, 2008 10:15 am

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    When it comes to the financial aid process, people often ask “Where do I begin?” We’re here to help and guide you throughout this process. This page outlines the steps to applying for a Stafford Loan. Basic Stafford Loan Requirements are, You must have submitted a FAFSA. For subsidized Stafford Loans, you must have financial need as determined by your schoolbe sure to include the school’s FAFSA code (or prospective schools, if you are a high school student) to ensure that the results are sent to your school’s financial aid office.

  4. Website content on May 4th, 2008 8:08 pm

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    Maybe you can try below website to get the information you need. It’s about student loan consolidation articles for your second opinion.

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