Can you spare some guidance for the hopelessly financially ignorant?
November 5, 2010 6:42 PM Subscribe
Is it worth consolidating my student loans, and if so, how do I go about doing it effectively?
posted by DeusExMegana to Work & Money (9 answers total) 9 users marked this as a favorite
My student loans are coming due soon, and I used about twelve different lenders throughout my four years. Right now, I can think of nothing more appealing than having to deal with only one institution rather than these twelve and sending out one payment per month. But I am really financially uneducated, so I have a lot of questions about loan consolidation:
First, how do I find a reputable consolidation firm that won't blow up my interest rates, and does such a beast even exist? I've heard the government will consolidate certain loans, but have no idea how to start this process, or if I am eligible. Also, is it even worth it to consolidate? Does the answer to this question depend on how much debt I have?
Second, what are some institutions that any AskMeFi users have had positive experiences with?
Any advice you can throw me on this topic of student loan consolidation(I'm sure there are questions I didn't even know to ask) I would appreciate! Thank you.