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  1. #1
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    Student loan consildation - deadline June 30th?

    Which is recommended these days for someone with several unsubbed and subbed FAFSA loans as well as a Perkins Loan? It doesnt seem like Perkins loans are supported by Special Direct, but I'm still unsure if its worth consolidating the remaining loans.

    From what I understand, traditional consolidates all your loans into one loan with one interest rates with a new payment schedule. The special direct one that is about to go away, keeps all your loans separate, does not change your repayment schedule but reduces interest rates by an additinoal .25% (for each loan).

    Also, which companies/websites do you recommend using to consolidate?

  2. #2
    since 4/10/2009
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    never heard of this "special direct" consolidation option. I used the traditional option, but not all of mine could be consolidated. having fewer payments is nice and helps for me to keep track of them so I do think that consolidation is worthwhile.

    to be honest, I don't think it matters who you have consolidate the loans. I think they will all wind up being sold to Sallie Mae in the end. and they are bastards, FWIW. but I don't think you have to consolidate for the loan to be bought up by them, either. some loan companies by rule hand out money, then sell the loan when it comes time for repayment and they let another company service it after that.

    kinda like how some mortgage companies work that way, too. got my mortgage through a small company who wound up selling the loan to Chase before we sent in our first payment.

  3. #3
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    Thanks for the insight, NateHawk. I had 2 student loan companies going when I graduated. One for the regular student loans and the other with the school for the Perkins loan. For some reason, part of my loan got sold to another company so now i have 3 different companies to pay loans through. It's been like this for 2.5 years now with no change.

  4. #4
    since 4/10/2009
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    Quote Originally Posted by Things and Stuff View Post
    Thanks for the insight, NateHawk. I had 2 student loan companies going when I graduated. One for the regular student loans and the other with the school for the Perkins loan. For some reason, part of my loan got sold to another company so now i have 3 different companies to pay loans through. It's been like this for 2.5 years now with no change.
    odd that they split off your loans. at any rate, if you consolidate the other two, it's likely that whoever consolidates it will not keep the loan.

    my wife and I have 4 going between the two of us. we both have loans that cannot be consolidated and are still being serviced by the universities we respectively attended. we did not consolidate them because hers are for an insane amount and I started paying on mine first. one of mine (that could also not be deferred) should be paid off within the year. the other one got deferred until about a year ago so I have awhile for that one. 10yr repayment, though. my wife's is on a 30yr plan. youch.

  5. #5
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    Looks like this is the official site to apply for a traditional student loan consolidation:

    https://loanconsolidation.ed.gov/App...e/appindex.jsp

  6. #6
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    Loan process

    Every loan takes time to approve, if we have clear all papers, then it would take less time, as student loan it really takes time for mortgage also, but if we go with some loan consultant then it would be easy to take any kind of loan.

    Thanks,

    Singapore Mortgage Refinance consultant in Singapore

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