Loan Repayment: What's the Best Way to Consolidate Your College Loans?
February 20, 2017
Once you enter repayment on your loans, you may receive phone calls, letters or see posts from companies asking you if you would like to consolidate your student loans. Even if you are not in repayment, you may have heard radio ads or seen Facebook ads from companies offering to consolidate student loans. It is very important to understand that many of these ads can be misleading.
Many of these companies offering to help you consolidate your loans will do so, for a fee, whether it is a processing fee, consolidation fee or an administrative fee. Some of these companies will also tell you that they are the only company willing and able to offer you lower payment rates through loan consolidation. This may sound appealing to a student who is graduating with loans from various lenders; however, it is important to know, that the Department of Education offers loan consolidation free of charge.
Through Federal Student Aid you can consolidate your own loans, free of charge in about a half hour. You can go directly to www.studentaid.ed.gov to learn more about Federal Loan Consolidation and can even apply online. If you do not feel comfortable applying online, there are downloadable forms that can be filled out.
Knowing your rights as a student loan borrower, as well as knowing what options are available to you, is important. If at any time you have questions regarding loans, repayment options, or loan consolidation, please do not hesitate to contact the office of Online Financial Aid at firstname.lastname@example.org or 203-582-8430. You can also view your repayment options here. Remember, if something seems too good to be true, often times, it is.
Once you enter loan repayment, you may be looking to consolidate your loans. Learn more about how to consolidate your own loans quickly and free of charge through Federal Student Aid.