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Money

The www.FedPrimeRate.com Personal Finance Blog and Magazine

Thursday, June 30, 2005

The Deadline Arrives: Consolidate Your Student Loans Now or Else!

Today is the deadline for locking in a great interest rate for your Student Loans by consolidating. I'm certain lots of folks are scrambling to try to make the deadline, and I hope everyone makes it, especially folks who are carrying a lot of student loan debt (i.e. over $12,000.) If you have less than $5,000 of student loan debt then you should know that most financial experts agree that you shouldn't bother consolidating.

But you've got to be very careful. Lots of new student loan consolidation companies have hit the scene trying their best to take advantage of the student loan consolidation rush. Most of these companies are legit and you probably won't have any problems with them. But some are in the game just to make a quick buck, and these companies probably won't be around for long. If the company you chose to consolidate with eventually goes under, they could drag you down with them, causing serious damage to your credit history, damage that could take a very long time to fix. So do your research, and consolidate with an established company or organization that you are comfortable with.


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