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The www.FedPrimeRate.com Personal Finance Blog and Magazine

Friday, July 01, 2005

The Deadline Has Passed: What Options Do I Have?

Now that the rates for consolidating student loans have gone up, I'm sure that there are quite a few people out there who are lamenting the fact that they missed the boat. Well, the bottom line is if you have a heavy student loan debt burden (i.e. over $12,000 in student loans) then your long term savings could have been considerable. If you owe less than $10,000 then you really shouldn't worry too much about it, and if you owe less than $5000 then you really didn't need to consolidate anyway.

And remember: you can still consolidate your student loans, and in fact you should seriously consider consolidating if your current interest rate (or your average interest rate if you have multiple student loans) is higher than 6%. If you do end up consolidating, be sure to do your research and consolidate with a reputable company. You don't want to find yourself stuck with one of the fly-by-night consolidation companies that have recently come into existence during the latest student loan consolidation rush.

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Anonymous Zack said...

Filing for student loans and consolidating your loans has always been extremely confusing for me. Half of the paper work that i fill out I don't know what it means. Colleges should consider offering a general info class for this to help students and parents understand everything better.

Monday, November 28, 2005 11:54:00 AM  

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