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The www.FedPrimeRate.com Personal Finance Blog and Magazine

Monday, July 30, 2007

Can You Save Money by Consolidating with Sallie Mae?

The folks at Sallie Mae have put together a handy and user-friendly tool whereby you can quickly and easily figure out if consolidating your student loans with Sallie MaeĀ® can lower your monthly loan payments. After answering 5 questions, the animated tool will show you how much you can save each month, if at all, by consolidating with Sallie Mae.

Click here to jump to the new Sallie Mae tool.

Caveat: Consolidation can be advantageous if, for example, you have many loans from different agencies. However, it's important to remember that a lower monthly payment can also extend the life of your student loan indebtedness by a significant amount. A longer loan term invariably translates to paying more in interest charges in the long run. Keep that in mind when making your decision.

NB: Sallie Mae used to be a government-subsidized entity, but the company completed a conversion to being a 100% private organization back in 2004. Sallie Mae, therefore, no longer has an official relationship with the federal government.

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Saturday, March 31, 2007

Top 100 Student Loan Consolidators and Originators

If you're planning on applying for a new student loan, or planning on consolidating your existing loan(s), then you'll find the following news useful. The Department of Education recently released two top 100 lists: The Top 100 Student Loan Consolidation Lenders for 2006-2006, and the Top 100 Student Loan Originators for 2005-2006. These two lists are based on dollar amounts on new guarantees.

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