What is the best way to manage multiple student loans?

I need to find someone to talk to about student loan consolidation, for both federal and private loans. What would be a good resource? I inquired at my bank but they don’t handle this.
I should add that I’m trying to get away from Sallie Mae, I heard a report on NPR about how much money they make from interest rates and I don’t want a financial relationship with them anymore.

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3 Responses to “What is the best way to manage multiple student loans?”

  1. Reality said:

    Consolidating your student loans might be a good idea. When you consolidate, you can extend the term of repayment up to 30 years (depending on how much you owe). This gives you the cushion of a lower monthly payment. However, it means you will end up paying more interest over the life of the loan.

    Sallie Mae has a calculator that will let you try different options and see what your payments will be. http://www.salliemae.com/after_graduatio

  2. squeezie_1999 said:

    If your interest rates are outrageous, then refinancing at a lower rate might make sense. Rarely however, will you get a better rate than on a government subsidized student loan. Be careful, that there are no prepayment penalties however. At the end of the day however, the real question is whether your income can support the total loan portfolio. Be realistic. When you graduate, there will be minor items like food, rent, car, girlfriend and life, that you will need to pay for in addition to the loans. It would also be better to work 3 jobs now and minimize further loan balances than to incur more debt.

  3. sophieb said:

    The William D. Ford Direct Loan Program is the group that will consolidate your federal sudent loans. I don’t know of anyone consolidating private loans. You’d have to make your own repayment arrangements with those. You can get the Ford consolidation if you have not been in default. If those loans are in default then you’ll have to deal with the collectors.




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