How to consolidate student loans?

2 Answers

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  +1 Votes 1  0

  Pinyo on Jun 02, 2010

  I read in several places that many lenders no longer participate in the federal loan consolidation program because it’s no longer profitable, so this explains why it’s tougher for your daughter.

  Based on FinAid website, consolidation should still be possible. This is what they have to say:

  Most FFELP lenders are no longer offering consolidation loans because these loans are no longer profitable. Students can still consolidate their loans with the US Department of Education’s Federal Direct Loan Consolidation program at loanconsolidation.ed.gov even if their college does not participate in the Direct Loan Program.

  The website also has a lot of detail regarding student loan consolidation that you should review.

  Hopefully, that’s a good lead that your daughter haven’t tried yet. Good luck.

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  0 Votes 0  0

  Tyson F. Gautreaux on Oct 28, 2010

  Life can be so much easier, if you don’t have to spend every month everything on paying off your loans. Just be sure to pick the right company for a consolidation.