Consolidating college loans. Anyone have any suggestions on who to consolidate with? Or what kind to get?

Question

Consolidating college loans. Anyone have any suggestions on who to consolidate with? Or what kind to get?

Answer 1

Consolidating is a bad idea if your loans are federal loans.  The interest rates are usually higher, and if they aren't, the terms (like 25 to 30 years) are so stretched out even if the rates are lower you pay more money in the long run because you paid it until you retire.  Plus, consolidated loans loose all the federally required forgiveness and forbearance benefits.