Consolidating loans?

Question

I have 3 different school loans out. Should I consolidate? will it save me money?

Answer 1

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Answer 2

Consolidating your loans will only save you money if you have Stafford loans that were disbursed prior to July 1st, 2006 with variable interest rates.  By doing a federal loan consolidation for these loans with variable interest rates after July 1, 2008 of this year, you will be able to get a fixed rate just over 3% lower than your existing variable rate.  It is important that you only include Staffords with a variable rate, as fixed rate federal loans can be added, but will be calculated at a weighted average.  

You should not seek to do any private consolidation programs for either private education loans, or private and federal combined (especially not federal).  These almost always cost borrowers far more money in the long run.

Consolidating is not a simple topic to answer, and is heavily influenced by the types and amounts of your student loan debt.  I encourage you to find a financial aid officer at your school who can give you the best advice on this topic.  If you cannot get help there speak with the lender of your federal Stafford loans.  

Good luck!