Should I consolidate my 17 loans with Sallie Mae? Where? and How?

Question

Should I consolidate my 17 loans with Sallie Mae? Where? and How?

Answer 1

Natalie is right except...

many debt consolidation  companies charge very high rates of interest. And if you get one payment behind with them you are in real trouble.

Look for a Citizens Advice bureau and talk to them about your options.

Answer 2

You can't consolidate your loans with Sallie Mae.  Sallie Mae stopped doing consolidation loans last month.  You can consolidate your loans wtih another company, or the federal government.  The interest rate is set by law, but shop around to see if the company you choose has good customer service.  After all, you will be dealing with them for 10-25 years.

Answer 3

It sounds like a good idea to me, in your case.  There are a wide variety of banks, credit unions  and credit companies.  

Becareful though on getting trapped into high interest rates.   Some of them can be rip offs, or coax you into more credit than you can afford,  by giving you a credit line attached to the loan..  Shop and compare.  Banks and credit unions are generally lower with the interest rates.

Sometimes it's harder to get a loan from banks, but not always.  I don't know on Credit Unions how easy they are.  I have done other banking with the CU's, but never a loan.

To find all of the banking and financial services, look in the yellow pages of your telephone book.   If your in a small community, and don't have much choice,  look in a phone book of a bigger city close to you.  Or go to www.yellowpages.com