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whats a good consolidation lender?


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I'm a little over two months away from my deferment ending, and I want to consolidate. I have about 60K, and none of it's defaulted, I'm paying on one and the other two are in deferment until November.

So can someone recommend a good consolidation lender? I've checked out SallieMae since I have some loans through them, but they honestly all seem the same.

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Not an answer to your question, but I am wondering the same thing. I have around $44,000 that I want to consolidate soon and have looked at various ones. Like you said, they all do seem the same. I have looked at Collegiate Funding Services, among others. Any input on this would be greatly appreciated by two.

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  • 2 months later...

It all depends on how many lenders you have for you loans. With federal loans if all you loans are with one lender than by law you have to consolidate with that lender.

If you have more than one lender (Sallie Mae, Direct) than you are free and can consolidate anywhere you would like.

The consolidational interest rates are all dictated by the Federal Government concerning student loans so you will find the same base rate anywhere.

Where things change is the incentives that a lender will offer such as .25% off for auto debit or 1.00% off for ontime payments. These incentives are up to the lender and can make a huge difference.

If you have more than one lender I have a list of the different incentives that are offered, just let me know.

-Adam

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  • 1 month later...

I would recommend EdSout (aka EdAmerica). They are great to work with and they will often go back and defer and forebear late payments. I also have a loan thru Sallie Mae and they really suck. I am a graduate student (for over a year now) and even though they were supposed to defer my loans, it took them a long time to get it done and in the meantime, they charged me a late fee of around 30 dollars. I've called them to complain, since it is their fault, but they refuse to budge. EdSouth/EdAmerica has always been good to forego any late fees or any other problems I myself or other friends have had with them. www.edsouth.com

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