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Thursday, August 21, 2008



Student loan consolidation is often referred to as refinancing, which is incorrect because the loan rates are not changed, merely locked in. Unlike private sector debt consolidation, student loan consolidation does not incur any fees for the borrower; private companies make money on student loan consolidation by reaping subsidies from the federal government. Student loan consolidation can be beneficial to students' credit rating, but it's important to note that not all federal student loan consolidation companies report their loans to all credit bureaus. There are a number of reasons why you may choose to consolidate your eligible federal student loans, including:
  • Lower monthly payments
  • Single-statement billing
  • Fixed interest rates
There are two main benefits to student loan consolidation. The bigger benefit is reducing interest rates, and therefore monthly payments and overall debt. Interest rates are near record lows now, so chances are you'll get a better rate now than when you first got your loan. The second advantage is reducing the number of creditors. This makes it easier to keep track of your payments. More importantly, it means you only have to deal with one creditor if you're late with a payment or need to renegotiate your loan for some reason.



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Current Mortgage Rates*

Loan Type
National Average
30-yr. fixed6.62%
30-yr. fixed jumbo7.25%
15-yr. fixed6.00%
15-yr. fixed jumbo6.88%
7/1 ARM6.25%
5/1 ARM6.00%
3/1 ARM5.75%
1-yr. ARM5.62%
1-yr. LIBOR ARM5.50%
10/1 ARM8.00%
*Mortgage Rates Updated: 08/20/2008