How to Consolidate Student Loans at a Low Interest Rate

Student loan bills can be overwhelming and frustrating, but they don't have to be. You can consolidate all your loans into one loan and make one monthly payment and get a fixed interest rate too!!

Difficulty: Moderate

Instructions

Things You'll Need:

• Current student loan information
• Phone

1. First you need to gather all your information for the different student loans that you have out. Institutions will want to know your current loan account numbers and how much you owe for each loan, as well as who you have the loans through.

2. Decide where you want to have your all in one loan. You can start with banks but the best place is probably Sallie Mae. The internet can definitely help you here or you can just call or visit the places you have chosen and simply talk to the loan officer.

3. After you have chosen a few places, sit down and compare their interest rates and repayment policy. Choose the ones that best fit your current needs.

4. After you have decided which ones fit your needs the most, fill out the applications and await the results.

Tips & Warnings

• Many have different types of loans that might be helpful for the graduate that hasn't found their "career job" yet. It is a good idea to look into these programs if you fall into that category.
• Student loans are usually long term loans and interest (even when low and fixed) can add up quickly. It is important to try to pay off these loans as soon as possible because they can follow you around for many many years.