About Student Loan Consolidation

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From Quick Guide: Student Loan Repayment 101

Summary: Consolidation of student loans is something that almost every student can do after they graduate. Find out how to make one payment on multiple student loans, and how to make the terms longer, with help from a financial aid officer in this free video on student loans.

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By Brooke Kramer
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Brooke Kramer is the financial aid officer at Argosy University in Salt Lake City, Utah. She has been in the financial aid office for many years and has quite a bit of experience.read more

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Video Transcript

"Hi my name is Brooke Kramer, and I'm the Financial Aid Officer at Argosy University in Salt Lake City. And today we're talking about loan consolidation for student loans. And, pretty much this is something every student can do. Normally you want to consolidate your loans after you graduate. The reason is, every year you take out a loan, it's pretty much a new loan. So you can have up to four or five loans, based on how many years you took out student loans. So consolidation is a good idea, because first, once you consolidate that means you're only making one payment instead of possibly multiple payments each year. As well as, making your terms a little bit longer, so maybe you have a 30 year payback instead of 10 year, as well as possibly getting a lower interest rate. Before you consolidate your loan, you're going to want to first check out what the current interest rate is. You definitely want to get a lower interest rate than what you are currently paying on for your loans. And of course, some lending agencies will just take the average of what all of your student loans are and give you that interest rate. If you have any other questions, please feel free to check out our website at www.argosy.edu."

eHow Article: About Student Loan Consolidation

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