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[HUDAV847]

Does it make a difference where I consolidate (refinance) my student loans? Do
I need to shop around for the best rate, or are they all bound by the same
rates? Also, are there any "perks" or other service-oriented details that may
differ?

Any information would be greatly appreciated!

Thanks in advance

[Steve Blank]

The government sets the basic rules and rates. But lenders may offer
perks so shopping around can pay off.

But there is something called "the single lender rule." If all your
loans are already with just one lender, that lender gets first shot at
consolidation. If that lender chooses not to consolidate your loans,
then you are free to pick any lender.

--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761

HUDAV847 wrote:

[HUDAV847]

[Steve Blank]

Some common promotional perks are getting a rate lower than set by the
government by having payments deducted automatically from your bank
account, or getting a reduced rate after making a certain number of
payments on time.

I can't tell you who has the best deals, but a web search might turn up
the details or provide you with phone numbers to call and ask.

Nelliemae.com for example says "Federal Consolidation Loan borrowers
who choose Nellie Mae will receive a .25 percentage point interest rate
reduction when they sign up for auto-debit payment from a checking or
savings account.
Borrowers with an initial consolidated loan balance of $10,000 or more
can also earn a 1 percentage point interest rate reduction after making
their first 36 payments on time."

--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761



HUDAV847 wrote:

[HUDAV847]

Thank you!