Having one leader giving you one bill is not the same as consolidation. When you took out the loans, most likely you took them out on a variable rate of interest, meaning that the FED can raise or lower the interest rates every six months to fit the economy… I believe now it’s at around 5 something for student loans. When you consolidate them, you lock them into the current interest rate- and from then on out, they will remain at that rate. This is good if the rate is low, bad if the rate will drop. The rate drop drastically a few years ago and has steadly been going up. But when I graduated in 2000, it was as high as 8 percent…. it’s probably in your best interest to consolidate now- but you may want to talk to some people.

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Best wishes

Student loan consolidation is “NOT” bankruptcy. It’s merely a way to combine loans that may have come from several different lenders.

Sallie Mae is one consolidation company.
Another is the William D. Ford which is the federal gov’t. Both are about the same and their interest rates are similar.

You can still transfer your loan to any other lender if you choose.

Anyway you look at it they are getting criminally rich off students. There should be some serious changes made.

Quite frankly I will be dead before I ever come close to paying off my loans.

I just consolidated my student loan at this website . I got a 4.5% fixed rate for life, and my payments are only $50/mo. They can also qualify you for new student loans. The whole process only took me like 3 minutes

when you consolidate you loans through your lender such as sallliemae it is not considered any type of bankruptcy. normally most students have various loans from varying agencies. all you would be doing it putting all those loans together so that you make one lump payment per month for a set number of years vs. paying all of the lenders separately.