I am wondering how student loan consolidation works,,, once i consloidate my loans do i get a sum of cash? i know i have gotten offers that say up to $2000 now if you consolidate. does that mean i get $2000 for myself, or do they take that off the ammount of the loan.

Best reply by Luke 6:37:

You don’t get $2000 off, you probably just save that much in interest by consolidating. You are basically consolidating to get a lower fixed rate on your loan, that’s the benefit.

Read the original question here
how does student loan consolidation work?

I am wondering how student loan consolidation works,,, once i consloidate my loans do i get a sum of cash? i know i have gotten offers that say up to $2000 now if you consolidate. does that mean i get $2000 for myself, or do they take that off the ammount of the loan.

Best reply by Luke 6:37:

You don’t get $2000 off, you probably just save that much in interest by consolidating. You are basically consolidating to get a lower fixed rate on your loan, that’s the benefit.

Read the original question on Yahoo! site
how does student loan consolidation work?

Is there anyone who knows of any good PRIVATE Student Loan consolidation program? Most lower your payments but do not lower your interest rate. I am looking for a lower interest rate.

Best reply by Sallie Mae:

Since these loans are not backed by the government, most private consolidation loans will be credit based, meaning the interest rate will be set based on your credit history, just like the private loans you have now. If you want a lower rate, spend some time getting your credit score as high as possible and/or find a cosigner with good credit. Both can help lower your rate.

Read the original question on Yahoo! site
What is the best Private Student Loan Consolidation Program (substantial debt!!)?

Is there anyone who knows of any good PRIVATE Student Loan consolidation program? Most lower your payments but do not lower your interest rate. I am looking for a lower interest rate.

Best reply by Sallie Mae:

Since these loans are not backed by the government, most private consolidation loans will be credit based, meaning the interest rate will be set based on your credit history, just like the private loans you have now. If you want a lower rate, spend some time getting your credit score as high as possible and/or find a cosigner with good credit. Both can help lower your rate.

Read the original question here
What is the best Private Student Loan Consolidation Program (substantial debt!!)?