I have student loans and I declined to consolidate them. The government interest rate is way better. At most you would save about half of a percent if you did even if you got a good rate. You won't save that much money by doing so. The payment will only be for a longer period of time and in the end you will have paid more. The government will work with you if you need a deferment or a lower payment for a short amount of time. Just call them and tell them what you need, they are very accommodating. Depending on how much you owe you could reasonably pay it off in about 5 or 6 years if you pay over the minimum payment. I think of mine like a car payment and pay according to that. The student loan will take around 10-15 years to pay off if you only pay the minimum payment. Consolidation will not change that, only maybe make it a longer time. |