I probably have around $10k in student loans and I've been getting some loan consolidation offers in the mail. One from Sallie Mae, another from Federal Loan Consolidation. I have some questions, sorry if I sound like a newbie to this .....

1. Can these consolidators, combine all kinds of student loans, both federal and from private banks?

2. If you tell them that you want to combine all your loans, do you have to tell them things about each one (lender name, balances, int rates), or do they have convenient access to all of this information?

3. Any cons of consolidating college loans?

4. Do I go with the company that offers the lowest rate or is there something else that I should look for as well in determining who I use?

5. What's a good company to go for?

Any other tips or advice would be very appreciated. Thanks in advance.

 

1. Can these consolidators, combine all kinds of student loans, both federal and from private banks?

It's only the government loans that can be consolidated.

2. If you tell them that you want to combine all your loans, do you have to tell them things about each one (lender name, balances, int rates), or do they have convenient access to all of this information?

I'm pretty sure they access to all of your government loan information

3. Any cons of consolidating college loans?

If you have any of the ones with subsidized interest you no longer have that interest subsidized. Once you consolidate I don't think you can again (i think right now is be best you will get for the next 50 years though).

4. Do I go with the company that offers the lowest rate or is there something else that I should look for as well in determining who I use?

Some companies offer incentives such as knocking off a 1/4% for ontime repayment etc.

5. What's a good company to go for?

I went with Sallie Mae because they already had the bulk of my loans.

Any other tips or advice would be very appreciated. Thanks in advance.