Can anyone recommend a web site/service with good information on consolidating student loans, or recommend someone to do it? I assume now is the best time to do it with the low interest rates.
Now is a great time to consolidate. The current federal student loan rate is 2.85%. The rate may be lower in July, if you want to wait until then. I don't think it will be higher, but that is always a risk. I don't have any specific links, but here are some tips to keep in mind:
-Any consolidation should be free--no fees--really free. If there are any fees, pick a different program
-You should be able to find a place that knocks off a minimum of 0.25% for automatic payments and 0.75% or more for on-time payments (that 1%+ savings adds up). If a program does not offer these benefits, move on to the next one.
-Consolidate for as long a time period as possible. This will allow you to have the lowest monthly payment. What if you want to pay off your loans quicker? Just send more money! Extending your loan repayment period gives you a lower monthly payment on paper--even if you elect to send more. This will improve your credit rating when applying for a mortgage, car loan, etc...
-Do not consolidate with a spouse. Even if you are married, consolidate only in your name so that your spouse does not become responsible for your loans if you die or get divorced.
You can still wait to find out the next yearly rate in late May/June. They're telling us this may be the last set of loans can be consolidated at a fixed rate. Who knows for sure.