How to Consolidate School Loans
I have 8 student loans right now, and I’m looking at monthly payments of about $700 to pay these back in a few months but theres no way I can afford that, does anyone know how I would go about getting lower monthly payments. Like someone said consolidating them but I have no clue how to do this? Answer: I hear ya. I just ended school as well. At first, I went … I hear ya. I just ended school as well. At first, I went through a program called direct loan consolidation: loanconsolidation.ed.gov/ They will walk you through everything. However, in the end, I decided not to consolidate afterall. Here’s why: I found out that consolidating would lower payments, but that just means I would pay more in the long run, stretched out over more time. The loan consolidators go ahead and pay off your debt to the (bank or government) for you, but then you owe THEM. Sometimes, they jack their rates more than what you would have paid to the original (bank or government). Second thing that worried me –
