When you consolidate your loans and extend the repayment period to 25 yrs (instead of the standard 10 yrs on federal loans) this increases the total amount of interest you pay over the life of the loan. Credit cards and other loans work the same way. Remember, the monthly payment is just the *minimum* you need to pay. Paying more than that each month will reduce the total interest you pay on the loan.
You federal loans can’t be “reconsolidated” unless you have a new (unconsolidated) loan to add to the amount.
Sallie Mae is the largest lender and consolidator of student loans and they offer a lot of great info on their site, including an FAQ and a calculator so you can see what your payments will be.
student loan consolidation information:
October 12th, 2009
Posted in 
Tags:
I use “American Educational Services”
Stocks Genius
If it’s a federal consolidation and the loan terms don’t match your promissory note, contact the FSA Ombudsman’s office to dispute the loan.
Money Grants Review
When you consolidate your loans and extend the repayment period to 25 yrs (instead of the standard 10 yrs on federal loans) this increases the total amount of interest you pay over the life of the loan. Credit cards and other loans work the same way. Remember, the monthly payment is just the *minimum* you need to pay. Paying more than that each month will reduce the total interest you pay on the loan.
You federal loans can’t be “reconsolidated” unless you have a new (unconsolidated) loan to add to the amount.
Sallie Mae is the largest lender and consolidator of student loans and they offer a lot of great info on their site, including an FAQ and a calculator so you can see what your payments will be.
student loan consolidation information:
reconsolidating student loans:
Free Kids Pages