Private College Student Loan

When consolidating student loans, who's a good lender to switch to get a better discount on loan interest rate?

I recently graduated from grad school and owe a little over 150,000 in federal student loans. I've been told about the option of consolidating my loans and switching lenders to get a better interest rate and better rebate on the fees. Does anybody have a lender they'd recommend I switch to during consolidation? Do you have any other advice about repaying federal student loans? Any ways to pay off student loans quickly? Any advice is appreciated. Thank you.

Public Comments

1. good gravy, that is a heck of a lot of money to borrow. My advise is NOT consolidate (consolidation just lenghtens the time you pay on it, thus making you pay MORE MONEY in the long run). Consolidation might get you a slightly lower interest rate, but when you pay on the loans for 25 years instead of 10, you kinda miss the boat on savings. My advise to you right now is to NOT consolidate and sell everything you own that is costing you money AND move back in with the folks. Pay that debt of quickly (8 t0 10 years) so you can get on with your life.... otherwise, you'll never be able to afford a family or a house or a life! Hope it was worth it. Graduated with my masters degree with 22K in total debt
2. When you are talking about federal loans you only have one option when it comes to consolidating and thats Federal Direct which would put your loans with the Department of Education. If you are able to make your payments do not consolidate. Most servicers only recommend consolidation as a last ditch effort for borrowers who can not pay and are out of options. In all reality its a way for them to get rid of loans that are high risk for default. the best way to pay off your student loans is to make large PRINCIPLE payments when able such as when you receive income tax refunds or other large one time payment. As far as your interest rate goes many are locked in, however call your servicer and see if they offer deductions as incentives. With my agency we offer .25% for signing up on Direct Debit and many are eligible for .5-1% off after that if they stay on it after one year. never forget that you have options. Lower payment plans, deferments and if worst comes to worst forbearance's. What ever you do, do not default. The government can take your income tax returns and up to 15% of your income to pay them back not to mention all the other negative consequences.