Consolidate student loans?

My son has 2 student loans plus scool expense on a credit card. I was thinking about consolidating them. He is almost complete, he goes part time and to a school that does not accept federal loans. The current loan is a private student loan and has been closed and sold to another instution. To get more money I would have to get another student loan, that would make 3 loans. Any advice ? thanks

Consolidate student loans?
You probably will want to consolidate all the loans after he graduates to lesson the monthly payment. Check with the current holders of your loans to see what they offer as far as repayment incentives. If you aren't happy there then check around with other lenders...there are many out there.
Reply:In general, consolidating loans increases your interest rate by a small amount, and lowers your monthly payment by a significant amount. It does this by taking a 10 or 15 year loan and stretching it out into a 30 year loan, meaning, in the end, the interest you will be paying is much higher. The benefit is that you often get a fixed rate when you consolidate, and with interest rates continually rising (so it seems anyway) this is a plus. It boils down to Pay now? or Pay Later?
Reply:Hey there,





Yeah you should seek advice from professionals about this. I have this website where you can request for a no-obligatory free information regarding student loan consolidations. Compare the rates around the industry, before making a decision.





http://snipr.com/1nn04





Hope this helps!
Reply:Yea you might want to consolidate getting more and more loans will dig you a hole..
Reply:You may want to look at the current loan interest rates. That's really the main benefit of consolidating because you can lock in at a great rate. Even if you consolidate now, you can consolidate again if you have to take out another loan. It's also better to use the loan for funding as opposed to a credit card because the interest rate is lower in the long run. Student loan rates can be 2.5-5% where a credit card can be 25% or more. Your sons education is important so if you must get a loan and he doesn't qualify for grants, I would say do it. Once he graduates he'll be able to pay it back over time.

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