<p>Hello,
My husband and I currently have two Federal Direct PLUS loans which we want to consolidate. Our son has just been accepted as a transfer to a non-direct lending college. We would like to have all of our current and future loans through the same lender. The new college's website states that they have the following preferred lenders: Student Loan Funding, Chase, Citibank and Wells Fargo. I have checked each of the companies' offers and feel that they are very similar. I would greatly appreciate any advice or experience other parents can share regarding this topic and the specific lenders. Thanks much for your help.
Chris </p>
<p>P.S. The Student Loan Funding site connects to the Sallie Mae's SMART LOAN account service. Does anyone have experience with this?</p>
<p>I hate to add just to move this up. Has anyone consolidated their PLUS loans? Surely we can't be the only parents who didn't save enough for our kid's education and still want to help!</p>
<p>Try calling each up and hear what they have to say. You have 3 months left to consolidate at a 5.3% or less. After June 30, guaranteed to be higher so much, you'd think "its too much" of a jump. The process will take 2-3 months.</p>
<p>What I've discovered is that the student loan program is very competitive and the terms and interest are proscribed by law. In contrast to the 1st mortgage and HELOC programs- the terms and interest can very widely. However very few people have the ability to compare mortgages other than the initial rate.</p>
<p>itstoomuch- thank you very much for answering. It's very helpful to know that it is worth the work of checking around. It will be my next project. Thanks again.</p>
<p>I say - consolidate if you can! I did that last year with my 2 oldest kids--and, the payment has gone down a lot--yet the interest rate is secure--(I know I will be paying forever, but, it is a low rate, soo....good outweighs the bad.) Now, with my next and final child, I will start all over a gain, but without consolidating, I never would have been a ble to take more loans and still live in my house!</p>
<p>And, I'm not kidding.</p>