Fed Financial

I have a few student loans with sallie mae and aes, a comopany called me called onesimpleloan and offered?

consolidating the loans they said it will improve credit scores and my interest rate will be a point lower, giving me a 4,000 deduction in interest is these consolidating services a good idea? I am still in school but I have some deferred loans from my previous school I took a year off and went back. They said my payment would be 120 for the first two years and 175 for the years after that. right now our yearly income is 20,000 a family of six, so hopefully after graduation our income will go up, this stuff worrys me my myspace is myspace.com/crystalawak you can talk to me there to if you like. If you want to tell me how to make money like I need you can leave me some ideas too (0: funny I did write a lot of typos in thanks for pointing it out ~sorry~

Public Comments

1. Consolidation helps save you some money, but read the small print. Some give a good rate for only an initial period, then the rate shoots up. If you are back in school, you can get all of your loan payments deferred too.
2. Finish school, and perhaps take a remedial spelling class or use spell check. Then look into employment in the areas that you are most interested. Remember, it is much easer to perform well in a job you enjoy.
3. Consolidation is a very good idea; it can save you money (as long as you get a fixed, low rate), and you only have to keep up with one payment. But shop around--don't just take the first offer that comes in the mail; you'll probably get dozens, especially as you near graduation.
4. Generally these loan consolidation people are a bad idea in my opinion ......you need to check what interest rate & for how long its valid for & how much longer period is the loan....Id steer clear & manage as you are & concentrate on paying off what you owe, its so easy to get deeper in debt - which is what most loan companies really want after all its how they make their money.