How does consolidating student loans help you?

This is the time of year when the buzz starts up about student loan consolidation. Some people benefit from consolidating, others don't, and borrowers want to know which camp they fall in.

Here are the facts: Until recently, borrowers were able to consolidate their loans each year at a low-interest rate, sometimes under 3 percent. In 2006, Congress set a fixed rate for Stafford and PLUS loans, which means that loans originating after July 1, 2007, largely won't benefit from consolidation. In fact, if you do decide to consolidate, your interest rate will increase slightly.

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Resources:
Debt Consolidation Information
Debt Consolidation Companies

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