A: First, check to see if you have any federal loans, like Staffords. Even if they came through a private lender, you can consolidate them through the Federal Direct Consolidation Loan program, which offers different repayment schedules that are meant to help you take control of your debt.
But with $100,000 in debt, you probably have some private loans in your portfolio, too. And I am going to be straight with you: Private college loans are not ideal at any time, especially now, when many lenders have left the student loan business or curtailed their lending in the wake of the financial crisis. I contacted student loan guru Mark Kantrowitz at FinAid.org, who says just three lenders still offer consolidation: Chase, Student Loan Network, and Wells Fargo. Try thoseand shop smart. Study each and every term, as well as fees. With a private loan consolidation, your FICO credit score will determine both whether you get a loan and what the initial rate will be. You should also know that there are no fixed rates on consolidated private loans; your interest rate will probably be tied to a benchmark like the prime rate, so when that rises, so will the rate on your loan.
Finally, if you have a solid job and a solid credit score, think about looking into a personal loan at a bank or credit union. You might not be able to score a deal for the entire amount, but if you can get a fixed-rate personal loan to pay off some of the variable-rate student loan debt, that will offer you more stability.
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Please note: This is general information and is not intended to be legal advice. You should consult with your own financial advisor before making any major financial decisions, including investments or changes to your portfolio, and a qualified legal professional before executing any legal documents or taking any legal action. Harpo Productions, Inc., OWN: Oprah Winfrey Network, Discovery Communications LLC and their affiliated companies and entities are not responsible for any losses, damages or claims that may result from your financial or legal decisions.
Personal finance expert and O, The Oprah Magazine columnist Suze Orman teaches you how to consolidate $100,000 in student loans.
Suze Orman's Advice for Consolidating Student Loans
The Oprah Magazine columnist Suze Orman teaches you how to consolidate $100,000 Ask Suze a question Suze Orman's Advice for Consolidating Student Loans.
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