Student loan consolidation is an issue that plagues many today. Student loan “preferred lender” scandal aside, there are still many questions about student loan consolidation that you may have. Many former students are especially concerned about consolidating Federal loans. Today we will take a brief look at whether or not you should consolidate your Perkins loan.
The short, quick and easy answer is no. Perkins loans are actually fixed at 5 percent. That is a lower rate than you are likely to get right now with student loan consolidation. Besides, consolidating a Perkins loan will disqualify you for student loan forgiveness programs.
Tuesday we will take a look at the possibilities for consolidating the Federal Stafford loan. It deals with more complex issues than the Perkins loan.