Consolidating student loans

Asked August 21, 2014, 5:47 PM EDT

My new daughter in law has come to me asking if it is a good idea to consolidate student loans and how to accomplish consolidating student loans. I don't know how much she has in loans and I don't know if they are government or private student loans. I imagine they add up to be a substantial amount and she has a mish-mash of loans. What quality information can I give her so she can make quality decisions about her financial future? She graduated two years ago and has a good job. It did take her longer than four years to get a degree and she has a number of brothers and sister at home.

Missouri personal finance

1 Response

Well, there are many websites that can provide quality information. Studentloans.gov, https://studentaid.ed.gov/repay-loans, has a helpful section on repaying loans. She can also call the servicer for her loans and discuss options.

She might want to consider talking to someone from her university. There may be an organization on campus that can guide her through the choices. For example, at the University of Missouri, there is the Office for Financial Success: http://ofsmizzou.org/

The Consumer Financial Protection Bureau also has a useful interactive website that can walk your daughter in law through several options.
http://www.consumerfinance.gov/paying-for-college/repay-student-debt/#Question-1

Student loans are complex, so you may want to find a financial planner that can offer some guidance on loan options.