What Happened to Student Loan Consolidation Rates?

Many students take out student loans, not realizing how much interest they will accrue. The facts are startling for 2010. The nation's largest student lending provider, Sallie Mae, is not consolidating debt anymore as it did in the past. In fact, only a few years ago before the housing market crash of 2008, Sallie Mae lending officers would cold call customers and offer them the option of consolidating all their loans into one lower monthly payment with a considerably lower interest rate.

In those days, a customer could receive a generous rate of 5 percent, for example. However, it is now a different market altogether, since an economic recession looms over the United State. The current interest rate given to students who have taken out loans from 2007 on is around 6.8 percent and will not drop in the near future, though Sallie Mae has said they will bring back the option of consolidation at some point.

Due to this grim situation combined with a staggering national unemployment rate of 10 percent, recent graduates are struggling to not only pay off debt but also to receive some financial relief in the meantime. Therefore, it is best to look to the upcoming tax season to get back a portion of a graduate's hard earned money.

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