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No. of Recommendations: 7
Fatwallet has a great thread for those considering consolidation.

http://www.fatwallet.com/t/52/262119/

A list of some of the best deals so far:

companies which allow to reconsolidate your loans
(i.e. they'll allow to consolidate your loan if you have already consolidated it with another lender(s) and even if you have only one loan)
www.collegeloan.com
www.acs-education.com (website to manage your account on line)
Terms and conditionS: will stay the same (according to the CSR rep)
"you'll be able to request unlimited Foberance and Deferment just like for your Direct loans"
Interest Rate: will stay the same
EDA: yes - .25 interest rate reduction for Electronic Debiting
Bonus: after 6 month you'll get 1% of your loan balance as a Cash Back which can apply towards the principal balance or cash out

Update:
I've had a loan with direct loans, which was previously consolidated(got 1% reduction) and have successfully consolidated it with collegeloan.com.
It took a bit longer than they promised (45 days instead of 30), but everyting went ok. The pay off amount they got from direct loans was outdated, so they overpaid about $200 to direct loans. Direct loans credited the overpayment back to in about 2 weeks.
The only draw back is that I need to reenrol in to EDA, so I will not have .25 interest rate reduction for a couple of month.
They gave me 3 month deferment(from the date consolidation was complete).

www.cfsloans.com
Terms and conditionS: not sure, waiting for application to arrive in the mail
Interest Rate: will stay the same
EDA: yes - .25 interest rate reduction for Electronic Debiting
Bonus: after making on time payments for 36 month you'll get 1% interest rate reduction
Additional info: your loan will be with c1t1bank or with some other company(don't remember the name)

www.istudentloan.com
Rate as low as 4.00% variable rate(tied to prime) depending on your income and credit history. CSR said that I will get a reply withing minutes telling me what rate I qualify for and then can decide whether I want to accept it or not
Minimum amount for consolidation min $5000 - max $80000
Interest Rate: weighted average
EDA: yes - .25 interest rate reduction for Electronic Debiting
Bonus: .5% reduction for 48 consecutive on time payments
Additional info:
- Application is taken on-line only
- the CSR said that because what they do i a private loan consolidation ANY education loan will be eligible.

companies which DO NOT allow to reconsolidate your loans
(i.e. they will only allow you to consolidate if you have not previously consolidated or have more than one loan)

www.financialaid.com
Interest Rate: weighted average
EDA: yes - .25 interest rate reduction for Electronic Debiting
Bonus:
- Borrowers with $20,000 or more in student loans benefit from an additional 1% rate reduction after you make 36 on-time payments.
- If you consolidate during your grace period, your interest rate will drop an additional .6%. If you have just graduated you should consolidate your loans as soon as possible!

www.nextstudent.com
Terms and conditionS: "Retain all federal borrower benefits"
Minimum amount for consolidation $15000 according to website
Interest Rate: weighted average
EDA: yes - .25 interest rate reduction for Electronic Debiting
Bonus:- 1% interest rate reduction after you make your first 36 consecutive on-time payments
- Save 0.6% more during grace periods or eligible deferment

www.higheredloans.com
Minimum amount for consolidation $7500
Interest Rate: weighted average
EDA: yes - .25 interest rate reduction for Electronic Debiting
Bonus:- 1% rate reduction, after 48 month of on time payments
- Save 0.6% more during grace periods or eligible deferment

www.salliemae.com
Terms and conditions: 5 yr foberance, 3 yr unemployment defermend, unlimited in school deferment
Minimum amount for consolidation $7500
Interest Rate: weighted average
EDA: yes - .25 interest rate reduction for Electronic Debiting
Bonus:
- If your initial SMART LOAN balance is $10,000 or more, you can also earn a 1 percentage point reduction in the interest rate on your loan, during periods of active repayment, after making your first 36 scheduled payments on time.
- For borrowers submitting a consolidation application during their grace period, the interest rate for the Consolidation loan will be based on the in-grace rate, which can be up to .6 percent lower than the interest rate during repayment for Stafford loans first disbursed on or after July 1, 1995. Thus, consolidating in grace can significantly reduce interest costs.

idapp.com (thanks dxr)
Terms and conditions: same as original federal loans?
Minimum amount for consolidation N/A1
Interest Rate: weighted average
EDA: yes - .25 interest rate reduction for Electronic Debiting

Expired Bonus:1% interest rate reduction after 24 payments, another 1% after 48 on time payments

Current Bonus:1% interest rate reduction after 36 payments

Tip from dxr: Another money saving strategy for the disciplined:
When I consolidated, I asked for a graduated, extended payment plan. This gave me very low initial payments. I then made payments as if I was on a normal extended repayment plan. My loan company counts these "overpayments" as additional payments, so for each payment I make, I get credited for 3 months of "on time payments." So in a little over a year, I will have an interest rate on my loans of under 1%. Note: This plan is contingent on how your loan company handles "overpayments".

educationalloancompany.com (thanks igorlord)
Terms and conditions: same as original federal loans?
Minimum amount for consolidation $20000
Interest Rate: weighted average
EDA:(they call it EFT) yes - .5 interest rate reduction for Electronic Debiting
Bonus:1% interest rate reduction after 24 payments
Bonus for consolidation during grace period .6 interest rate reduction if you consolidate during a grace period

www.northstar.org (copied from http://www.fatwallet.com/forums/messageview.php?catid=52&threadid=314111&start=0 thanks searcherz)
Terms and conditions: same as original federal loans?
Minimum amount for consolidation none
Interest Rate: weighted average?
EDA: don't know
Bonus: .75% interest rate reduction starting with your first payment. I.e. they substruct .75%/12 from your principal balance with each monthly payment you make.
use this calculator to determine wether they save you more money than other companies:
http://www.northstar.org/BonusCalc.aspx?typ=Undergrad
looks like they are the best deal for shorter repayment termns (10 years or less).
btw, their calculator can be useful in comparing other companies bonuses

This seems to be the best deal
www.uheaa.org (thanks superking)
Terms and conditions: same as original federal loans?
Minimum amount for consolidation n/a
Interest Rate: weighted average
EDA: 1.25 !!!
Bonus: 1% reduction after 48 month.

www.slc.sc.edu (thanks sandmanwake)
Terms and conditions: same as original federal loans?
Minimum amount for consolidation n/a
Interest Rate: weighted average
EDA: .25%
Bonus:
1) 2% Rate Reduction First Year on Consolidation Loans
As of December 1, 2001, SCSLC will reduce the interest rate on new Consolidation Loans by 2% during the first year of your loan accomplished by a one-time credit to your account.

2) Graduation Incentive Program
Borrowers that receive a Federal Stafford, PLUS or Consolidation loan from SCSLC on or after May 1, 2000 who graduate from college and make their payments on time may have a portion of their debt cancelled depending upon the type of degree received: $250.00 for an Associate's Degree, $500.00 for a Bachelor's Degree and $750.00 for a Graduate or Professional Degree.

3) 1% or 2% reduction after 48 on time payments
Our BestInterest(sm) will save you up to 2% on your interest rate during repayment. To qualify, you must make 48 consecutive on-time monthly payments after June 1, 1999. After the 48 th payment, your interest rate will be reduced by 2% on Federal Stafford and PLUS loans. Federal Consolidation loans are eligible for a 1% interest rate reduction after 48 consecutive on-time monthly payments.


I hope this is helpful. It helped me a lot.

Steve
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