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[quote=Anonymous]I consolidated all of my federal loans because I had 3 different servicers and 3 different due dates (one servicer had 2 separate due dates). I prefer to review my bills each month (and pay extra into the account) instead of setting up automatic bill pay- and I was fine for a while but then made one late payment because it is hard to keep track of all these loans and due dates. Anyhow, I was surprised that the process was so involved. The application is kind of long and you have to have references and stuff- essentially you are asking someone to take you on as a lender. But it all went OK and it took maybe 6 weeks? to get the approval and then another month to have the account all set up. I totally recommend  it; it is a relief to have it all in one place.

The only way you will save money is if you are locking in a low rate on a variable interest rate loan. You can also save a bit by lowering your interest rate (by .25%- which would have saved me like $200 over 10 yrs) if you sign up for automatic payments. [/quote]

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