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Make sure you ask your loan broker how many discount points you will have to pay. Also, make sure you find out what the origination points are too. Points are often used to disguise the real rates you will be paying. If you take out a loan at 5%, but also have to pay 3 points (3 percent of the loan at closing), is that really a 5% interest rate? No. It is not. That is why it is important to take your Good Faith Estimate to your financial advisor. Points are points, whatever they are called. It is money out of your pocket.

Make sure to get a Good Faith Estimate from your loan broker as early as possible. You want to know all the fees you will be required to pay at closing. Many lenders will have fees for the smallest things that other banks may not have. Yes, you are getting a 5% rate on your loan, but with all the extra fees and points you might have to pay, the real rate on this loan might be a lot higher. Another advantage of getting a Good Faith Estimate is that the form is relatively standardized. You can take the estimate to another broker or your local bank and see if they can beat the offer. Do not be intimidated by pressure tactics that mortgage brokers like to employ. There is a reason why they all seem to take so long to get your loan through. They all wait until it is too late for you to find a better deal... and there is ALWAYS a better deal.

If you are going to consolidate your student loans, you MUST check more than one company. Do not trust your current lender to give you the best deal. They trust you will be lazy and not find a better deal. You can only consolidate once and they know it.

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