The student loan debt consolidation industry has never been particularly popular in the media, as evidenced by several high profile exposes on firms who were taking advantage of students’ desperation in schemes that basically amounted to loan sharking. Such firms certainly still exist, but with the Fed keeping interest rates low, consolidation loans seem to make more and more sense for many students, with big banks often outdoing the rates that the government or other lenders were able to offer at the outset of the loan.
Studies have shown that student loans have been a pretty good business over the last 50 or so years, certainly better than the speculative mortgage lending that many big name banks engaged in recently. So for a student, the current economic situation and low interest rates may very well make consolidation loans very appealing.
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