“As with any major purchase, including student loans, you really owe it to yourself to shop around”.

Once you have student loans, can you transfer them to other lenders for better rates? — this was my number one question for Chris Penn of Student Loan Network and the Financial Aid Podcast.

Bummer news: nope, I can’t. Not since I consolidated my loans. So what about you? You’ve got burning questions, he’s got answers. Find out how you can participate in the first LIVE financial aid podcast. You can even download it into that iPod you bought with that “living expenses” loan. (Actually, no iPod required).

What are the goals of the Student Loan Network and the Financial Aid Podcast?

Student Loan Network is a loan origination and consolidation company, and we’ve been servicing student loans since 1998. We’ve got 25 people on staff and originate more than 200 million in student loans a year. Our goal is to provide competitive loans and basic financial literacy to our borrowers.

Our podcasts started back in April 2005. We have grown into a daily broadcast covering all topics relating to student loans for the millions of Americans who currently have and are in the process of getting student loans. This upcoming podcast is our first “live” call-in show and we encourage people to register for, and participate in, the podcast. It’s free!

A lot of people think they have to use the financial lender their school recommends. But, critics say the schools often get kickbacks from this arrangement and the rates are not necessarily the best options for students. What is your opinion?

No doubt, getting a student loan requires comparing a very complex mix of loan products. There are still some single-lender schools [those that require you only use one specific lender] but this is changing. Hopefully new laws will pass thanks to the negative publicity some major lenders got last year.

As with any major purchase, including student loans, you really owe it to yourself to shop around. You do this using Google and really dig into all the information because the fine print does make a difference. If you decide to be lazy about it and just sign whatever is offered first you can really do yourself a disservice. You can find later you’ve got a “gotcha” moment.

Yeah, I discovered that myself! After consolidating with Sallie Mae I forfeited my ability to move the loans elsewhere!

Exactly.

Should students stick with the “big guys” like Sallie Mae? Or do they have to?

In a case like yours, you have to stay with Sallie Mae. That’s the power of fine print. The best situation to be in is prior to getting your loans. Shop around! Try us, for instance.

What is your opinion of the strategy of paying down part of your loans using 0% credit cards? Is it totally risky, or fiscally savvy?

That depends entirely on the situation. If you have a small amount, say, $1,500 of loans and the money in hand to pay for them, sure — it might be worth it to pay on your 0% card and earn airline points or cash back. But, a Federal Stafford loan is fixed at 6.8%. Few students could qualify for a credit card with interest rates that low. You have to remember that those 0% cards will jump up to 14, 18, even 20% after the initial 0% introductory period. I’d be very, very careful.

How can people tune into your very first, free LIVE podcast?

Call in with your questions on the air and I’ll answer them. If you’d like to be a part of this, please reserve a ticket for yourself here.

Tickets are FREE, but I want to get a better idea of how many people might be calling in, hence the registration.

I’ll be answering questions about the FAFSA, financial aid, student loans, scholarships, and more.

Cool, thanks Chris! I’ll be there and I hope you guys in the Geezeo community with student loans will join me. As a reminder, you can track your student loans on Geezeo. And if you’re interested in podcasts, and making money from them, check out the Geezeo group Podcast Monetization.