Consolidating Student Loans

janey83

janey83

Twenty Something
In the past few weeks, I've received several things in the mail about consolidating my student loans -- something about how they're supposed to go up on July 1st. I'm confused though, as to whether I can consolidate now, eventhough I have 1 more semester, or whether I have to start paying back loans as soon as I consolidate....anyone going through this or have gone through it? :confused:
 
K

Kizzy

Guest
janey83 said:
In the past few weeks, I've received several things in the mail about consolidating my student loans -- something about how they're supposed to go up on July 1st. I'm confused though, as to whether I can consolidate now, eventhough I have 1 more semester, or whether I have to start paying back loans as soon as I consolidate....anyone going through this or have gone through it? :confused:
Click to expand...


It depends, call the place that is willing to do the consolidation, the rules vary. There is just not one answer to your question. I would suggest consolidating if you can. I'm sure the interest rate varies on the different loans and when you sit down and talk to a loan officer, they will explain the savings to you. The rates now are at an all time low, and it doesn't cost you anything to call and ask questions.
 
Ponytail

Ponytail

New Member
if you haven't had to start PAYING on your loans yet, don'e consolidate. You're loans will automatically be "consolidated" when you graduate and start paying.

Where you make out on "consolidation" is by taking a lower rate.

Be patient. Your rates right now can't be much higher than 4%. Don't sweat it.
 
FromTexas

FromTexas

This Space for Rent
You can only consolidate the loans you have out, and if you do, you will have to start paying on them. Consolidation is not deferred by you being in school. However, for the time the paperwork takes effect and the payment period begins, it will be three-four months away. Also, Sallie Mae has a feature that if you are consolidating, you may be able to apply now for the lower of the rates. You would have to talk to them about it. The plus is, when you get done, consolidate at these low rates you have now.
 
Last edited:
FromTexas

FromTexas

This Space for Rent
FYI - Mine got consolidate at about 2.8% -- I will never pay those off early! It is free money since you can make more on your money than the value of paying it off. Lock in that rate now for as long as you can and don't worry about early payment. You can make more on your money in long term cd's then you will pay on that.
 
BuddyLee

BuddyLee

Football addict
janey83 said:
In the past few weeks, I've received several things in the mail about consolidating my student loans -- something about how they're supposed to go up on July 1st. I'm confused though, as to whether I can consolidate now, eventhough I have 1 more semester, or whether I have to start paying back loans as soon as I consolidate....anyone going through this or have gone through it? :confused:
Click to expand...
Question: You had to pay for room/board/food program but you don't have to pay a dime towards tuition until you graduate, right?
 
Pete

Pete

Repete
Kwillia got half her student loans forgiven and the other half reduced to .05% interest. You should PM her for details :yay:
 
Ponytail

Ponytail

New Member
Pete said:
Kwillia got half her student loans forgiven and the other half reduced to .05% interest. You should PM her for details :yay:
Click to expand...

Wow. Kwillia seems like an overnight genius today! :lol:











Yer tappin' that ain't ya. :lol:
 
janey83

janey83

Twenty Something
BuddyLee said:
Question: You had to pay for room/board/food program but you don't have to pay a dime towards tuition until you graduate, right?
Click to expand...

That is correct, and usually the first payment is 6 months after graduation...so this time next year, I'll be making out my first payment.
 
BuddyLee

BuddyLee

Football addict
janey83 said:
That is correct, and usually the first payment is 6 months after graduation...so this time next year, I'll be making out my first payment.
Click to expand...
That sucks for the slackers after college.:lmao:
 
BuddyLee

BuddyLee

Football addict
janey83 said:
:shrug: I wouldn't say that, it's hard to find a good job right out of college.
Click to expand...
Not saying you're a slacker, just those that want a break after college. Gotta come up with some dough somehow and if they're not working...well...you know.
 
crenchy

crenchy

New Member
BuddyLee said:
Not saying you're a slacker, just those that want a break after college. Gotta come up with some dough somehow and if they're not working...well...you know.
Click to expand...

college IS the break.
 
You must log in or register to reply here.
Top