Should I consolidate now? I have around 15,000 in loans but I cant remember what the fixed loan rate would be now or if it would be beneficial to just wait or go through someone else. Thanks.

10/17/2006 6:08:46 PM

Are you paying them back right now? I know once you consolidate, you have to start paying them back, so if you are still in school, I wouldn't.

10/17/2006 7:30:19 PM

The best person to answer this would be somebody who works in the financial aid office.

10/17/2006 7:31:57 PM

Quote :

"The best person to answer this would be somebody who works in the financial aid office. "

If you want a non answer I suppose. The best person to ask would be someone who knows about loans and who actualy gives a damn.

10/17/2006 7:33:50 PM

Quote :

"I know once you consolidate, you have to start paying them back, so if you are still in school, I wouldn't."

not true. i consolidated and still had 6 months after i graduated to defer payments

10/17/2006 8:09:46 PM

Ive been paying them back for about a year now. I always get those letters in the mail about consolidating through them instead of whoever im with and i didnt know who had lower rates, payback periods, etc.

10/17/2006 8:12:36 PM

when I refinanced it meant I lost my "grace" period so any time after I graduate they can start sending me notices to start repayment, but they are still deferred while I'm in school and breaks between semesters (including summer)

10/17/2006 10:01:36 PM

you might as well just wait now, if you were going to consolidate you should have done so before june, the interest rate went up about 2% then. I consolidated mine in May and locked in a 4.75% rate, and now the rate is 6.75%, or something very close to that. of course, it might go up again next june like it has done for the past few years, but you might as well wait until at least May to consolidate b/c the rate won't increase before then.

10/17/2006 10:12:00 PM