by April 5th, 2010. Filed under: Personal Finance.
double v asked:
If subsidized loans meeans that I don’t pay intrest until after I finish college, should I NOT include them in my loan consolidation? Once I consolidate my loans can I make corrections?
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If subsidized loans meeans that I don’t pay intrest until after I finish college, should I NOT include them in my loan consolidation? Once I consolidate my loans can I make corrections?
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Filed under: Personal Finance
April 8th, 2010 at 3:41 am
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You should always consolidate. Try to do it today if you can. Rates go up like crazy tomorrow. Seriously.
April 8th, 2010 at 11:26 pm
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Speak with your Financial Aid rep about this. I was always told not to consolidate until AFTER I was done with school, because if I consolidated, I would have to start paying them back right away, or use up some of my forebearance. Of course, this was when the rates were still falling, and now they are rising…so the advice could be different now. This is the sort of question that the FAR’s are there for though, so ask them!
April 10th, 2010 at 10:47 am
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Consolidate NOW. I would rather give up the 6 mo grace period than deal with the higher payments associated with the new interest rate.
April 11th, 2010 at 2:09 pm
Kansieo.com
Be careful with consolidation. By consolidating your loans, you may avoid the higher interest rate (and a few thousand dollars on the life of the loan) but you are giving up benefits like deferment and cancellation. Please do some research and speak with your student loan officer.
I placed a few links below. Many years ago, I had student loans and there was a point in time when I was grateful for the deferment option. Life is funny, we plan, be we can’t plan for everything.
“You may give up some valuable features or benefits of your student loans by consolidating. Decide if you can afford to lose Perkins loan deferment or cancellation provisions or any other features or benefits of your particular loans.”
“If you hope to qualify for student loan forgiveness ( ) by pursuing certain public service careers, do not consolidate your Perkins loan. Only the portion of your Perkins loan that remains unconsolidated is eligible for forgiveness.”
If you consolidate, you no longer have the 6 month grace period and you must begin payment of your consolidated student loans.
Please see this link for deferment summary. You never know when you might need a deferment.
April 14th, 2010 at 8:51 pm
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There is some good info here.