Kat asked:
I have federal student loans. I graduate next week and one will come due next month since it is the loan from my A.A.S. Degree. My other loan will come due in six months. Should I wait and consolidate the loans right before the six month time frame or do so now? I’m in a bit of a money crunch as it is difficult to find a new job but I also want to do the right thing. Thanks for you help!
I have federal student loans. I graduate next week and one will come due next month since it is the loan from my A.A.S. Degree. My other loan will come due in six months. Should I wait and consolidate the loans right before the six month time frame or do so now? I’m in a bit of a money crunch as it is difficult to find a new job but I also want to do the right thing. Thanks for you help!
if you consolidate them into a “non student loan” like through a local bank at a lower interest rate, then you don’t get any deferrment. But if you consolidate through the federal loan program, then it really doesn’t matter when you do it. You get 6 months’ deferrment for student loans, and they offer different payback plans. You do have to have more than $30K to qualify for consolidation though.
Left by honeycatksu on January 29th, 2010
i think you consolidate then mow . there is no pint i waiting you have to pay the money back either way . but , if you are having financial hardship and you have a legitimate reason you can request a deferment . i believe you can get one up until 10 yrs so look into i t. and if you only send 20 bucks a month that’s find something is better than nothing at all allowing all that interest to pile up .
Left by prettyeyez0724 on January 31st, 2010
Here are some great tips on how to consolidate student loans.One good thing about government loans is that the interest rates are fixed when consolidating them, and so rest assured that the rates that the lending company will charge you are within the boundaries of the law. Albeit there is already a ceiling on the interest rates when consolidating government loans, it is always to your advantage if you will shop around for those with really low interest rates.
Grace period of loan repayment means you are done with college and earn a degree but the part of repayment, you just have not started. The grace period is usually from the graduation day to 6 months after and is usually regarded as an excellent time to which you acquire college student loan consolidation.
Left by Brennan B on February 2nd, 2010