When should i consolidate my student loan, any idea?
Date: Thu, 11/10/2005 - 13:26
When should i consolidate my student loan, any idea?
I've few student loans (Unsub. Stafford Loan). I would like to know what is the right time to consolidate. I was told that I can consolidate when I am in school or during the grace period also.
Yes you can. Consolidation is possible when you are in school, p
Yes you can. Consolidation is possible when you are in school, provided you have attended school half time. You can consolidate during the grace period also.
This might help you to lock the interest at a lower rate and as a result monthly payable amount could be affordable for you.
Federal govt. generally pays the interest of your student loan when you are in school. If you go for in-school consolidation, you will lose that facility. And if you consolidate your loan in the grace period, the repayment process would start immediately after.
Some people do not want to lose the grace period offered by federal govt. I would suggest consolidating in the last month of grace period, it would help you to enjoy the annoyance-free days in full and also you can lock your interest rate at its lowest.
Since the rate of interest for federal loans are tending to rise, it could be beneficial to consolidate earlier. I would suggest you to have counseling with professional experts.
