Can i consolidate my student loans while attending school?
Nov 21
Student Loans Q&A college tuition, private college, Student Loans Q&A 5 Comments
I graduated from an Private College, tuition was paid through Loans. I am now attending an University. Can i consolidate my student loans while attending school. I’m afraid of the rising interest that may occur.
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Nov 21, 2009 @ 23:53:29
Hello there Frank,
Prior to July 1st 2006, you would have been able to consolidate your student loans at anytime..
Unfortunately, a new law passed that states you can only consolidate 3 months prior to graduation (so 90 days before, 89, 88, 87, etc. are all eligible)..
Or, if you are considered part time…
Are you part time currently or are you considered full time??? Each school is different..
Some schoolls say 1 class if full time where others consider 4 classes full time… This is the first thing needed…
Regardless you still should take acton now whether full or part time..
The reason i say so is that the department of education offers multiple rate discounts to college students.. The thing is that not all student loan lenders decide to honor the rate discounts..
I work for Student Aid Lending, we are a title IV lender administered by the Department of Education.. We lend nationwide, and HONOR ALL RATE DISCOUNTS!!
We actually take it one step further. One discount offered is .60% off your rate to anyone who consolidates 90 days prior to graduation… WHat we do is if you sign an application with us now (to consolidate once 90 days is up) we will STILL HONOR THE .60% RATE REDUCTION!!
The reason this is huge is because this rate discount will only be offered for a small amount of time… If you wait to sign up, you will lose out on this discount and potentially spend thousands more in interest…
Fir instance, if you have just $10k in student loans, the .60% rate reduction can save you over $6,000 in interest over the term of your loans… The more you have the more you will save…
What i suggest is that you give me a call to go over your options.. Ill gather your info in less then 10 minutes, and send out a paper application in the mail that day (unless your under 90 days away, we can electronically sign you online)
This way you are locked in ans we will honor your .60% rate reduction (even if it is a long time before you graduate)
You can also get more information about my company on my yahoo 360 profile.. There is a direct link there to my companies website as well..
http://360.yahoo.com/my_profile-HlUDUhMib7M9Wlj6o6L2SfGcEYtkt9xsaQ–?cq=1
Feel free to call or email me at anytime.. I am a financial advisor and it is my job to answer questions and assist people such as yourself…
Good Luck!
Jason Fry
Student Aid Lending
1-800-964-0642 ext 114
jasonf@StudentAidLending.com
Nov 21, 2009 @ 23:53:30
On most federal loans intrest will not start being charged until you are out of school. At that time than you should reconsilidate. Intrest rates will not raise much higher anytime in the future. Now if you have private loans consolidate them imdeiatly. You school should have a financial advisor for when you get loans. Just go in and talk with them.
Nov 21, 2009 @ 23:53:30
yes, u need to speak to your counsolor who provided u the loan.
Nov 21, 2009 @ 23:53:30
Yes, you can consolidate your loans while you are still in school. This will lock in your current interest rate, thus keeping it from increasing if your current interest rate is variable.
If the interest rate is fixed anyway, then there’s no need to consolidate now because the interest is not going to be changing.
Furthermore, if your loans are subsidized, they are not accruing interest while you are in school at least 6 units anyway.
Consolidation is definitely preferrable once you are ready to enter repayment because it combines your loans so that you have only one payment due per month on one large loan rather than several payments due on smaller loans. Upon consolidation, your interest rates will be averaged to come up with your consolidation interest rate.
Call your lender/servicer to talk to a loan advisor about your consolidation options. If you do not know who your lender/servicer is, create a student account at http://www.nslds.ed.gov to access your loan information. (NSLDS stands for National Student Loan Data System).
Dec 09, 2009 @ 16:07:01
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