Should I consolidate Student Loans?
Feb 13
Student Loans Q&A loans, random places 5 Comments
Im still in college; I have 2 more years of college left.. and every so often i get these letters from random places asking if i want to consolidate my loans through them.. should i? And how do i determine which to do it through?
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Feb 13, 2010 @ 23:55:02
Since you are still in school, you are probably not paying the loans yet. You should wait until after you are done with your education to decide what to do for three reasons …
1. The rates might be lower in 2 years than they are now
2. You can only consolidate your loans only ONCE, so wait for a good opportunity
3. You may not want to consolidate at all. If the interest rates are going down steadily when you are paying the loans off (like they did in the late 90s and early 2000s), it will probably cost you MORE to consolidate
Feb 13, 2010 @ 23:55:02
I’d say you should wait until you’re done with college and then consolidate everything together. You don’t want to consolidate too many times… plus some companies won’t let you consolidate more than once.
Feb 13, 2010 @ 23:55:02
You should … somehow it does lower your monthly payments. I went from like $250 to about $180 by consolidating 3 loans together. Even though they were the same amount and the same interest when all three are together the month payment was less. It work, I don’t understand how, but it works.
Feb 13, 2010 @ 23:55:02
I agree….wait till you are through. You’ll continue to get offers. Choose the best interest rate.
Careful of your loan term, though. Some will give you low payments/interest, but you will be paying for 20 years. However, if you reduce your interest, you can pay off early.
Feb 13, 2010 @ 23:55:02
Definitely wait till you graduate. Besides don’t ever go through the ads in the mail. If you read the small print, you will notice the high interest rate. You should go to a reputable bank to consolidate. You won’t have to start paying them back until you graduate. At least that’s the way it is in my state.