I am in my last semester of college. Should I wait until I graduate to consolidate my student loans? Do I wait until I start repaying? Basically, when is the best time to consolidate?
2007-01-04 07:04:44 · 3 answers · asked by Mandy C 1 in Education & Reference ➔ Financial Aid
You could actually start the consolidation process before you go into repayment. By consolidating before you go into repayment, you lock in the lowest possible rate. Rates increase each year and therefore if you wait until after graduation the rates on your variable loans may go up leaving you to payout more money.
You also receive additional rate reductions if you consolidate before you enter repayment. Once you enter repayment your interest automatically increases.
There are also additional benefits to consolidating your student loans while still in school. You actually receive a rate reduction.
You could get more information if you ckeck out this website:
www.studentaidlending.com
2007-01-04 07:10:32 · answer #1 · answered by Student Loans 4 · 0⤊ 0⤋
Typically financial aid advisors recommend you consolidate during the summer, but I'm unsure if it matters if it's before or after you graduate.
Your best bet would be to visit with a financial aid counselor at your school that can take a look at your particular suitation and guide you through the consolidation process.
Good luck.
2007-01-04 15:51:20 · answer #2 · answered by tulsasfynestdyme 3 · 0⤊ 0⤋
When the interest rates are low.
2007-01-04 15:07:04 · answer #3 · answered by steffers4979 4 · 0⤊ 0⤋