I have a question about student loans consolidation. I am going to finish my undergrad this summer and going to graduate school this fall, should I consolidate my loans now or after graduate school (3 years from now)? I am getting a lot of mail and phone calls from these company and I was just wondering if it was a wise decision to consolidate now? I have about 16,000 in debt from undergrad, and after graduate school, the total will be about 100,000. Thanks!!!!!!!!
2007-04-30 10:34:51 · 2 answers · asked by Anonymous in Education & Reference ➔ Financial Aid
If you will be attending in the fall semester after graduating with your Bachelor's degree, it is better to consolidate your loans after graduate school. The only reason I can think of not to consolidate now is if you receveived scholarships and have no need for student loans for your graduate school degree. If you have not done it before, it might be an idea to apply for graduate assistant or research assistant positions with the college to have an income while working on your graduate degree. I also recommend applying for scholarships to lessen the need for more student loans. Finally, I recommend joining Upromise because it can help lower the payments a little for student loans once you have graduated with your graduate degree. Good luck!
2007-04-30 11:14:30 · answer #1 · answered by dawncs 7 · 0⤊ 0⤋
It would be in your best interest to consolidate your undergraduate loans now. Based on when you took out your student loans your interest rate could be variable, which means it changes every July 1st.
Based on all economic indicators right now it appears your interest will be increasing, so it is in your best interest to lock in your undergraduate student loans at the lowest possible interest rate available to you at this time.
In addition, even if you consolidate now, you still will have all of you federal benefits available to you, (forbearance, and unlimited in school deferment time).
Consolidating now helps guard you against an interest rate increase in the future.
2007-05-01 04:11:38 · answer #2 · answered by Student Loans 4 · 0⤊ 0⤋
well it all depends on when you taken the loans out, what rate you have and what rate it is. consolidating is not for everyone but if you qualify .... then yes one loan is better than multiple loans than you also !!!!!!!have to consider the insentives you will be put at when yu decide. if you need help e-mail me
2007-05-02 01:26:50 · answer #3 · answered by jasonbird20002002 1 · 0⤊ 0⤋