? about refinancing

[laelialudisia]

so, it looks like the reduction in interest rates on federal stafford loans from 6.8% to 3.4% will occur in stages over the next 5 years!!!!!

"The House bill approved Wednesday would cut interest rates on federally subsidized Stafford loans from 6.8 percent to 3.4 percent in stages over the next five years. The rate would drop from 6.8 percent to 6.12 percent in 2007, to 5.44 percent in 2008, to 4.76 percent in 2009, to 4.08 percent in 2010, and finally to 3.4 percent in 2011"
http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2007/01/18/MNGNINKDJP1.DTL

does anyone know if you can refinance ALL of the stafford loans we take out over the next 4 years to 3.4%?

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[mshheaddoc]

Most likely not as federal loans have the "weighted average" for consolidation. You can't refinance federal loans to my knowledge.

 

[BEMD]

Does anyone know if this reduction in interest rates actually applies to us for sure? I had hurd a rumor on SDN a month or two ago that this would not apply to us becuase we will be graduate students. I was just wondering if this was accurate.

 

[mshheaddoc]

I think they are working to get that changed for graduate work. As of right now the current cuts weren't for graduate.