Can we consolidate student loans while in school?

[BlackPuma]

---

Members don't see this ad.

can we?

is that a good idea? like after each year? I heard the interest rate is around 2.82?

which companies are good? and you recommend and do you have their url?

Thanks so much,

Marx

 

[texdrake]

No you can't, well you can but you would be stupid too

The loans from the government run around 4 to 5 % usually. A bank isn't going to give you a loan for less than 6%. You rate would most assuredly go up if you tried to consolidate. Just pay off your high ones and save the government ones for later.

 

[Samoa]

Actually, consolidation interest rates are always lower than regular student loan rates, otherwise there'd be little incentive, and the consolidation loans are offered by banks that specialize in those kind of loans.

You probably CAN consolidate while you're still in school, HOWEVER, you'd have to start paying on your loans immediately. You can still defer, but there will be no 6-month grace period when you leave school, as there otherwise would be. Plus, once you've consolidated a group of loans, those loans cannot subsequently be reconsolidated with loans you take out for the following school years.

As a med student, I wouldn't do it. You'll need the 6 months of grace during your lowest paid year of residency, and once you're done, you'll be making enough to pay extra on the loans at a rate that would lower the effective interest rate significantly, regardless of what it is at that time. Plus you're guaranteed that the rate will be no higher than what you're quoted when you take out the initial loan, so the possibility of future skyrocketing interest rates as the economy recovers won't affect your loan.

 

[BlackPuma]

Originally posted by Samoa
Actually, consolidation interest rates are always lower than regular student loan rates, otherwise there'd be little incentive, and the consolidation loans are offered by banks that specialize in those kind of loans.

You probably CAN consolidate while you're still in school, HOWEVER, you'd have to start paying on your loans immediately. You can still defer, but there will be no 6-month grace period when you leave school, as there otherwise would be. Plus, once you've consolidated a group of loans, those loans cannot subsequently be reconsolidated with loans you take out for the following school years.

As a med student, I wouldn't do it. You'll need the 6 months of grace during your lowest paid year of residency, and once you're done, you'll be making enough to pay extra on the loans at a rate that would lower the effective interest rate significantly, regardless of what it is at that time. Plus you're guaranteed that the rate will be no higher than what you're quoted when you take out the initial loan, so the possibility of future skyrocketing interest rates as the economy recovers won't affect your loan.

thanks samoa 😍

ur beautiful like always outside and the inside..

yes, that is what I was thinking...I checked online, and it had the consolidation interest rate for one company at 2.82%!!!!

I was like wOW, damn, I wish I could consolidate now! But anyway, the article mentioned that you could consolidate while in school. So I wanted to consolidate my 1st year tuition bills ARGH 😱

and I go to a public school too!

anyway, I wasn't sure about the payment plans....

just out of curiousity, do you or anyone else knows of good banks or companies to consolidate loans for...I knwo, it's 4 years form now, but it doesnt hurt to acquire new info! 😉 u know?

what do you guys think is the best, and do you have a URL...what is the current interest rate you guys have used to consolidate your loans?

Thanks,

Alexander of Macedonia 🙂

 

[Doc AdamK in 2006]

I would watch the market.


If interest rates go up then start thinking about consolidating.

If you consolidate early you can't consolidate again.

So when the government increases Stafford Loans to 6.8% (non-variable) in 2006 you can consildate right before that.

Borrow as much money as you can at a low interest rate the consolidate before interest rates go.

You have to be market savvy. ith the market still in murky waters and the idea to cut interest rates even more I ould hold off

AK

 

[Jim Picotte]

Wait everyone. You can consolidate your federal loans direct or stanford loans while in school but ONLY with the federal government. This would lock in the rates for the loans you have and any future loans you take out wouldn't be locked in and you'd be able to consolidate again in the future. The beauty is that because they're all federal loans, you still would have in school grace but you just LOCK IN the interest rate. You also would get a 6 month grace period and if you left a semester of loans out, you can consolidate again to reset the 3 year limit on hardship deferment for residency. The best part is that if you consolidate your loans and then take out more direct loans, you CAN consolidate again in the future. Trust me I've done it.