I'm trying to get my mind off waiting for my naplex scores. Has anybody consolidated recently with a decent offer? For my $115,403 in loans I got an offer for 6.625% or 6.375% for automatic debit and 5.375% after 36 payments. Does this sound good, bad, painfully average? Any guidance would be helpful
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Consolidation
Started by davidgayz
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Very average. The rates actually depend on when you took out the loans and what the rate was back then, and the difference is discounts/cash back etc. I just went through the headaches of consolidating myself, in the past couple months. I just went with my old lender - save some time and effort. I am only consolidating a quarter of what you have, though, as half of my loans it doesn't make sense for me to consolidate (our school-held loans are a better deal if you keep them separate), so my situation is a bit different. Besides, I don't plan on paying it off over a long period of time, I hope to be student debt-free in 5 years.
Oh, and are you still in school? If yes, then don't do in-school consolidation. Our financial advisor told us it's a pain in the butt, because these loans have no deferment and they want you money as soon as you graduate - and that's before you are licensed and making money. Also, since starting this year it will be fixed rate anyway, it doesn't matter anymore. It only mattered two years ago when rates were ridiculously low.
Oh, and are you still in school? If yes, then don't do in-school consolidation. Our financial advisor told us it's a pain in the butt, because these loans have no deferment and they want you money as soon as you graduate - and that's before you are licensed and making money. Also, since starting this year it will be fixed rate anyway, it doesn't matter anymore. It only mattered two years ago when rates were ridiculously low.
