last day to consolidate?

[DReject]

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I have some stafford loans from undergrad and grad school. I'll be starting school again this august after a hiatus.

I need to consolidate but I need a few days to research the best companies.

Some pushy employee with Scholastic Funding Group tried to make me commit to her company saying they need to put in a request with Sallie Mae b/c it takes days to be apporved by them for consolidation...

It was so annoying b.c I was telling her I need time to study the incentives and rules and she was saying I have to do it now.

I know we have to consolidate by July 1st, so I was gonna take a few days to research.

So when is the last day...June 30th?

Thanks!

 

[johnstoner]

you're right when you say the deadline is July 1st. THE northstar is really up on everything so let them know if you want to consolidate with them. In terms of the last day...it varies how long each company takes...northstar...you could probably wait till the last day of the month...with others it may take longer.

plan accordingly because interest rates, as you know already, will go up.

 

[edubbs5]

you're right when you say the deadline is July 1st. THE northstar is really up on everything so let them know if you want to consolidate with them. In terms of the last day...it varies how long each company takes...northstar...you could probably wait till the last day of the month...with others it may take longer.

plan accordingly because interest rates, as you know already, will go up.

You are right rates are going up - but almost insignificantly this year - from 6.54 to 6.62 - either way if you consolidate today or post-July 1 - the consolidation interest rate will be 6.625% (due to the round up factor). Take your time to research - and really understand the lender you are choosing, especially if you are going to be taking out more loans in the future. Simplicity and having one lender to work with is definitely something to take into consideration.

 

[HMS2007]

rates change on july 1

 

[okbye]

It doesn't matter how long the application takes to process all that matters is that the consolidation company has a signed application in their hands before midnight on 6/30/07. They were just trying to pressure you, Sallie Mae - like every other consolidator on the planet - approves every eligible applicant. The only thing that makes anyone ineligible is not having more than a single previously consolidated loan and that's not what you have. Maybe they need a couple days to get an application to Sallie Mae but that wouldn't have anything to do with your rates or eligibility.

The rates aren't going up much this year but you are getting a .6% rate reduction while you are in your post-graduation grace period. If you don't consolidate while still in your grace period they will go up to 7.14% making the consolidation base 7.25%.