Loan Consolidation Question

[LatinGuitarrist]

I have a question guys. I have a year left in undergrad and already have some loans. Can I consolidate my current loans ( 1 from X place, 1 from Y place) into one loan while still in undergrad or do I have to wait until i graduate? I want to make X and Y loans into just Z loan...If this is possible, can you guys recommend of a company that you know its good or have used? I want to start paying after graduation..

Sincerely,

Ed

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[dpmd]

The rules on consolidation have changed. You can no longer consolidate while in school. I consolidated with nelnet. They offer rate reduction for auto debit payments, and a choice between a rate reduction or a principal reduction after a certain number of consecutive on time payments. Lots of other lenders have these incentives as well. Check with your surrent lender for more specific info.

 

[mshheaddoc]

There is a great FAQ about this here.

The loophole for consolidating in school was closed as of 7/1/06 as well as you can no longer consolidate with a spouse.

There are many different companies that you can consolidate with. Each has their own benefits and I suggest you look at all of them. The ones I have used have been Direct Loans, Sallie Mae, and Nelnet in various stages of my educational career.

Here is a list of the top 50 lenders of educational loans.

Here is a list of consolidation discounts that will be helpful to you ... I would double check with the companies websites. You would have to figure out the financial analysis of which would work for you the best

 

[edubbs5]

Don't forget to ask the lender you are considering ... "how many of your borrowers are actually receive the repayment incentive?"

Considering how much these incentives can save you - it is important to understand the likelihood you will receive it. The numbers are shocking - mostly because the restrictions to receive them are hard to come by.