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loan consolidation

Discussion in 'Clinical Rotations' started by peterpossum, Jan 22, 2002.

  1. peterpossum

    peterpossum New Member

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    Jan 19, 2002
    Is anyone able to share experience or give advice regarding loan consolidation? Now looks like a good time to do it because the rates are pretty low.
     
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  3. Goofy

    Goofy Senior Member 7+ Year Member

    503
    2
    Nov 20, 2001
    United States Of America
     
  4. gt5045b

    gt5045b Junior Member

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    Jan 21, 2002
    Klebsiella is right. I would say that now is NOT a good time to consolidate that loan if its a Stafford. The interest rates are recalculated every June 1st based on the latest 91 day Treasury bill rate. In 2001 that was 3.69% leading to an in-school/grace rate of 5.39% and a repayment rate of 5.99%. The current 91 day Treasury bill rate as reported on 1/24/2002 was 1.67 percent. So, hypothetically, if the interest rates were to be calculated today they would be in-school/grace = 3.37 and repayment = 3.97. That's right, I said you could potentially reduce your interest rate over 2% by waiting another few months. I'd wait till closer to June and see what happens. I don't think Greenspan is going to increase the fed interest rates that much in the next four months.
     

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