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loan consolidation

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

  1. peterpossum

    peterpossum New Member

    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

    Nov 20, 2001
    United States Of America
  4. gt5045b

    gt5045b Junior Member

    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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