Sallie Mae - interest rate change?

[golgi]

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Hi-

I consolidated with Sallie Mae and asked them to delay my consolidation paperwork until the grace period. When I looked on my SM manage your loans info the rate on my student loans is now 4.575 (?) %. Is this because the loan hasn't been consolidated yet and so during the grace period the loans are at around 4.5%?

 

[2tall]

Hi-

I consolidated with Sallie Mae and asked them to delay my consolidation paperwork until the grace period. When I looked on my SM manage your loans info the rate on my student loans is now 4.575 (?) %. Is this because the loan hasn't been consolidated yet and so during the grace period the loans are at around 4.5%?

I was looking at something else when your thread caught my eye. Maybe this explains it...

Effective July 1, 2005, interest rates on Federal Stafford and Federal PLUS loans issued since July 1, 1998, rose by 1.93-percentage points. The repayment rate on new Stafford loans is 5.3 percent. The rate for borrowers who are still in school; in the six-month, post-school grace period; or who have been authorized to defer their loan payments is 4.7 percent.

Taken from: http://www.usafunds.org/borrowers/attending_school/cut_cost/index.html

I don't know if it was the best idea to wait; the interest rates until yesterday were the lowest in history.