CAROLYN READ!
no word on if any of this is true... from willendorf
from [info]hip_domestics (as in, I didn't write any of this)
I just wanted to remind everybody that the interest rates on student
loans are scheduled to go up this Friday (July 1) and if you haven't
already consolidated, now is the time to do it. It's predicted they
will double next week.
Just a few
things. New legislation says that you can be in school and consolidate
right now. I'm not sure of all the provisions, but call and ask. You
can also be in your grace period, or repayment.
If you only have one lender, you have to consolidate through them.
If you have more than one lender, you can consolidate with whomever.
Also,
if you are receiving tons of solicitations in the mail and are over
whelmed and confused, you are not alone. I get at least 3 a day. If you
chose one, make sure they are backed by the federal government.
Also,
the current rate is 2.77% on all loans right now. If you get a lower
offer than that, which isn't unheard of, read the fine print as to how.
On mine, I get .25% off for automatic withdrawal (smart move) and
another 1.0% for 36 months of on time payments, so my rate for the life
of most of the loan will be a 1.52%. Some companies, because rates are
already so slow, aren't offering the final 1.0% off, so do some
research.
If you just graduated and are in your grace period,
consolidating makes your payments start right away, although some
companies are honoring your grace period anyway. If they aren't and
you're in a bind, apply for deferment or forbearance right away to get
the rate. The money you will save over the life of your loan is worth
it.
Also, if you consolidate a Perkins, which has a fixed 5.0%,
it will weight your interest rate accordingly. It might be worth it to
keep it separate.
Also, remember that when your payments are
lowered, it can also extend the life of the loan. If you can swing your
current payments, try not to tack on any additional years...i.e. you
have 7 years left, don't consolidate and add another 3 to get back to
ten again. You'll just be wasting your money on interest.
This is one thing where you really do want to call today.
Some helpful links
Don't know what you owe, who has it, or where? Find out here. Does not include private loans.
http://www.nslds.ed.gov/
Additional help
http://www.edfund.org/
Disclaimer. I am not a financial adviser, nor do I play one on TV.
from [info]hip_domestics (as in, I didn't write any of this)
I just wanted to remind everybody that the interest rates on student
loans are scheduled to go up this Friday (July 1) and if you haven't
already consolidated, now is the time to do it. It's predicted they
will double next week.
Just a few
things. New legislation says that you can be in school and consolidate
right now. I'm not sure of all the provisions, but call and ask. You
can also be in your grace period, or repayment.
If you only have one lender, you have to consolidate through them.
If you have more than one lender, you can consolidate with whomever.
Also,
if you are receiving tons of solicitations in the mail and are over
whelmed and confused, you are not alone. I get at least 3 a day. If you
chose one, make sure they are backed by the federal government.
Also,
the current rate is 2.77% on all loans right now. If you get a lower
offer than that, which isn't unheard of, read the fine print as to how.
On mine, I get .25% off for automatic withdrawal (smart move) and
another 1.0% for 36 months of on time payments, so my rate for the life
of most of the loan will be a 1.52%. Some companies, because rates are
already so slow, aren't offering the final 1.0% off, so do some
research.
If you just graduated and are in your grace period,
consolidating makes your payments start right away, although some
companies are honoring your grace period anyway. If they aren't and
you're in a bind, apply for deferment or forbearance right away to get
the rate. The money you will save over the life of your loan is worth
it.
Also, if you consolidate a Perkins, which has a fixed 5.0%,
it will weight your interest rate accordingly. It might be worth it to
keep it separate.
Also, remember that when your payments are
lowered, it can also extend the life of the loan. If you can swing your
current payments, try not to tack on any additional years...i.e. you
have 7 years left, don't consolidate and add another 3 to get back to
ten again. You'll just be wasting your money on interest.
This is one thing where you really do want to call today.
Some helpful links
Don't know what you owe, who has it, or where? Find out here. Does not include private loans.
http://www.nslds.ed.gov/
Additional help
http://www.edfund.org/
Disclaimer. I am not a financial adviser, nor do I play one on TV.