Aug
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JD asked:
I am currently a sophmore at a 2 year college and transferring next year to a major university. I have about $4,700 in stafford student loans. Is it worth it to consolidate those loans to avoid the July 1st increase? Or should I just wait, since I’ll be taking out loans for when I transfer to the university.
Sphere: Related ContentI am currently a sophmore at a 2 year college and transferring next year to a major university. I have about $4,700 in stafford student loans. Is it worth it to consolidate those loans to avoid the July 1st increase? Or should I just wait, since I’ll be taking out loans for when I transfer to the university.
Tags: Consolidate Loans, School Loans, Sophmore, Stafford Loans, Stafford Student Loans
August 7th, 2008 at 1:15 pm
yes. lower interest rates get locked in.
August 7th, 2008 at 4:47 pm
Absolutely, you need to do it before the deadline to save a bunch of money. Need to do it quick though, deadline is soon. Call them up tomorrow and ask them to explain it to you, you’ll understand much better than, better than anyone here can explain it because they’ll give you exact rates and figures of how much you owe. Do it before you have to pay more.
August 8th, 2008 at 8:22 am
in a word—-yes. and congrats, keep up the good work!
August 11th, 2008 at 11:03 am
If you will be taking out another $4,700 in loans, then I think you have more to save by waiting until you graduate to consolidate. Of course, nobody really knows what interest rates will look like in 2 years.
August 12th, 2008 at 12:16 am
I would first look at your cash flow. are you having difficulty paying now? will it decrease it substantially? based on the current amt, probably not. and remember that if you do consolidate, you will not be able to deffer payments.
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