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what are the changes in effect through June 2006, in the school loan programs regarding consolidation?
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mu asked:
I am hearing that only through June, that past consolidators stuck in the higher interest rates can get lower interest rates. And that this window of opportunity closes in June.
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Tags: Consolidators, Interest Rates, Loan Consolidation, Loan Programs, School Consolidation, School Loan, Window Of Opportunity
October 2nd, 2008 at 3:04 pm
Every year in June the interest rate Changes. If you consolidate your loans you will lock in the rates you currently have. If you do not consolidate then your rates will change yearly. Consolidation will be very good if rates are going to go up in June. I would recommend calling your lender. Don’t tell them you are looking in to consolidation. Just call with a general question asking what the rates are changing to. Things you need to know about consolidation. 1)they lock you in to the current interest rates and they will not change 2) The only way they will change is if you obtain another student loan, and add that in to the consolidation(average) 3) You cannot consolidate loans that have not been fully paid out. 4) If you are in school or in your grace period you will go in to repayment with consolidation. Although you can ask the company if they offer payment differment.
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