Should I consolidate my student loans?

student loan consolidation rates

I am starting law school this fall. I have about $25,000 in undergraduate student loans and I know absolutely nothing about finances! My loans are spread among 4 different lenders and people are calling my house everyday telling me that I will get all kinds of benefits if I consolidate. I didn't consolidate when I graduated because the interest rate was high and my loans will go on deferment when I start school.
If you are in deferment, there is not so much of a need to consolidate, especially if you have government guaranteed loans and not personal education loans. But even in deferment, interest is accuring, you just aren't on the hook to pay it, so you should find the lowest fixed rate option you can find.

student loan consolidation rates

The interest rate question is a little bit harder because you have to have a view 3 years out. Rates have been rising, but are still reasonable. If there is a wider effect from subprime mortgages and a slowdown in the economy, rates may come back down. If the economy gets stronger, rate may increase. Are your loans fixed rate right now? You might not have to worry depending on the specifics of the existing loans.
1-Even if you consolidate you can still use the deferment when you go back to school, it is your federal right.

2- You have your loans spread out between four different lenders, when you consolidate that will be one, which helps your credit, less open lines of credit.

3-No matter what company you consolidate with, your fixed interest rate WILL be the same, it is figured by a federal formula all companies must follow. If anyone tells you otherwise, they are lying or misinformed.

4- The main difference between companies are reductions and rebates, but most of them depend on you going into repayment, so those won't matter for you because you will be in deferment, and when you graduate you will want to re-consolidate anyway.

5-There is always a chance that interest rates will go down, but three years ago the variable rate on federal loans was at 2.77%, now they are at 6.62%, and it doesn't look like the rates are going down within the next ten years. But, like I said earlier there is always that chance.
That’s all.

Do I Have to Bring My Student Loan Info to Basic Training? (student loan consolidation rates)

student loan consolidation rates

The Army isn't paying any of my loans for me. I'm going to pay them when I get my bonus money. So do I have to bring student loan consolidation information to basic training? No you don't need it and I hate to tell you. You are not going to be sitting around doing your bills just before turning the TV off drinking down the last of your cold beer before hitting the soft bed waiting for you! Where the hell do you think you are going?.

Bring every important document you think you might need while you are there, keep everything in a nice binder with document protectors. It is better to have it there with you in case you need it. They won't take it from you, keep all your military documents in it as well. But why are you bringing them if they aren't going to pay it? I have mine set up with an automatic bill-pay. If you are going to be military, you better familiarize yourself with automatic bill-pay, or risk messing up your credit rating!

Make copies of all your important papers with you. You might want to arrange automatic payments for your loans, or have someone back home be your power of attorney to help with any problems that can arise form creditors.

student loan consolidation rates

My daughter had her student loans consolidation in default and was not able to get the security clearance she had wanted because of that. She also had tons of problems getting them to send her the bills. Their office kept sending it to the wrong address, and she couldn't get to the phone whenever she wanted to . She was stationed way out of the way which made it extra hard to get to a phone even in the short amount of time she was given. She is in Iraq now and I finally have Power of Attorney, and have had to help her with a few situations that were very hard for her to handle from there.

Yes your going to want to take your info. The main reason is because when they process your security clearence they will need you to show documentation and explain the debt. Better safe than sorry. Just in case they ask, take a copy, and not the originals.

No they will not pay for and prior student loans you have prior to you leaving for boot camp. And as for the bonus u get you will not get that all at once .so u will have to pay for the student loans yourself. No, if the Army is NOT paying your student loans, then it is up to you to pay them. If you know how? I would I know that my husband had his loans defer for two or three years when he went in. the military paid the interest on them until a certain date at that time. We paid them off.

student loan consolidation rates