Student Loan Interest Rates...

[kent_1848]

Anyone consolidate their loans recently? Just wondering, I'm getting consolidation mail by the truck load at my house. Has anyone reconsolidated? I'm thinking about it, but don't know if it is worth the stress.

 

[Mrs.Prages]

I consolidated mine about three years ago right after I graduated. I went with citibank. My interest rate went down to 2.50% after 2 years of on time payments. I like having them consolidated. It's not for everyone. It did bring my interest rate down. I left one section out of the consolidation beause it was from private funds and not covered under the consolidation and the interest rate for that loan still sits at 4%, although it is a much smaller portion so even with that interest rate the interest is very small, but they did not offer the 2year good faith 1% drop that I got from consolidating.

Hope that helps. If you do it though, I would try to find a reputable company. I get truckloads of that consolidation stuff too, but a lot of it is fly by night and screw you in the end kind of funny business.

Paula

 

[Carolina Diver]

Like any refinancing, it depends on your amount of debt. If you don't have that much in student loans, it probably isn't worth it. If you have a lot, it probably is. Just make sure you shop around. I used to work in financial aid and can tell you there are a lot of sharks out there. Stay with someone reputable. We used to work with these folks almost exclusively and they are rated as one of the best in the country. (No, I don't work for them.) I believe you can use them even if you don't live in the state, but not positive.

http://www.scstudentloan.org/

 

[mkt]

My interest rate was last at 5.75ish.... however, I am starting grad school this coming fall, so I've been able to get my lender(s) to defer my payments for now.