Doh, should've consolidated earlier

[fs5]

my student loan interest rate went from 3.3 to 5.3. now I'm locked in at 5.3% seeing as rates will most likely go up.

 

[Anubis]

ouct that sucks, mine are locked at 2.5

 

[Tiamat]

yup, that happened July 1st i think. Only reason I did not consolidate was because i didnt want to waive the grace period.

Loans get pushed until you finish your last degree then the grace period kicks in - so i figure by end of grad school, i would have saved up enough to pay off the loan in one lump sum.

 

[dullard]

Originally posted by: fs5
my student loan interest rate went from 3.3 to 5.3. now I'm locked in at 5.3% seeing as rates will most likely go up.

You didn't see the dozen threads here telling everyone to consolidate before July 1st?

 

[dethman]

you just lost a sh!tload of money.

 

[fs5]

Originally posted by: dullard

Originally posted by: fs5
my student loan interest rate went from 3.3 to 5.3. now I'm locked in at 5.3% seeing as rates will most likely go up.

You didn't see the dozen threads here telling everyone to consolidate before July 1st?

nope I only have $10k in loans so it's not too bad. (at least I think, so how much money did I lose?)

 

[Ns1]

i just got my consolidation paperwork, locked at 4.25

 

[dullard]

Originally posted by: fs5
nope I only have $10k in loans so it's not too bad. (at least I think, so how much money did I lose?)

About $800. I also had about $10k, and $800 was my calculations. The exact amount depends on a lot of factors though.

 

[fs5]

Originally posted by: dullard

Originally posted by: fs5
nope I only have $10k in loans so it's not too bad. (at least I think, so how much money did I lose?)

About $800. I also had about $10k, and $800 was my calculations. The exact amount depends on a lot of factors though.

$800 is not too bad. I knew I should've paid more attention to my student loan situation. I just have it set up as an automatic withdraw each month and never even look at the bill.

 

[shopbruin]

2.625 %



but i consolidated in 2003, which explains a lot. it'll go down in another 2 years for all my ontime payments (auto withdraw from my checking account)

 

[EyeMWing]

<== avoids student loans like the effing plague.

 

[fbrdphreak]

Consolidated this year too. One year left of school, but have like $20K in loans so far; it was time to consolidate Nice thing is my loan company stayed open till MIDNIGHT to process everyone's stuff in time. :thumbsup:

 

[Tiamat]

if you can pay off the loans before the grace period ends, assuming you have the subsidized loans, then you lose nothing.

If you have unsubsidized loans, and you wont be able to pay it off in one lump sum, then you lose 800$ roughly on 10k$ loan as others mentioned.

 

[gotsmack]

Just go back and do grad school part time and have work pay for it. 6 credits a semester keeps your subsidized loans interest free. That's why I didn't consolidate.

 

[Nick5324]

Locked at 2.8%. 5.3... not cool.

 

[Soccer55]

Originally posted by: Tiamat
yup, that happened July 1st i think. Only reason I did not consolidate was because i didnt want to waive the grace period.

Loans get pushed until you finish your last degree then the grace period kicks in - so i figure by end of grad school, i would have saved up enough to pay off the loan in one lump sum.

You don't have to waive the grace period when you consolidate. I consolidated my loans in mid-June and my first payment is still due in December (just like it was before I consolidated).

-Tom