Student Loans. Consolidate or not?

[TommyVercetti]

I have around $19,000 in student loans. What would be the best strategy to pay this loan off? Just keep following their schedule or get into one of those loan consolidation programs?

 

[Trevelyan]

Depends really... what interest rate are you paying?

You should look into it for sure though, just ask someone at your school (or former school) and see what they recommend.

 

[Broohaha]

definitely consolidate. but its pretty complex. if you do it while in your grace period you get a special rate. check out the loan consolidation threads on chubby wallet. they were helpful.

btw, what sort of loans do you have? perkins? stafford? subsidized? unsubsidized?

 

[TommyVercetti]

Originally posted by: Broohaha
definitely consolidate. but its pretty complex. if you do it while in your grace period you get a special rate. check out the loan consolidation threads on chubby wallet. they were helpful.

btw, what sort of loans do you have? perkins? stafford? subsidized? unsubsidized?

I have those 2 loans + a CAL loan.

 

[vtqanh]

I also have a question about federal loads. Right now the quarterly reports says that the expected pay date starts sometime next year after I graduate from my bachelor. However, I'm gonna attend graduate school right after that. Is the loan gonna be automatically deferred?

 

[TommyVercetti]

Originally posted by: vtqanh
I also have a question about federal loads. Right now the quarterly reports says that the expected pay date starts sometime next year after I graduate from my bachelor. However, I'm gonna attend graduate school right after that. Is the loan gonna be automatically deferred?

Yes, I believe so.

 

[toekramp]

can you consolidate private school loans? or only federal loans...

 

[pnho]

Originally posted by: vtqanh
I also have a question about federal loads. Right now the quarterly reports says that the expected pay date starts sometime next year after I graduate from my bachelor. However, I'm gonna attend graduate school right after that. Is the loan gonna be automatically deferred?

Usually thats the case, but u might have to have the school fill out a deferment form (get it from ur lenders) and fax it to them. Grad school deferment works faster that way otherwise u can wait until the school updates the lenders on it (which can take weeks....means u will have to pay in the meantime).

 

[Broohaha]

Originally posted by: toekramp
can you consolidate private school loans? or only federal loans...

you can consolidate private but you wont get the same beneficial things that you get with federal (i.e. easy to defer payments if you're back at school, low interest rates, etc.)