Should I consolidate my loan before graduation?
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I have a (Stafford) student loan totaling almost $14,000. I am done taking money out since I will graduate in May. Can I consolidate my loan if it is only from 1 lender (but I have 4 different loan numbers for 4 years of school -- just one has a different interest rate)? The interest rate for 3 of the years is 6.54% and 1 year is 6.8%. Also, if I do consolidate, do I have to start making payments immediately, or do I still get to have my post-graduation 6 month deferment?
I'm a good saver, so I will probably be able to pay off this loan in the next 2 years, if that helps. Thanks!
Should I consolidate my loan before graduation?sometimes it depends who you consolidate through... are these direct loans (from the department of education) or are they through private lenders?
usually there is some sort of incentive to consolidate. for instance, i consolidated my direct loans through the dept of ed and i received a lower interest rate when i consolidated. i also received a small (.25%) discount when i agreed to have my monthly payment directly withdrawn from my checking account.
talk to your financial aid office for more information on consolidation. they will also be able to tell you who your lenders are, and should have complete information on consolidation. you should still get your grace period, but again, some lenders have different policies.
congrats on having a goal to have your loans paid off. i almost threw a party when i finished paying off my undergrad student loans!
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