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Consolidating student loans...
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wilandnet
LIF Infant
Member since 9/05 224 total posts
Name:
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Consolidating student loans...
What exactly does this mean? How does this help? I have only one student loan which is relatively low. Can anyone explain the benefits to consolidating.
Thanks.
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Posted 6/27/06 3:04 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
kaklesmay
Love my baby boy!
Member since 9/05 1151 total posts
Name:
Kim
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Re: Consolidating student loans...
Basically with one loan your refinancing your loan for a lower rate.
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| Posted 6/27/06 3:06 PM |
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JenniferEver
The Disney Lady
Member since 5/05 18163 total posts
Name:
Jennifer
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Re: Consolidating student loans...
After July 1 there si going to be a rate hike, consolidating locks in a lower rate.
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| Posted 6/27/06 3:11 PM |
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Lucky09
2017!
Member since 1/06 7536 total posts
Name:
DW
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Re: Consolidating student loans...
And you are spreading the payments over a longer amount of time.
Just be careful about refinancing b/c sometimes it could mean giving up options to defer payments if you go back to school, endure a hardship, etc.
I refinanced mine and am glad I did it - it made the payments extremely manageable! Good luck!!!
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| Posted 6/27/06 3:15 PM |
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traceyd
Big Sister to Be!
Member since 5/05 3644 total posts
Name:
Tracey
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Re: Consolidating student loans...
Typically when you take out your student loans you have a variable interest rate-consolidating takes all the little loans you took out into one big loan and a locked interest rate. I did this several years ago and am glad I did as the interest rate has just been going up. They expect another large increase July 1st
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| Posted 6/27/06 4:21 PM |
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