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Consolidating student loans...

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wilandnet
LIF Infant

Member since 9/05

224 total posts

Name:

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.

Posted 6/27/06 3:04 PM
 
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kaklesmay
Love my baby boy!

Member since 9/05

1151 total posts

Name:
Kim

Re: Consolidating student loans...

Basically with one loan your refinancing your loan for a lower rate.

Posted 6/27/06 3:06 PM
 

JenniferEver
The Disney Lady

Member since 5/05

18163 total posts

Name:
Jennifer

Re: Consolidating student loans...

After July 1 there si going to be a rate hike, consolidating locks in a lower rate.

Posted 6/27/06 3:11 PM
 

Lucky09
2017!

Member since 1/06

7536 total posts

Name:
DW

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!!!

Posted 6/27/06 3:15 PM
 

traceyd
Big Sister to Be!

Member since 5/05

3644 total posts

Name:
Tracey

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

Posted 6/27/06 4:21 PM
 
 

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