Where and When to consolidate?

[CommerceSooner]

I've got a consolidated loan that is killing me.

I hope you're setting down when you read this. The consolidated loan is $118,000 LOCKED TIGHT at 9% interest... I started grad school this year just to get my student loand interest rate lowered. I took out loans I didn't need at 3% and immediately applied the money to my big loan. I currently owe right at $140k... To make a long story short, I hardship deferred for close to 10 years and the loans grew from $60k when I left school to what they are now. I'm in a heap of trouble with them, but I'll get them whipped one way or another.

 

My question to the experts... Do I need to do an in school consolidation so that the promissory notes I signed this year will remain at 3%? Is there a good plan for me? Anyone with any suggestions would greatly be appreciated.

[flcleo]

I'm not an expert and someone correct me if my comments are inaccurate...but I thought you could consolidate (even though you consolidated previously) with Direct Loans under an income sensitive option. Sort of like a hardship program. For some reason I thought I had read a previous thread on CB that addressed consolidating a previous consolidation and this was the answer.

 

What is your situation? I know you don't like the higher consolidation rate (no one would)...but can you afford the monthly payments?

 

Someone correct me if I'm wrong...