SL consolidation

[Deanna]

I am a little confused on how they calculate an interest rate for you when you consolidate your loans. I have an outstanding balance of $33,750.00 @4.7%. They are all with one lender, Regions. I graduate in July, but I have already taken all the loans that I am going to so I need to consolidate sometime. I would like to keep my 6 month grace period also, because I dont have a job lined up. Any advice?

 

Thanks

 

Deanna

[LynnInMN]

I am a little confused on how they calculate an interest rate for you when you consolidate your loans. I have an outstanding balance of $33,750.00 @4.7%. They are all with one lender, Regions. I graduate in July, but I have already taken all the loans that I am going to so I need to consolidate sometime. I would like to keep my 6 month grace period also, because I dont have a job lined up. Any advice?

 

Thanks

 

Deanna

 

Your interest rate will be a weighted average of all your loans rounded up to the nearest 1/8%. So you will basically stay the same. Upon consolidation you will lose your 6 month grace but you can apply for unemployment deferment. You will want to consolidate before July 1.

[Deanna]

I am a little confused on how they calculate an interest rate for you when you consolidate your loans. I have an outstanding balance of $33,750.00 @4.7%. They are all with one lender, Regions. I graduate in July, but I have already taken all the loans that I am going to so I need to consolidate sometime. I would like to keep my 6 month grace period also, because I dont have a job lined up. Any advice?

 

Thanks

 

Deanna

 

Your interest rate will be a weighted average of all your loans rounded up to the nearest 1/8%. So you will basically stay the same. Upon consolidation you will lose your 6 month grace but you can apply for unemployment deferment. You will want to consolidate before July 1.

 

 

If its just a weighted average rounded up, then why would it matter to consolidate before july 1?

 

thanks so much for your reply

 

Deanna

[LynnInMN]

I am a little confused on how they calculate an interest rate for you when you consolidate your loans. I have an outstanding balance of $33,750.00 @4.7%. They are all with one lender, Regions. I graduate in July, but I have already taken all the loans that I am going to so I need to consolidate sometime. I would like to keep my 6 month grace period also, because I dont have a job lined up. Any advice?

 

Thanks

 

Deanna

 

Your interest rate will be a weighted average of all your loans rounded up to the nearest 1/8%. So you will basically stay the same. Upon consolidation you will lose your 6 month grace but you can apply for unemployment deferment. You will want to consolidate before July 1.

 

 

If its just a weighted average rounded up, then why would it matter to consolidate before july 1?

 

thanks so much for your reply

 

Deanna

 

Interest rates are going up to 6.8% on July 1. Your current rate is variable. By consoldiating you lock in your interest rate!

[Deanna]

okay thats what I was thinking. Thanks for your help!

 

Deanna