I searched for this but can't find it...I will graduate with a masters degree in Dec. I will owe around 50,000. If I consolidate now while I'm still in school, do I have to start paying now? do I lose my grace period after I graduate? I have heard something different from every loan officer. All are subsidized or unsub direct loans. I want to get in on the low interest rate but I can not afford to pay now.

Hey i was just researching this yesterday. What i got was if you have a fed direct loan and you consolidate while in school it will affect your grace period. For a fed direct loan or perkins loan they wouldnt let me consolidate yesterday because i wasnt in repayment hope that helps. Try to go to the web sites.

I have actually been looking for this answer recently, as well. This is what I've beeen told or found. You can consolidate and the loan is supoosed to start repayment right away, but you can still get a in-school deferment. But you do lose your grace persiod after graduation. I graduate in Decemeber or Spring also, and wanted to lock in some interest rates while i could. So, as soon as the consolidation loan is disbursed, it become paybale and then you have to contact somebody about the in-school deferment and might need to make a couple payment before that goes through and then no payments till you are no longer at least 1/2 time and then start paying on the loan. So, no grace afterwards. Hope that helps. And that is not written in stone, just what I have gotten from people who know way more than i do, my fin. aid advisor, etc.