FYI: Student Loans

[starbuck1]

FYI: For all of those who have student loans, and then extensive student loans like me, the last day to consolidate the federal loans is June 30th.

[tdko]

FYI: For all of those who have student loans, and then extensive student loans like me, the last day to consolidate the federal loans is June 30th.
That's odd, I thought you could consolidate within a year (and if you do it within your grace period, you get a lower rate).

[Kitty]

I didn't even know there was a time limit. I'm so dumb about this stuff.

I just consolidated right away because everyone told me too. I got lucky, and I think my interest rate is under 2%.

[labrat2111]

Well June 30th is the last day to consolidate at the super low rates. I think on and after July 1st the rate is going up from about 1.6 to about 3.6% so that's a pretty big jump.

[tdko]

Well June 30th is the last day to consolidate at the super low rates. I think on and after July 1st the rate is going up from about 1.6 to about 3.6% so that's a pretty big jump.
Yeah yeah yeah. Starbuck's just a little confused. June 30th isn't the last day to consolidate, it's the last day before the new Fed interest rates kick in. When I was considering consolidation, they told me to wait until after July 1 because the interest rates were still going down (back in '03). I think I scored a 2.75% rate. Which is frickin' awesome compared to my credit cards or my car loan. Good call labrat.

[starbuck1]

That's what I meant - thanks. The pre- July 1st rate is something like 2.8 percent and will rise to about 5.6 percent.

[jcm12]

Hmm, I'm applying for a loan soon from Sallie Mae, and I *should* be getting an interest rate of 2.x% or so. Will this affect me?

[starbuck1]

I was told by a number of banks/loan companies that as long as you have your application in by June 30th. Even if you fill the application out on the 30th, so check the Sallie Mae website.