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Messages - xferlawstudent

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Current Law Students / Re: Student Loan Cosolidation Questions
« on: March 26, 2008, 05:06:01 PM »
Well, dude read the f-ing rules.  You say its not a good time to consolidate, but clearly you have no clue what you are talking about.  If you had loans with a weighted average of less than 3% good for you, but I cannot shop around to get this.  The rates are fixed.

Current Law Students / Re: Student Loan Cosolidation Questions
« on: March 26, 2008, 04:36:04 PM »
The rules are different for loans prior to 1998.  Also, if the weighted average of your loans was 3% then that's what you got.

Interest rate

The interest rate for FFEL and Direct Consolidation Loans is set according to a formula established by federal statute. The fixed rate is based on the weighted average of the interest rates on the loans at the time you consolidate, rounded up to the nearest one-eighth of a percent. The interest rate does not exceed 8.25 percent. The consolidation rate is fixed for the life of the loan, which protects you from future increases in variable rate loans but prevents you from benefiting from future decreases in variable rates.

Borrowers with Stafford Loans issued on or after July 1, 1995, can reduce the consolidation rate by up to half a percentage point or more by consolidating before the end of the grace period.

If a borrower wanted to consolidate only Direct or FFEL Stafford Loans made between July 1, 1998 and June 30, 2006, the 2007-08 Consolidation Loan interest rate for loans that have entered repayment would be 7.22 percent. To consolidate those same loans during a grace or deferment period, the rate would be 6.62 percent. If a borrower consolidated PLUS Loans made between July 1, 1998 and June 30, 2006, the interest rate for the resulting PLUS Consolidation Loan would be 8.02 percent.

The interest rate you would receive, however, depends on which federal student loans are being consolidated. For example, your rate would be higher if you consolidated a 5 percent Federal Perkins Loan along with a 6.62 percent Direct or FFEL Stafford Loan"


Current Law Students / Re: Student Loan Cosolidation Questions
« on: March 26, 2008, 04:28:29 PM »
Interest rates do vary but they will never be more than 8.25% for federal loans.  Right now they aren't great.  If you can afford to wait, you might want to.

As far as information about consolidating, go to any of the lenders websites and they give you all the information you need about the process.  If your lender doesn't do them, or you are willing to go elsewhere and have never consolidated before, you might want to shop around for a better interest rate.  Some are higher than others, some charge fees where others don't, etc.

You cannot shop around for interest rates.  They are FIXED.  You must mean private loans, not federal.

Current Law Students / Re: Student Loan Cosolidation Questions
« on: March 26, 2008, 04:27:23 PM »

when you consolidate federal loans, the rate will be FIXED at the weighted average of your current interest rates or 8.25%, whichever is less.

Once you consolidate, they will not vary.

Current Law Students / Re: Student Loan Cosolidation Questions
« on: March 26, 2008, 02:24:08 PM »
Now isn't a great time to consolidate.  Wait until the rates drop. My college loans are under 3% because I consolidated when the time was right.  In the next 3-5 years they will drop again, but now is a bad time for rates. You will likely end up with like 5-7%, which is pretty much garbage.

That's not true for Federal Consolidation.  The Federal rates are set by statute at the lesser of the weighted average of all your loans' interest rates or 8.25%.  Changes in the Federal Funds Rates will not affect consolidation.

Current Law Students / Student Loan Cosolidation Questions
« on: March 25, 2008, 11:44:36 AM »
I'm looking to learn more about consolidating my student loans.  Does anyone have any good websites to learn more about the process?

Job Search / Re: Writing Sample length
« on: March 20, 2008, 04:55:40 PM »
Its not a brief

Job Search / Re: Out of my League to handle
« on: March 20, 2008, 04:17:20 PM »
I had the interview the other day.  I tried to focus on my experience rather than on pedigree and class rank.  I think it worked, we hit it off, and I have a callback to meet with this guy's superior next week.  I think it went pretty well.  Thanks for all the advice.

Current Law Students / Re: Legal Writing Horror Stories
« on: March 20, 2008, 11:19:38 AM »
Everyone is so displeased with the class probably not so much because of the professors being incompetant, but because the class is BS busywork most of the time.  I think they should turn it into a one semester class and condense the curriculum.  Most of it is busy work.

I have always thought law school would work better if, instead of exams, students had to submit an appellate brief in all classes for their grade.  A brief is basically the same as an exam and would give us more legal writing experience in school. 

I think that advice is mostly true, unless of course you want to become a professor.  I wouldn't transfer just to gain a few ranking slots unless you hate your current school or want to be in the other school's market.

That being said, its difficult to answer the poll without knowing more information.  Which market are the schools in and where to the student want to work?  How much of a ranking jump are we talking about?  If I'm at a T4 and get into GULC, I wouldn't stay for a full ride.  But if I'm at a T3 and got into a T2, I'd stay for a couple thousand (assuming I am happy with my current school and its job market).

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