Thanks to a recent rule change at the Department of Education you can now consolidate your federal loans while still in school. Rates are about to rise by 1.93%. The deadline for consolidation is June 30th:http://jdmba2b.blogspot.com/2005/05/important-news-for-those-with-federal.htmlMany of you could save quite a bit by consolidating now.
This seems to be a timely thread since I received a call from my Dad today pushing me to consolidate.I have a question though regarding the 6-month grace period since that seems to the only "catch". Right now, after just graduating undergrad, I assume I am already raking up "grace period time". Since they will go into deferment once I start LS, would I normally without consolidation receive another 6-months for my undergrad loans after LS or just the remaining 3 months or so left from this summer? I assume with consolidating, I lose all grace period time from the point I consolidate and will have to make payments until I begin school and at which point I graduate LS will immediately have to start making payments again. All of this being independent of any LS loans.Just trying to clear all this up in my mind. Any help you can provide would be great. Thanks.
thanks...that definitely clears up the question.