Clueless about what to do with undergrad loans...Pretty please help me!

[SuperMoni]

I just graduated from undergrad and I have some federal loans.  I'm absolutely clueless as to what I am suppose to do with these undergrad loans!  Should I consolidate?  Do I have to pay during law school?  What happens when I take out more loans for law school?  Can anyone help, I'm really lost 

[Bubbazzz]

fill out an in-school deferrment form. then u dont have to pay them off until after u graduate law school. U dont lose your grace period either. If u want to consolidate them, do this AFTER your in-school deferrment has been processed, and your loans are actually in deferrment. If u consolidate them BEFORE you defer, then you lose your grace period. so once u graduate law school, you will automatically have to pay them off.

Call your lender, or go to their website. i think u can just print a deferrment form off a pdf file they should have on their site. Then, u have to give this to your law school's registrar's office, so they can verify that you are enrolled. I think they send it out to your lender then.

I was in the same boat as you, and had no idea. I just called my lender and they sorted it all out, told me what to do.

Good Luck!

[Bubbazzz]

actually, now that i think about it, im sure you can consolidate before your deferrment is processed, and while you may lose your grace period, im sure you could, when you graduate law school, request a forbearance/another deferrment.

Again, call your lender, they'll know the deal. Also, which i forgot to say in my prior post, call your law school's financial aid office and ask about the losing grace period-consolidation question.

[Bubbazzz]

1. the grace period will be 6-9 months after u graduate law school, depending on your lender.

2. hmm, this is tricky, your law school, mine did anyways last year when i started, refused to fill out the deferrment form for me until they got my loan money, which wasn't until July or August.

The rates are:

In-school, grace, and deferment status = 4.75%, up from 2.875%
Repayment status = 5.37%, up from 3.37%

Your law school's registrar and financial aid offices deal with this crap every year, so im sure they know. i would give them a call.

[maka nani]

june has 30 days...just sayin!  don't want you to lose a day. 

[maka nani]

I'm not going to LS yet but....I graduate UG in December and I just consolidated my loans. I get to keep my grace period and if I go to LS next year they will go into in school deferrment. 

If you consolidate now, you will likely get to keep your grace period (I used Direct Loans, not sure if you have any of those) and your payment won't be due for six months.  That should give you plenty of time to fill out an in school deferrment once you start LS.  If you don't get to keep your grace period...then your first payment would be due 45-60 days from when you finalize your loan...putting it around early August.  You could make the first payment and then apply for deferrment or ask your lender what is required for in school deferrment...

I hope I make sense. 

[maka nani]

subsidized is good I have some unsub which sucks for interest

ha ha phanny 

My sallie mae loans said I would have to give it up but since one of my loans is a Direct Loan (thought the government directly) I consolidated with them and they said I can keep my grace period since I am in school, have a Direct Loan, and have a Direct Loan that is in inschool deferrment currently...I called them to be sure.  If I don't get my grace period I have to start paying in January...this way I can start in June and put those suckers right back into deferrment when/if LS starts.   

[kermit]

why is best to consolidate before june 31st?

also, i have all federal stafford and perkins loans (no private loans) from UG - about $25,000.  i've been getting calls from solicitors about consolidating, but i have no idea what "consolidating" even means.  should i do it?  would i lose my grace period?  because for the stafford loans i think the grace period is really long, like 9-12 months.

thanks,
jen

[jdmba2007]

I just graduated from undergrad and I have some federal loans.  I'm absolutely clueless as to what I am suppose to do with these undergrad loans!  Should I consolidate?  Do I have to pay during law school?  What happens when I take out more loans for law school?  Can anyone help, I'm really lost 

check out this thread for info on loan consolidation...
http://xoxohth.com/thread.php?thread_id=191039&mc=18&forum_id=2

[ZildjianKX]

My $0.02...

If you have subsidized loans and you consolidate them before you go to law school, you can get them deferred BUT you will be accruing interest while in law school.