When should I consolidate my federal and private student loans?

I have a few different student loans out; 3 private and 1 federal. Should I wait until I graduate to consolidate or should I do it now. I'm currently paying $500 on one private loan. The other loans have a 7.62% interest rate. Any suggestions?

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  • 1 decade ago
    Favorite Answer

    It concerns me that you are paying on your Student Loans while still attending school. Private Loans are always a tricky thing to work with since the terms vary from Lender to Lender so it is rather difficult to answer your question accurately.

    When dealing with you Federal Student Loans you are not able to consolidate those until you graduate school or drop below half time status as a student. As of July 1st, 2006 students with Federal Loans are no longer able to consolidate them while in school at least half time. In addition, you need a minimum balance of $7,500 in order to consolidate your Federal Student Loans together.

    Dealing with your Private Loans, are they Private Student Loans or just a Private Loan? If they are strictly Private Loans that would explain why you are in repayment before you are even out of school. If you are interested in consolidating your Private Student Loans I would wait until after July 1st, when programs are expected to improve. Also keep in mind that you are unable to consolidate your Private Student Loans and Federal Student Loans together under the FFELP Consolidation Loan Program. If you were to consolidate your Private Student Loans and Federal Student Loans together, you would lose all your Federal Benefits on your Federal Student Loans.

    For more information on Private vs. Federal Student Loan consolidation please visit the source below. Hope this helped you out! Good luck!

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  • Annie
    Lv 6
    1 decade ago

    If the loans were educational loans, I am not sure why you are paying on them while you are still a student. Generally, as laong as you are in school at least on a half time schedule, payment isn't needed until graduation. Of course, if you took the loan as a personal loan over an educational loan, then that would explain. I would look at consolidating all the private loans into a single, educational loan. Once you do that, there should be no need to consolidate further or make any payments until after you graduate.

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  • Anonymous
    1 decade ago

    If you are a full-time student wait until the grace-period is over. If you do end up going on to graduate school try and make sure that if you get a new private loan it is with a different lender. That makes it easier to consolidate. You can always add on future loans.

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  • ?
    Lv 4
    4 years ago

    My daughter consolidated private and federal. (maximum federal are incredibly privately held besides, in basic terms federally subsidized/insured in case of default) there are various agencies that consolidate. My first suggestion could be do no longer consolidate with Sallie Mae or the others that originally write the loans on your college. they generally are much less very own to handle and sense that they've you ever already, so do no longer could desire to be aggressive. in case you do a seek and learn the techniques, you will come across a consolidation plan top for you. quotes of interest and words substitute, and there is no one business corporation which will in wonderful condition all financial desires. in basic terms be constructive you get all your loans listed once you consolidate. Your financial help workplace could desire to have the flexibility that can assist you you come across all of them. My daughter neglected one, so had to pay it one after the different. thankfully it replaced into sufficiently small that she in basic terms paid it off thoroughly. i know that doesn't supply you a particular business corporation to seek for, yet optimistically it provides you with a initiate interior the nicely suited path.

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  • Anonymous
    1 decade ago

    You can only consolidate once. I'd wait until you graduate and make sure you are not going to accrue more money for graduate school.

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