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I have plenty of student loans some are 4.5% 2 are 17.5% and the rest are like 5.75%, tomorrows the last day to consolidate to "lock" in a low rate. Does this mean my 4.5% interest loans will go UP to 5 something? Or will they stay the same. When I started the application it said it would consolidate them for 5.5%, what do "they" get out of consolidating my loans? I don't have to repay them yet since I'm not done college. Are there any pitfalls to consolidating loans?
Student loans are backed by the Federal Government. So, whatever 'they' get for consolidating comes directly from the federal government. Although, I'm not sure what they acutally do get in return. Probably the monies - which is just like a regular loan - only it comes from the fed. When I consolidated mine they loans were at 4% and 4.5% and my lock in rate was 5%. Which sucked. But, its better than what you would get in the futre. Those rate you have will automatically go up in July so you can either do it now at around 5-6% or have the government jump it up to 8% in July... ALSO, since you are still in college you will lose the ability to consolidate your loans until you finish. So, if the rate goes up to 10% your SOL. Take the opportunity now... With the way this president runs the country...he'll probably have student loans at 20% in the next 5 years.
You have to read the fine print of the consolidation agreement. If it says you're locking in a low rate, usually that means until you pay it off. But, double check just to be sure. Also DO IT DO IT DO IT! I can't tell you how much money I saved by consolidating my student loans! My payments dropping pennsylvania HALF and the balances are getting paid off faster! I wasn't planning on being done paying for them until close to 2020, but now with the consolidation ( I did mine about 2 years ago) I'm looking close to 2010! As far as what "they" are getting by consolidating your loans... they're getting your money! All the interest will go to the new company you consolidate with. And while it's LESS on your pocket, they'll be getting all of that for them, not spread out over who knows how many different places! Also... even though you don't HAVE to start paying off loans until you're done with school, I'd suggest paying off some of the accrued interest if you can. It doesn't seem like much, but in the end, you'll be paying interest on the interest! Which just means more out of your pockets later on. The only pitfalls of consolidation I can think of would be mis-leading companies. Try to find someone who specializes in student loans. Nelnet and Sallie Mae are two great ones! Good luck!
You'd have to crunch the numbers and it depends on the balance outstanding at each rate. Fact is: tuition and fees will increase a lot and so will rates. It's probably wise to consolidate now. Have someone help you compute the actual numbers today, if the deadline is tomorrow.