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Thread: OT - VERY important if you attended college or still are in college

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    Default OT - VERY important if you attended college or still are in college

    ***** First of all, THIS IS NOT A SOLICITATION. IT IS STRICTLY FOR INFORMATION PURPOSES.
    ***** Mods, please do not move this thread until after midnight tonight into the shout box as it will have maximum visibility in this forum.


    I found out today that students who are still in school (or within their 6 month grace period) are eligible to consolidate their student loans just like those who are out of school. Now, I am currently in grad school and I found out that I can consolidate my student loans (locking in the ultra low interest rates that I have today). I contacted my lender and requested early repayment status - which is required to remove your status as being in school (i.e. you waive your grace period). But, I filled out the online application online and e-signed it, thus preserving the 2.77% interest rate.

    Rates are going up 1.93% as of midnight tonight. It might do you good to take care of this now and save you some money over the long run.

    Hicks, I know that you (as well as others on this board) are in school right now too.

    If your loans are with Sallie Mae, then all you have to do is go to http://www.smartloans.com/student .

    If you are not currently in school and your loans are with Sallie Mae, then go to http://www.smartloans.com .

    If you have loans with other lenders, then look up your lender online and fill out the application. My loans were filled in for me (since I went to my lender's website). I was told that you don't necessarily have to know all of your lender and balance information (a best guess situation would apply).

    I don't know anything further than what I was told and what I read on the website.
    "If I have the ball, I will shoot it, you have to believe that," - Stephen Jackson


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    Default Re: OT - VERY important if you attended college or still are in college

    I have a loan via Sallie Mae, but it's only one loan for school, and it's subsidized (no accumulated interest), so I don't think there's really anything I need to do. Am I wrong in this assumption?

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    Default Re: OT - VERY important if you attended college or still are in college

    The government pays your interest while you are in school and in your deferment periods (I'm not sure about forbearances). Your loan would still be subsidized after the consolidation. However, once you enter repayment, you have to pay all of the interest that accrues on your account. So, it would be a good thing. If you have questions, I'd contact Sallie Mae directly. Be warned though, you could be on hold forever and a day.

    http://www.salliemae.com/school/faqs...html?Q=Q30#Q30
    Can I consolidate my subsidized loans with my unsubsidized loans? Hide answer.

    Yes. A Consolidation loan may include both subsidized and unsubsidized Stafford loans or a mix of subsidized Stafford loans and other federal education loans. Borrowers may retain interest subsidy benefits for subsidized Stafford loans that are mixed with unsubsidized Stafford loans or other federal education loans. This means the federal government will pay the interest that accrues on the subsidized Stafford portion of a Consolidation loan during authorized periods of deferment. You may obtain a deferment, for example, if you return to school on at least a half-time basis, become unemployed, or suffer other economic hardship. However, under current rules, borrowers will not retain the interest subsidy for any Federal Perkins loans if these loans are included in a new Consolidation loan.

    Tip: If you want to preserve the subsidy benefits of existing Federal Perkins loans, you should not consolidate these loans in a new Consolidation loan.
    "If I have the ball, I will shoot it, you have to believe that," - Stephen Jackson


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    Default Re: OT - VERY important if you attended college or still are in college

    And, as far as I know, you can "consolidate" your loan even if there is only one.

    Oh, by they way!!!!! You need to have at least $5,000 in student loans!!!
    "If I have the ball, I will shoot it, you have to believe that," - Stephen Jackson


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