Student Loan Consolidation?
Asked by shannon_marinettiWhen you consolidate your student loans while in college, do you have to begin repaying the loan before graduation or do you still have that 6 month grace period after graduation? I am confused about this.
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Answered by suzykew70
My husband didn't consolidate his loans until he was ready to begin repayment. I'm not sure what the benefit to consolidation would be before you owe any money. Consolidation gives you a lower payment. It is larger than each individual payment, but not as big as all of them combined. Also, sometimes you get a better interest deal. Talk to the financial aid expert at your school, or read up at the Sallie Mae website. Make sure it is the right step for you right now, because you can't take it back. I don't think you can "reconsolidate" again later if you take more loans, either.
My husband didn't consolidate his loans until he was ready to begin repayment. I'm not sure what the benefit to consolidation would be before you owe any money. Consolidation gives you a lower payment. It is larger than each individual payment, but not as big as all of them combined. Also, sometimes you get a better interest deal. Talk to the financial aid expert at your school, or read up at the Sallie Mae website. Make sure it is the right step for you right now, because you can't take it back. I don't think you can "reconsolidate" again later if you take more loans, either.
