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Re: Student loan consolidation Posted by PGAero [Email]  (#1143) [Profile/Gallery]
(more from PGAero) on Wed, 8 Jun 2005 09:04:02
In Reply to: Student loan consolidation, awg, Tue, 7 Jun 2005 11:25:37 Members do not see ads below this line. - Help Keep This Site Online - Signup |
Hey there awg.
When I consolidated, I went through the same confusing process that you are. I was told to consolidate before interest rates go up, etc etc... But, when it came down to it, my understanding was that the loans I had (Which might be different in nature than some toher types of loans) were issued with a fixed interest rate, and the loan consolidation outfits were required by law to use that interest rate as then consolidated rate...so consolidating by a certain date was a moot point for me. (They took the weighted average interest rate, and rounded UP to the nearest 1/8%)
I set up automatic payment, which decreased my interest rate by 1/2%, and after XXX number of consecutive payments, the interest rate drops again...so I improved my interest rate by consolidating, but I was a little upset at how they pitched the process. (They pushed consolidating quickly to get the "Current Low rate before rates go up in July" but the rate I got had nothing to do with the current rate, but everything to do with the rate that I signed for when I took the loan.)
Like I said, different types of loan may very well be different in how they can be treated. Just try to remain a savvy consumer.
~Peter
posted by 153.90.198...
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