loan consolidation question...

[KEVIN88GT]

it's time for me to consolidate my loans...I have a crapload of federal loans and about 20k in private loans from Teri. Can someone reccomend a bank that is good to deal with with loan consolidation. I know many will consolidate my federals loans into one however I dont know if they'll do the same with my private Teri loans which are at like a 5% interest rate. Can anyone guide me in the right directions....also does anyone know which banks let me keep my 6 month grace period (after graduation) even if I consolidate now...thanks in advance.

[EDValerieRN, ASN, RN]

Can you consolidate while still in school??? I keep getting more and more mail about it, but from what I understand, you cant really do it while you are in school. I still have a year to go in nursing school, and then I am going straight on for my BSN. Is it even worth it if it is possible? I've been wondering this...TIA!

I wasn't allowed to consolidate until after I graduated (I did it on graduation day). Nelnet is who I used... I had all federal loans. From what I understood, you must consolidate your federal loans with a company that you have used.

I have loans from three different companies, so I called all three...nelnet, OSLA, and I can't remember the other.... their plans, interest rates, and perks were all exactly the same... probably because it's a government program.

I also got to keep my grace period, and after 36 on time payments my interest rate will drop a percentage point... I think when it's all over with it will be around 2.4%.

I hope this helps!

[RainDreamer, BSN, RN]

You dont have to repay the loans untill you get out of school (and even then you get a 6 month grace period). I dont see the reason to do it while you are in school.

There's an advantage to consolidating now because the interest rates are at an all-time low. The rates will increase on July 1st.

And a lot of the companies want you to start paying back right after you consolidate, which throws out your grace period. I called a few companies and they said if I would consolidate now, then I'd have to start paying back after my application went through, and that would waive my 6-month grace period. Sallie Mae and one other company (I can't remember which one it was) were the only ones that would let me keep my grace period even if I consolidated now.