Consolidating

[Medsport, LPN]

Ok, I just graduated and my 6 month grace period just started. I hope I can get a job soon, because I know the payments are going to be like a new car payment. Anyway, when should you consolidate? I have both sub and unsub loans through the government and another loan through a bank, but I noticed the billing notice comes from the same place as my gov. loans. It is at a higher interest rate though. I wonder if you lose the grace period if you do consolidate? I also wonder if I should change my status as I put down on my school loans at the beginning of summer that I would be half-time in the fall in the hopes I could borrow the full amount. That did'nt happen, but my deferment reads as though I'm going to school through the fall quarter. I'm thinking they'll figure it out when I don't sign up for classes. I don't want it to affect my credit though...

[Little Panda RN, ASN, RN]

Yes they will eventually find out you are not registered for school.

I consolidated my student loans with wells fargo. I did not have a grace period to lose since I had already used it when I took a break from school, but if I did have the grace period then yes, I would have lost it.

Be very careful when you consolidate your loans, be sure to ask plenty of questions such as will you lose your grace period, can you get a defferment if needed, what is the interest rate, how long is the term of the loan and so on.

Wells fargo told me I would have a grace period even though I had already used mine a year ago, since it was a new loan and I did not, they also quoted me a lower interest rate than what they actually gave me. When I called a questioned them about it, it was denied. So buyer beware.

just my 2cents

[ohmeowzer RN, RN]

you should call them and ask. i know student loan payments are scary. but call them .. i consildated mine and had no grace period.. i asked and they said no.. ugh... good luck .. keep me updated..