This month I start paying the government back for all the money they lent me to complete my bachelors at Covenant College. Its rough... Ive been waiting to find out how much my payments were going to be BEFORE i consolidated (not sure why...) The first place I tried to consolidate my loans offered me no sort of interest reduction. Right up there at like 3.5%... and I have good credit?!?! So, if ANYONE knows anywhere to get a good consolidation loan, from a respectable establishment, it would be more than appreciated!
Posted by kposey at December 12, 2003 01:41 PM | TrackBackyou think 3.5% is high or something? I'd LOVE that rate.
I'd call Covenant's financial aid office if you really want to consolidate. it's a dangerous business...you may pay more in the long run b/c they stretch out the payments for so long.
I consolidated through Sallie Mae, at 3.25%. I got a rate reduction because I consolidated while I was still in the grace period--I think it would have been 3.5% otherwise. I'd say go ahead and consolidate at 3.5% because my guess is that interest rates are going to start rising soon, and you want to have a rate that low locked in.
Posted by: kathryn at December 13, 2003 12:35 AM