Student Loans and Interest Rates

RVCBride Posted: Apr 27, 2006 07:13 PM

Student Loans and Interest Rates

I posted about this on Newlyweds but I thought I'd try here also. Can someone give me some insight into student loans.

I am still in graduate school right now getting two masters but wanted to consolidate my loans from undergrad and grad. So I consolidated with SallieMae to lock in a rate before July and was told to call my other lenders and to put my account into 'repayment status' in order for the loan consolidation to go through.

This makes sense right? Does repayment status screw anything up? Like rates, payments, etc. The rep at SallieMae already gave me a monthly rate which I printed out for my records. I just want to make sure I did the right thing.

Any insight???

marymoon Posted: Apr 27, 2006 09:40 PM

Re: Student Loans and Interest Rates

I actually just did this today through another company and when I filled out the forms online I was able to fill out a form which they sent to my previous lenders to request early payment or something and forfeit my grace period.

afrodyt2000 Posted: Apr 27, 2006 11:41 PM

Re: Student Loans and Interest Rates

Well if you are in repayment status then that might mean you have to start making payments right away. Why couldn't they do an in school consolidation since you are still in school? When you do an in school consolidation then you still keep your grace period.

evnme Posted: Apr 28, 2006 12:00 AM

Re: Student Loans and Interest Rates

since u're still in school, ask for an in school consolidation and then do an inschool deferment. that's what i did.
call sallie mae and get the forms (or u may be able to get them online).
then u fill part out and then get someone from administration that deals w/ financial aid to fill the rest out and then either fax or mail it back to sallie mae.

IMO- i have had problems w/ sallie mae- i did in-school consolidation w/ educaid (which is now part of wachovia) last summer b4 the rates went up.