Consolidating your student loans during your grace period
- Date: 2007-04-12 - Word Count: 294
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One of the benefits of a federal student loan is that after graduation you are given a six month grace period before you are expected to make payments. If you graduated or dropped below half-time status this summer your grace period is most likely about to end and your lenders may have contacted you already with repayment information. So why is it important to consolidate your federal student loans before your grace period ends?
For loans taken out prior to July 1, 2006 your interest rate is kept at the lower in-school rate during the grace period, generally .6% lower. When you consolidate your federal student loans your base rate is determined by figuring the weighted average of the current interest rates on all of your federal loans. By consolidating during your grace period you will lock in that lower in-school rate saving. Even just a .6% reduction in the rate can save you thousands over the life of your loan.
You can even retain your grace period if you wish, your consolidation application is completed but is held until just before the grace period ends. This is a good way to plan ahead and make sure you don't miss the lower rates. You don't have to remember when your loan is due, we will do it for you! For further information contact a loan consolidation expert at Federal Education Services
Federal Education Services is a company that specializes in federal student loan consolidation, Stafford loan origination, PLUS and Graduate PLUS loan origination and as a resource for students with questions regarding educational financing. For any questions regarding this article please contact Federal Education Services. A friendly loan specialist can be reached at (877) 222-4727 or you can find us on the web at www.feded.net.
For loans taken out prior to July 1, 2006 your interest rate is kept at the lower in-school rate during the grace period, generally .6% lower. When you consolidate your federal student loans your base rate is determined by figuring the weighted average of the current interest rates on all of your federal loans. By consolidating during your grace period you will lock in that lower in-school rate saving. Even just a .6% reduction in the rate can save you thousands over the life of your loan.
You can even retain your grace period if you wish, your consolidation application is completed but is held until just before the grace period ends. This is a good way to plan ahead and make sure you don't miss the lower rates. You don't have to remember when your loan is due, we will do it for you! For further information contact a loan consolidation expert at Federal Education Services
Federal Education Services is a company that specializes in federal student loan consolidation, Stafford loan origination, PLUS and Graduate PLUS loan origination and as a resource for students with questions regarding educational financing. For any questions regarding this article please contact Federal Education Services. A friendly loan specialist can be reached at (877) 222-4727 or you can find us on the web at www.feded.net.
Related Tags: credit rating, college loan, financial aid, student loans, student loan consolidation, graduation, federal loan, education financing
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