Any financial savvy people out there?

[ToddziLLa]

I am a senior in college right now and have a small amount (< $10,000) in Federal student loans. My question: should I consolidate those loans now in light of the upcoming interest rate hike? It might only save me a handful of Benjamins in the long run, but hey, that's a few boxes of Habanos!

I'm thinking of doing it with Nelnet...any word on them?

[Hookem187]

Originally Posted by ToddziLLa

I am a senior in college right now and have a small amount (< $10,000) in Federal student loans. My question: should I consolidate those loans now in light of the upcoming interest rate hike? It might only save me a handful of Benjamins in the long run, but hey, that's a few boxes of Habanos!

I'm thinking of doing it with Nelnet...any word on them?

someone correct me if i wrong, but don't federal student loans have "locked" interest rates? at least that's what i had back in the college days. kind of like a car loan your "locked" in for say 4-5 years

good luck...student loans are like poo they stick to yer shoe forever.

[cb25]

Originally Posted by Hookem187

someone correct me if i wrong, but don't federal student loans have "locked" interest rates? at least that's what i had back in the college days. kind of like a car loan your "locked" in for say 4-5 years

good luck...student loans are like poo they stick to yer shoe forever.

yes and no. they used to...now they don't...but they'll be fixed again next year. confused yet? me too...

i would consolidate if i were you...if you've racked them up over the past few years, your interest rate probably ranges from 2.7 for some, 4.8 for others. next year it goes up to a locked 6.8%.

i have a couple hundred thousand in educational debt...so you can bet your ass i locked in at each of the rates -- i have the majority of it locked at 2.77, last years i locked at 4.7 or 4.8 (whatever it was), and next year's (2006-2007) will be automatically locked at 6.8%.

if you need any help consolodating, shoot me a PM, and I can send you some info. i had a friend smarter than I shoot me an email basically telling me how to do it all online. it's easy and well worth it IMO.

chris

[cb25]

oh, and one more thing -- the deadline to consolidate is june 30th.