Attention anyone with Federal Student Loans!

[remleduff]

July 1st student loan rates will be going up by around 2% interest. When they were only around 3% to begin with that's a huge amount!

Look into consolidating your loans and locking in the rate at Sallie Mae or similar institutions.

Yes this sounds like an advertisement that you'd usually ignore but darn it, this could cost you a ton of money.

Comments

[nonabloch]

Actually the recommendation is to call your Financial Aid office and speak with them about how much you owe and whether or not you should consolidate. Some people will lose the 6 months "free period" you get once you graduate to start paying their loans. You would begin payments immediately upon graduating.

[mspolliard]

Yeah, both you and the lady are correct... I've been getting tons of those "hey consolidate your loans with us" letters, but I mostly ignore them because I can't afford to pay them yet. I went ahead and signed up for one yesterday, though, because it's all part of my "optimistic about getting a job" thing. We'll see how THAT works out. =-p

[philosofialogos]

My loans are already consolidated and have been for years. I bet they won't magically give me a lower interest rate for asking.