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Joseph Hurley, who writes the College Money Guru
advice column for Bankrate.com, will be answering questions
all this week for people who want to know more about
student loan consolidation. Ask
your question here.
 Dear
College Money Guru,
I did consolidate my student loans last year to lock
in a lower interest rate. Does that mean that I will
never have to worry about it again since they are raising
interest rates every year?
-- Rainy
 Dear
Rainy,
You did the smart thing by consolidating
your loans last year when interest rates were at their
lowest. Since you've locked in at such a great rate,
I think all you need to worry about is making your payments
on time. I doubt we'll see interest rates come down
to the point where you will ever want to look at refinancing
your consolidation loan.
For anyone who failed to take advantage
of the opportunity to consolidate by June 30, 2005,
be sure to consider it now. You have only until this
Friday, June 30 to apply. The interest rate will not
be as low as last year, but will certainly be better
than the rate that takes effect on July 1, 2006.
Answers for:
Converting
an exisiting loan to a fixed-rate loan
Combining
graduate and undergraduate loans
Joseph Hurley, who writes the College
Money Guru column for Bankrate and founded savingforcollege.com,
will be answering extra questions this week as the June
30 deadline approaches for consolidating student loans
at a low rate.
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