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. |