Consolidate those student loans now

[kuri]

As a reminder the Fed will raise student loan interest rates effective July 1, the largest increase in the program's 40 year history.

If your like me and have significant amounts to pay back you should be able to lock in somewhere between 3- 4%. They will jump above 5%.

It might be your last chance to get a fixed rate because Bush has proposed doing away with that in favor of variable rates.

[I. Kay]

Signing mine off almost literally as we speak. Locking down at 2.7!!!

[Phaedrus49er]

Holy shit, good call. It completely slipped my mind. I just called and should be locking in at between 2.875 and 3.375 when I get all the paperwork submitted (depends on if they'll let me have the grace period rate rather than the repayment rate).

[castufari]

I made my last payment several years ago when they dropped to 3 something. A friend of mine who has a TON of loans (and isn't making the $$ to pay them off) locked hers in a few years ago at 10%. She tried to get them moved, I guess once you lock them in there is no changing your mind. From what I can gather she sold them to some company outside of the load system. I wish I had 120k, I would have bought her loans of at 9.75%.

[kuri]

It's not a bad idea to shop around and get the best rates, particularly if you have loans out with different lenders. All signs point to rate hikes from here on out, and with recent and proposed legislation it's gonna only get rougher for students.