[Blue Plastic Straw]

I've been procrastinating on this, but I really need to consolidate the student loans I have now, before rates go up at the end of the week. Right now I have ~$4000 in loans that are owned by Sallie Mae and the rest are with a couple of different lenders.<br><br><br><br>
Sallie Mae is offering a rate of 4.5% (which drops to 3.5% after three years of on-time payments). I've seen rates as low as 2.5% advertised with other lenders. I'm not totally sure of the best course of action. Should just go ahead and consolidate the rest of my loans with Sallie Mae, or shop around a bit for the best rate? Is there any benefit (besides convenience) of having all your loans with one lender?<br><br><br><br>
I'm still in school, so whatever route I go, it's going to be a while before I start paying on these loans.

 

[GhostUser]

I'd definitely shop around!<br><br><br><br>
I'm thinking of consolidating, but I don't know if I should. I'm still in school, too, and if we consolidate now, that means we give up our grace period. (My loans are deferred until I graduate.)

 

[kpickell]

Whatever you do, you better do it fast. July 1st is when rates go up.<br><br><br><br>
Most of the consolidations companies I looked into required a minimum of $10,000 debt, whch I no longer have that much.

 

[Blue Plastic Straw]

<div class="quote-container"><span>Quote:</span>
<div class="quote-block">Originally Posted by <strong>veggiejanie</strong> <a href="/forum/post/0"><img alt="View Post" class="inlineimg" src="/img/forum/go_quote.gif" style=""></a><br><br>
I'd definitely shop around!<br><br><br><br>
I'm thinking of consolidating, but I don't know if I should. I'm still in school, too, and if we consolidate now, that means we give up our grace period. (My loans are deferred until I graduate.)</div>
</div>
<br><br><br>
Yeah, this has been the main sticking point for me. I can't decide if having that six month grace period after graduation is worth the extra interest. My loans would still be deferred, while I was in school, but I'd have to start paying right away once I graduate.<br><br><br><br>
kpickell, you might want to check with Sallie Mae, I think their minimum is $5000.