quote:
I work in the student loan business so I might be able to help. If your loans are federal loans (Stafford, GradPlus, PLUS) you can consolidate them but only through the DOE's Direct Consolidation Program. Your new intrest rate on your consolidated loan will be the weighted average of the interest rates on the loans being consolidated (rounded to the nearest higher 1/8 of a percent).

Then please tell me why, despite my loans being "consolidated", that my online account (Through Great Lakes) shows my "consolidated" loan as 3 seperate loans...with seperate due dates, payments, and interest rates. I have a 6.7%, a 6.25%, and a 3.75% (smallest one

). Mine did not consolidate to a weighted average APR.

Is it b/c they are stafford sub VS stafford unsub Vs something else?

This post was edited on 11/20/12 at 11:24 am

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Posted by DontTazeMeBro

Gatlinburg, TN

Member since Oct 2011

153 posts

Posted on 11/20/12 at 11:56 am to MSMHater

My earlier post was referring to a new consolidation. But there's a number or things that can affect the interest rates on past consolidation... So I can't be sure about your particular situation. Prior to July 1, 2006, all federal student loans had variable interest rates. So the date of when you took out your original loans and the date of your consolidation matters. Also, consolidations could previously be completed through private entities (Banks, Educational lenders) so you saw lower interest rates offered to persuade students to consolidate with them. I've seen interest rates on consolidation loans with our company ranging anywhere from 8.5%-1.39%.

This post was edited on 11/20/12 at 11:58 am

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