I do hope someone can help with this. I have read that it is possible to consolidate when you are in school. I called Sallie Mae and they said I had to be out of school but I've read that isn't necessary at another student loan website. Can someone tell me if this is possible? I'd love to grab these interest rates! Ok, here's the quote: ATTENTION:STUDENTS -- CONSOLIDATE WHILE YOU'RE IN SCHOOL If you are attending school at least half time, have a Direct Loan or are attending a Direct Loan school and have at least one Direct Loan or Federal Family Education Loan (FFEL) in an "in-school" period, you are eligible for in-school consolidation, and it can make your life easier. You can benefit from Direct Loan Consolidation if you have not yet entered repayment on your student loans or you have entered repayment but have now returned to school. Alright...so, I found the answer but why is Sallie Mae telling me I can't then? HMMMMMMMMMMM A Stafford Unsub and Sub are direct loans, right? Here's the glossary def: Direct Loan: A student loan issued under the William D. Ford Federal Direct Loan (Direct Loan) Program. The program includes Federal Direct Stafford/Ford (Direct Subsidized) loans, Federal Direct Unsubsidized Stafford/Ford (Direct Unsubsidized) loans, Federal Direct PLUS (Direct PLUS) loans, and Federal Direct Consolidation (Direct Consolidation) loans. So, if I have staffords (unsub and sub), I should be able to consolidate, right? Or am I reading this all wrong? Is there a difference between stafford and direct stafford? Thank you so much!!!!!
NanaC Direct loans...WD Ford is the only servicer that I am aware of that will allow you to consolidate while in school and I believe that you have to be a senior (not agewise either...LOL) and have taken your last loan out before you will be eligible with them. The reason they can while nobody else can is that everybody else is covered by title 4 of the HEA and as a FFELP participant are not allowed to consolidate until out of school. Most servicers won't consolidate you while you are in your grace period either, which can save you an additional .6% or so on the rate. Good luck. fla-tan
Thanks for the reply! Well, I'm in grad school so past the senior status. LOL I took that quote from the Direct website...I'll be done next summer...right after the change in interest rates..guess I"ll just wait and hope it doesn't go up much! Thanks
What is your last day of classes NanaC? Also, do you have student loans from undergrad? If so, did you go straight from undergrad to grad school? You may be able to consolidate your undergrad loans if that is the case. Email me off-board if you want further info. fla-tan
Im thinking about getting another student loan to help pay for school. I only have around $6,000 total in student loans, of course they're all deferred indefinitely, but I need another one, around $1,000-$2,000. Who should I go through (Besides Sallie Mae, I hate those guys)?
