Vocaboly.com

[Ima Google]

Hi again,

As I posted in a previous thread, I just finished my first year of
professional school and only have the single loan as of now. If I
consolidate that current loan to lock in the low rate, will I be able
to add my upcoming loan (will have it in August) for my second year of
school in to my loan consolidation at the low interest rate I currently
have? The FAQ below states that I can add a loan within 180 days, but
I can't tell if it will increase the overall interest rate or if the
entire loan will stay at my current low rate of 2.8%

I found this FAQ on the T.H.E. website:

***Can I add loans to my Consolidation Loan?***

"You may add an eligible loan if a Federal Request to Add Loans form is
received within 180 days following the date
the outstanding Consolidation Loan was made. After the 180-day period,
you may not add loans to the outstanding
Consolidation Loan.
Note: In order to add a loan, it must be fully disbursed. However, you
may re-consolidate by paying off your original
consolidation loan and any other eligible loans not yet consolidated.
Your loan terms will be re-disclosed when/if you
re-consolidate."


Thanks!

[Steve Blank]

Consolidation only applies to loans you already have. You will lock in
the low rate only on the current existing loans.

Any new loans will be at their own interest rates, whatever they may be,
and if later consolidated with different rates, they are averaged out.

Your question is: can I somehow convert the newer higher rate loans to
the old lower rates - No.


Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761