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Originally Posted by bdizzle
I'm 24 and a junior in college. I've never consolidated a loan before, but I heard interest rates are going up. I wanna make sure I get the lowest rate possible so that I can pay it off ASAP. So I have a few questions
Where can I find out what the current rate is?
Where can I find out what the rates will be next year?
What company should I consolidate with?
I was searching for the questions online, but I kept getting sites offering to consolidate with, but no real info.
hanks
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I would wait and mull over your options. When I graduated in 97, many places advertised they could drop my rate in half, consolidate all my debt (subsidized and unsubdized loans). In reading the fine print, these offers were extending my repayment from 10 years to either 20 or 30 (which would have cost me more in the long run).
In addition, whoever is telling you rates are going up is speculating. Rates may go up, they may go down. Last week they went down .125% for mortgages. Then they went back up .125% the same week.