Loan consolidation questions.

[The Sauce]

So my step-daughter is planning on consolidating prior to the next round of interest hikes (July 1). I did this too long ago to remember so here are my questions:

1. If you consolidate is the interest rate negotiable or is it a single universal rate set by the govt? (i.e. can you shop around for better rates from different companies?)

1a. If it is negotiable what is a good current rate to press for?

2. Can private loans be consolidated along with Staffords?

3. Are there any criteria for repayment deferral after you consolidate? (i.e. poverty, etc.) She is making 17K a year at an internship.

Thanks for the help.

 

[The Sauce]

Wow...no one?

 

[fitzov]

repost

 

[sonoma1993]

when is the new fedral interest rates going up? I just started a new quarter at my school, and receive a new statement from my school loan provider. I was looking it over. it said your Initial Interest rate is 11.50% Your initial Index Rate is 7.50% and your margin is 4.00%. Does anyone know what that means? Am I earning interest at the 11.50% rate or the 7.50% index rate?

 

[Heddis]

Here are a couple loan consolidation comparison websites

Consolidation Comparison
FinAid

I just consolidated my Stafford loans with NextStudent

I don't remember the exact interest rate but it was somewhere around 4% whitch can be reduced to just below 3% after I pay on time for 12 months and have the payments automatically debited from my checking account. Federal loans cannot be consolidated with private loans however they can be consolidated seperately. If she is still in school(as I am) she can change defer her payments while still in school. Also some interesting information I found out is that any loan taken out for up to 180 days after the loans are consolidated can be added to the consolidation loan. This is great for me because I have one more semester left so I can have all my loans consolidated together at the low interest rate.