Thursday, July 19, 2007

It shouldn't all be about money...
...but sometimes it feels that way, doesn't it? We just spent a bunch of money at the beach, and there is always something coming up that requires more money. Law school is like that. My tuition alone will be just under $100K and then considering books, living expenses, transportation...all of that...I'm looking at $150K in loans. UGH!

Once you pick yourself up off the floor, please continue reading....

Eventually we will be looking into school loan consolidation. We already get a lot of calls at the house, and as soon as we tell them I still have two years left, they say they will call back closer to my graduation. Sooner than I expect though, it will be time to listen to those callers and figure out how to evaluate a consolidation program. Do I use the company who most of my loans are through, or another company? I am sure there will be no shortage of companies willing to have me pay them interest for 10 years. I don't know if certain companies offer better incentives if you have on-time payments for X number of months, but I am guessing since the original loans do, consolidation loans might, too. Does anyone have any experience with consolidation loans? My parents and me, via summer jobs and scholarships, paid for my undergrad education, so I didn't have to think about this stuff back then. Thank goodness they have such programs though since the individual payments would really add up to some very unrealistic payments! Guess we have some time to shop....never know what will be being offered by May of 2009!

2 comments:

PT-LawMom said...

I consolidated after graduation. You can do it at anytime, but you can only consolidate federal loans once apparently. I was very, VERY lucky to do it when the rate was at like 3 or 4%! Not sure how long you should wait.

In addition to consolidation, there is also extended repayment plans or graduated repayment. You could always do that for a few years until interest rates go down again and then consolidate. You don't HAVE TO consolidate just because they tell you you should.

Audra said...

My wife starts her first year of law school in 26 short days! So we will very much be in the same boat. Luckily she does not have any undergrad loans, and unfortunately i have a crapload of them- so hopefully everything will work out!!!