# Student loan consolidation time?

**URL:** <https://boards.straightdope.com/t/student-loan-consolidation-time/244342>\
**Category:** In My Humble Opinion\
**Created:** [May 9, 2004, 9:26pm UTC](https://boards.straightdope.com/t/student-loan-consolidation-time/244342 "2004-05-09T21:26:59Z")\
**Posts on this page:** 4\
**Page:** 1

<div class="post-metadata">

**Author:** ![kanicbird](https://avatars.discourse-cdn.com/v4/letter/k/5f8ce5/32.png) [@kanicbird](https://boards.straightdope.com/u/kanicbird)\
**Post date:** [May 9, 2004, 9:26pm UTC](https://boards.straightdope.com/t/student-loan-consolidation-time/244342/1 "2004-05-09T21:26:59Z")

</div>

I have held off consolidating my student loans the last 3 years (actually further back, but the rates were really low the last 3 or so. And it appears it might go lower still when reset on July 1st.

I’ve heard talk about a new law changing the consolidation rate from fixed to variable, but it wouldn’t effect people who have consolidated before the change (so I would get a fixed rate for the life of the loan of about 4% and change).

Any info about it would be appreciated.

---

<div class="post-metadata">

**Author:** ![amarinth](https://avatars.discourse-cdn.com/v4/letter/a/3be4f8/32.png) [@amarinth](https://boards.straightdope.com/u/amarinth)\
**Post date:** [May 10, 2004, 1:21am UTC](https://boards.straightdope.com/t/student-loan-consolidation-time/244342/2 "2004-05-10T01:21:31Z")

</div>

I’ve been holding off trying to figure out if I should do it now or wait another year - where did you hear it could go lower? (I’ve been worried about the opposite.)

Also, I have heard talk that they may allow multiple consolidations in the future - which would take away the panic of possibly missing the right year.

---

<div class="post-metadata">

**Author:** ![kanicbird](https://avatars.discourse-cdn.com/v4/letter/k/5f8ce5/32.png) [@kanicbird](https://boards.straightdope.com/u/kanicbird)\
**Post date:** [May 10, 2004, 12:04pm UTC](https://boards.straightdope.com/t/student-loan-consolidation-time/244342/3 "2004-05-10T12:04:26Z")

</div>

> [@](#):
>
> - where did you hear it could go lower? (I’ve been worried about the opposite.)

I was worried myself, but the rates are tied directly to the t-bill which is lower then it was last year. It should be about the same or very slightly lower rates if there is no dramitic change.

> [@](#):
>
> Also, I have heard talk that they may allow multiple consolidations in the future -

I have never heard of this, and I think it’s out the window if the consolidation goes to a variable rate - or more accuratly negates any benefit.

---

<div class="post-metadata">

**Author:** ![Hey\_It\_s\_That\_Guy](https://avatars.discourse-cdn.com/v4/letter/h/6f9a4e/32.png) [@Hey\_It\_s\_That\_Guy](https://boards.straightdope.com/u/Hey_It_s_That_Guy)\
**Post date:** [May 10, 2004, 10:53pm UTC](https://boards.straightdope.com/t/student-loan-consolidation-time/244342/4 "2004-05-10T22:53:08Z")

</div>

I finished school last summer, and consolidated my loans in February, right after my six-month grace period was up. I did it through the U.S. Department of Education since I only had government loans for law school, but I got the rate locked in at what I think is a decent percentage. From what I hear, you can’t go wrong doing it now.