Is it safe to say that Idaap generally has the best deal going?

It seems that IDAPP's rate is not nearly as low as direct loans'. I am getting 3.42% and without incentives IDAPP is higher. So I think you should go with IDAPP if you are positive you are going to be signing up for the automatic withdrawl and the good consecutive payment programs(s).

sygyzy said:

<< It seems that IDAPP's rate is not nearly as low as direct loans'. I am getting 3.42% and without incentives IDAPP is higher. So I think you should go with IDAPP if you are positive you are going to be signing up for the automatic withdrawl and the good consecutive payment programs(s). >>

IDAPP's consolidation rates are the weighted average of your interest rates on your current loans. I'm not for sure what you're seeing that makes you think IDAPP's rates are higher than your current loan rates...

I would not post the info without confirming it.

I currenlty have a student loan with direct loans too, the loan have been previously consolidated. Called both www.collegeloan.com and cfsloans.com and confirmend that they will allow me to consolidate the loan.

I've applied with www.collegeloan.com about 2 weeks ago, got confirmation letter saying it should take at most 30 days, just called to check - it's still in process.

If you still worried - wait till my consolidation is completed, if not - apply now. You have nothing to loose anyway, worst case - your application is declined and you stay with your current lender.

OP

ChampagneDan said:

<< At the beginning of this thread, there was an indication of lenders that would allow reconsolidation. Has anyone successfully reconsolidated? If all you have is one consolidation loan -- say a Direct Consolidation Loan already getting the .25% electronic debit discount, do you just keep the same rate and reap the benefit of further rate reduction incentives down the road? I can't actually find details on the web sites of the lenders. >>

No, your rate will be 6%
When you consolidate variable interest rate loans your interest rate will be the weighted average of all loans.
When you consolidate fixed interest rate loan your interest rate stays the same.
Exception: if you consolidate with a lender who offers variable rate(i.e. www.istudentloan.com) then your rate can change.
but both idapp and college loan offer FIXED rates, so there is no need to worry.


sn2004 said:

<< One thing that I'm a little confused about:

Let's say my interest is at 8% right now, and I consolidate a small loan with the new one with IDAPP. Make 48 on-time payments, and now my interest rate is 6%. If I then consolidate with collegeloan to get the 1% rebate, do I keep the 6% or does my interest rate go back up to 8%? >>

Yes, whatever reduction you get will be permanent
Yes, you can consolidate several times, as long as you meet the conditions of the company with which you want to consolidate.

anyway, in your case, it seems best to go with idapp.com get interest rate reductions (24month, 48month) and then see what kind of consolidation deals will be available at that time.

some companies require minium loan(13-15K from what I've seen) amount in order to consolidate, so there is a chance that after 4-6 years your loan balance will be below that minium amount and they will not allow you to consolidate.
some companies require you to have more than one loan.

if you still sceptical, call idapp and ask if your loan(s) qualify and if your interest rate reductions will be permanent.

sn2004 said:

<< So I get to keep the rate incentive for making consecutive payments even if I refi with another lender?

So let's say I have the same 8% fixed consolidated loan and several very small perkins loans.

First I refi with IDAPP by combining the fixed consolidated large loan with one of the small perkins loan. In 48 month my rate would drop down to 6% due to the 2 1% incentives.

Then I refi with another lender by combining the now 6% consolidated loan with another small perkins loan. 24 months later I would receive a 1% incentive, dropping my overall interest rate to 5%.

Next I then refi with IDAPP again with another small perkins loan. 48 months later my rate would drop to 3% due to the incentives.

Does that sound correct? It almost sounds too good to be true.

Sorry if it seems that I'm repeating my question from earlier, I just really want to make sure. >>

Some info I found while looking into this.

1) Idapp would not consolidate my loans. I have many loans but all are through american educational services (AES). They said that they could not consolidate the loans since they were all through the same company.


2) The 0.6% intrest reduction for loans consolidated while in grace period is not what it seems and applies to all consolidation programs whether mentioned or not. Your intrest rate goes up by 0.6% when you go from grace to repayment so you automatically save 0.6 by consolidating during your grace period. Again, you don't get an additional 0.6% off your intrest rate, you're just avoiding the 0.6% jump up in intrest rate that occurs when your loans change over from grace to repayment.

3) I'm not sure the multiple consolidation trick will work to get multiple bonuses. If someone can prove me wrong please do! (personal experience only please, no "I heard about this guy that...". It might be useful to leave some of the higher intrest loans out of the consolidation so you could pay them off first.

hi guys

my fiancee and i have been talking about consolidating of late. she got a call one day from a place (cant remember, will post the name tomorrow) and they keep calling her. she says it is b/c she is sending out info with ssn on it and what not, i say they are being annoying

anyway, here is our situation. we both have about 150k each from undergrad and grad school. her graduation date was jan 31 2004 so her grace ends 7/31/04. my graduation is 5/16/04 so our grace periods overlap. getting married 5/22. i was wondering...is their a way to consolidate your subsidized together in one and then do all your unsubsidized together in another...then defer the subsidized? i know it would depend on earnings if you were to do financial hardship.

also, what is the best way for me to get reminded of all my loans and lenders...i have all the paperwork of course but since i do not graduate until may i havent gotten a sheet with all of them on there. guess i could call or do a credit report? anyway thanks for all your posts and future help

aeneas3 said:

<< hi guys
anyone see this or check out these guys??

https://www.oneeasyloan.com/home.asp?hid=135943
saw a banner on excite.

i think that i am gonna pass with idapp b/c it is variable and not fixed. >>

I will call this company later to check what they offer

How/where did you find out that idapp offers variable rate?
From the info I got from idapp representatives the rate is fixed.
In general if you consolidate the student loans you get the fixed rate (that's one of the advantages of consolidation).

hi guys, need your help, IDAPP says they can't consolidate my loan cuz sallie maie will not release it to them, i have multiple loans totalling 11k w/ SLM. anyone know why? will be contacting them shortly...