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It’s Time for Student Loan Consolidation

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Now that law school graduation is around the corner (Sunday!), it’s time to think about the future. Part of that future is the huge pile of debt I’ve racked up during these three years. I think it’s time for student loan consolidation.

If you’re like me, you’ve received offers in the mail to consolidate your loans almost every day. Sometimes I get more than one. And they all say that I MUST ACT NOW! I promptly throw them away. But now it really is time to act.

CIT Group offers student loan consolidation through their website. They can help you consolidate PLUS loans and Stafford loans. This ensures that you lock in your interest rate, and you’ll only have one payment to keep track of. That’s definitely convenient, right?

There are so many consolidation questions, so here are a couple things I’ve learned:

You must consolidate before July, to lock in the current interest rate. It will change mid-summer, but it could go down I suppose.
It’s not recommended to consolidate your loans with your spouse. Once the loans are together, there’s no splitting them.
Actually, that’s about all I know about this process so far.

What is your plan for loan consolidation? Are you doing it after every year of law school? Are you just going to keep your loans separate? Why or why not? Please describe fully, in a comment below.