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Can I still beat the deadline to consolidate? Good Idea?


realityQ
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My apologies if this has been addressed already. I skimmed through but could not find anything lately. I have 2 student loans (totalling almost 40K) that are both in default but I am in rehab and am paying on them. I keep getting these scary msgs about the interest rate going up on the 1st of July. Was advised to go through the 12 mth rehab period and the default history will be taken of (is this true?) and then consolidate afterwards. if I consolidate now, the default history remains. if i consolidate later, i am scared of the interest rate hike. what to do - take the hit and consolidate afterwards (after july 1st) or do it now?

please help. many thanks.

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I am in the same boat you are but I chose to complete the rehab since my last payment will be in Sept. I really need that off my credit report. This default has destroyed my credit.

But you may want to run the numbers with the interest you have now vs. the extra 2% that is being added then you will have your answer.

My husband just sent in the last bit of paperwork today for his consol's, so I do think that there is time if consolidating is still an option for you.

Best of luck!!!

Let us know what you decide :wink:

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