Student Loan Consolidation Help

Hey all, great forum. I'm glad I found it.

I am currently looking into consolidation of my student loans. I have already consolidated a good portion of my loans at 2.875%. I am not sure if I should reconsolidate this portion with the unconsolidated portion or leave it seperate...or if I can even do that. I was also wondering if I would be eligible for the consolidation incentives if i only consolidated a portion, or since I have already consolidated a portion? If you could please provide me with what places would be best to contact for a person in my position, I would appreciate it. Below is the breakdown of my loans. Thanks in advance for your help!!

Loan Number: 1
Current Balance $8,298.59
Interest Rate 0.02875
Loan Type CONSOLIDATION

Loan Number: 2
Current Balance $25,182.99
Interest Rate 0.02875
Loan Type CONSOLIDATION

Loan Number: 3
Current Balance $4,230.98
Interest Rate 0.068
Loan Type STAFFORD

Loan Number: 4
Current Balance $4,231.95
Interest Rate 0.0722
Loan Type STAFFORD

Loan Number: 5
Current Balance $4,231.96
Interest Rate 0.0722
Loan Type STAFFORD


Loan Number: 6
Current Balance $2,950.75
Interest Rate 0.0722
Loan Type STAFFORD


Loan Number: 7
Current Balance $3,186.95
Interest Rate 0.0722
Loan Type STAFFORD

Total Balance $52,314.17

Total weighted int rate 4.41%

Total Unconsolidated Balance: $18,832.59
Unconsolidated weighted int rate 7.13%

How much are you currently paying per month?

$380/month total.

Are you charged any fees when you consolidate?

It looks like you are paying about $304/month in interest alone. You need to focus more on payments towards the principal instead of consolidation at this point.

Someone with an interest-accrual calculator would be able to tell you the exact number of months it would take to pay it off at this rate.

I just now started paying back the unconsolidated portion as my grace period just ended in July, so that would make sense that I am paying a lot of interest at this point.

I'm not sure what you mean by the fees being charged? I was not charged fees when I did my consolidation and I have not consolidated anything else.

Of course I should look toward paying down the principal, but at this point I can't afford to. I have quite a bit of CC debt that I accumulated while in school as well. Are you advising me NOT to consolidate?

According to my statement, of my last payment $234.77 was interest and $146.23 went toward my principal.

If you can keep consolidating and achieving lower rates without it affecting your credit rating, I'd say go for it.

I do not know of any useful sources for you, have you tried your previous lenders?

I was also wondering if I would be eligible for the consolidation incentives if i only consolidated a portion, or since I have already consolidated a portion?

Woah, yeah, that's not confusing at all :0.

I think as long as you have a new, unconsolidated loan out you can re-consolidate the whole bunch all over again. This is done pretty often, I'd imagine...you can work this to your advantage if interest rates are currently low, or companies are running good promotions. If you are able to, though, I'd recommend consolidating EVERYTHING into one payment.

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