To consolidate or not?

[noochski]

i currently have 3 loans being reported on my CR. They are 3500.00(sub) and 4000.00 and 2000.00(unsub). I was wondering if I should consolidate them. I know it will still show as two loans, with the unsubsidized being reported as one 6000.00 loan. Would I be better off focusing on the 2000.00 loan, which I know I can pay off almost immediately once my deferment date of 2/28/12 passes? Would I be better served making a few payments on the loan before paying it off, or just consolidating the two?

[pizzadude]

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@noochski wrote:

i currently have 3 loans being reported on my CR. They are 3500.00(sub) and 4000.00 and 2000.00(unsub). I was wondering if I should consolidate them. I know it will still show as two loans, with the unsubsidized being reported as one 6000.00 loan. Would I be better off focusing on the 2000.00 loan, which I know I can pay off almost immediately once my deferment date of 2/28/12 passes? Would I be better served making a few payments on the loan before paying it off, or just consolidating the two?

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Would your interest rate improve at all from consolidating the loans ?   From a FICO perspective you wouldn't really gain anything from consolidating, but if you get better terms then I'd do it.

[laz98]

If you can pay one of the loans off pretty soon, I wouldn't go through the trouble of consolidating.

[noochski]

My payments are deferred until 2/28/13, if I make a payment now does my deferrment date change? I'm prett positive I can pay the $2000.00 unsubsidized before that date but want to be sure that making a payment won't activate a payment schedule on these loans.

[laz98]

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@noochski wrote:

My payments are deferred until 2/28/13, if I make a payment now does my deferrment date change? I'm prett positive I can pay the $2000.00 unsubsidized before that date but want to be sure that making a payment won't activate a payment schedule on these loans.

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No.

[GST2008]

Just make sure that when you go to pay off the 2k loan, the money all goes to that loan specifically.  They often try to split the payment among the three loans.