Could you consolidate your student loans if your loan amount is under $10,000?

I'm thinking about attending grad school in the fall of 2006. I am currently repaying my undergrad student loans in which amount to only about $8000. Would it be wise for me to consolidate my loans now? What company can I use since my loan amount is under $10,000? How would I be affected by consolidating my loans before beginning grad school?
Consolidate Student Loans Under $10,000

If you have a federal student loan then you can consolidate your loan starting from $7,500.

You can use http://www.scholarpoint.com to consolidate your loan. There are calculators to tell you how much you're paying each month before you consolidate your loan. However if you're studying again don't you need to get another loan?

Visit http://www.consolidatestudentloanscritic.com for a quick introduction to how loan consolidation works. Well if you're getting another loan then before you consolidate get, a new federal loan and then consolidate both loans.

This is the best way to go. Because $8,000 is not a lot to consolidate so if you need the money you might as well borrow more.

However if you consolidate your current loan of $8,000 there is a way to re-consolidate your loan again. Here's a brief outline.

1. Get a new federal loan for let's say $10,000 at 6.5%.
2. Then, talk with your current loan consolidator and tell them you want to combine a new loan with your current consolidated loan. Some lenders will allow you to do this but before you consolidate ask them first!

Hope this helps and good luck with your new grad course!

7 Compelling Reasons to Get Federal Student Loan Consolidation

Fast Track to Student Loan Consolidation

Consolidation isn’t a foreign word and it’s not too big of a word to understand. Consolidation is easy. It combines all of a student’s loans into one payment. It’s that simple. It’s easy as pie and will let you breathe easier too. Student loan consolidation is convenient and allows you to combine all your loans. In addition, consolidation is no longer only geared toward federal loans. Now students also can consolidate their private loans.

Student loan consolidation
Tired from paying interest on student loans every month, afraid of the deadline of paying back loans, there is a solution of your tensions, STUDENT LOAN Consolidation. In student loan consolidation, a student may enjoy many benefits; some of them are following below.

1.lower monthly payments
2.only one monthly payment rather than paying separately
3.Student loan consolidation rates are very low, fixed interest rate cannot exceed 8.25% at any time, coupled with national interest rates at a 40-year low.
4.For the application of student loan consolidation, you don’t have to offer any credit card check or processing fees.
5.the terms and payment plans of student loan consolidation are very flexible, the provider can mode them according to your financial needs
6.While you don’t need to consolidate in order to take advantage of this one, you can knock an additional .25% off your rate by making your monthly payment electronically. This electronic debit option does more than save you money - it decreases your chances of forgetting a payment.
7.The option to prepay your loan at any time without incurring a penalty
Sometimes a student got confused about the qualification of applying for student loan consolidation. But now government clears that students who are still in their grace period or cannot re pay their owe money on a student loans can qualify to get student loan consolidation or those who are still in school may consolidate their government-guaranteed loans

Now Is the Right Time to Consolidate Student Loans

Students graduate from college with that prize possession: the much-anticipated college degree. Then there are those students who graduate college with that added bonus: a stack of student loans. While searching for the ultimate job, the last thing a student needs is worrying about how to pay off a ton of student loans.

Today in the market, there are many companies offering student loans to the college students, but when it comes to their interest rates, they are charging very high. A student has to pay interest on their loans, every month, which is quite impossible for some due to lack of money and time. When it comes time to pay back their student loans, it can be a real burden and a distraction from their career. For those, student loan consolidation is a best deal and step to follow. In this, you don’t even get low interest rates, but can enjoy other facilities including grace period of six to nine months, only one monthly payments, tension-free mind etc.

Due to existence of government sector, a student has an opportunity to enjoy the offers given by the government as they are quite competitive than private. Student loan consolidation rates is fixed and cant be changed after signing the contracts and whenever student has graduated or ceased to be a full time student, he can also enjoy the benefit of grace period of six to nine months which allows him to get employed and repay their loans easily.

With federal student loan consolidation, rates are fixed. Students also can take advantage of deferment, forbearance and cancellation options.

Another highlight of student loan consolidation is the extension of payments. Many students find they can extend a 10-year repayment plan to as long as 30 years. This depends on a borrower’s balance, so it’s important to check out the options. Student loan consolidation offers students the same interest rate on the same amount, but for a longer term, hence better affordability.

Shana Shane
http://www.articlesbase.com/finance-articles/7-compelling-reasons-to-get-federal-student-loan-consolidation-62684.html