What's the deal with student loans going up in interest?

undeterred

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Wed Jun-28-06 07:19 PM
Original message

What's the deal with student loans going up in interest?

I consolidated 2 years ago. Now a zillion companies are contacting me. Do I need to worry?

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peacebird

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Wed Jun-28-06 07:21 PM
Response to Original message

1. interest rates going up in hopes of getting new volunteers for the army?

just my guess....

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MissB

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Wed Jun-28-06 07:25 PM
Response to Original message

2. Interest rates for student loans change every July 1st.

Edited on Wed Jun-28-06 07:25 PM by missb

They are just casting a wide net to see if they can capture more business. If you've consolidated already, you won't need to (and probably couldn't) consolidate again. You likely have a better interest rate than the one they are offering, unless you are still in school.

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undeterred

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Wed Jun-28-06 07:27 PM
Response to Reply #2

3. thanks

mine are old loans and very low. I just don't remember all the advertising this time of year before.

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MissB

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Wed Jun-28-06 07:31 PM
Response to Reply #3

4. No problem.

I consolidated about four years ago and I still get offers occaisonally. Some of them have been downright misleading: "You must act now to prevent possible increases in your student loan interest rates!" and other bullshit like that.

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SlipperySlope

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Wed Jun-28-06 07:47 PM
Response to Original message

5. They are just trying to drum up business

They issue a query to the credit bureaus that say "give me a list of all people with student loans that match some set of criteria" and your name comes up. The credit bureau only knows that you have a loan and the dollar amount, but they don't know that you already consolidated.

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