American Loan Guide

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A loan is a type of debt. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower.

College Loan Refinance

It is possible to refinance college loans while you are still enrolled in school. In fact, when interest rates are particularly low, it can be extremely beneficial to consolidate your student loans while you are still in school. By consolidating when interest rates are very low you are able to secure low, fixed interest rates and often significantly reduce the amount you will have to pay monthly for your student loans after college.

Ordinarily you would need to be in a grace period or actually repaying your loans to be eligible to consolidate. However, if you are attending school at least half-time, you can request to have your loans placed in repayment status while you are still enrolled in school. Many lenders have special forms available for making this type of request. Once your loans are placed in repayment status, the loans you wish to consolidate will be given deferment status while your consolidation loan is processed.

As soon as you are approved for a consolidation loan, your new loan will be placed in deferment status until you graduate, leave school, or stop attending at least half-time. You will not be required to make payments on your consolidation loan during this time. Keep in mind, however, that if you consolidate while you are still enrolled in school, you will forfeit the six month grace period you would normally be entitled to upon graduation or dropping to less than half-time enrollment.


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