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A Direct Consolidation Loan has a fixed interest rate for the life of the loan. The fixed rate is based on the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest one-eighth of 1% and cannot exceed 8.25%.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoThe most common student consolidation loan rates would be around 3.40% for subsidized rates. For unsubsidized rates/graduate rates, it is around 6.80%.
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What are todays most commonly used student consolidation loan rates?
Rates for student consolidation loans can really vary depending on the funding institution you are using for the loan. Rates are also based on your credit score. So make sure you credit is descent if you want lower rates.
What are the student loan consolidation interest rates?
As of July 2010, you can get a student consolidation loan through the federal government. The interest rate can range from 6.62%-8.25%. 8.25% is cap for any student loan consolidation.
Where can one find the best consolidation loan rate for a student in Calgary?
Some of the best places to find good consolidation loan rates are Load Approval Direct, Next Student, and DebtConsolidation's website. The rates will vary depending on each individual student.
What are the benefits of student loan consolidation?
Some of the benefits of student loan consolidation is the opportunity to lower the interest rates and pay all the bills each month with one payment.
What does a student loan consolidation interest rate determine?
A student loan consolidation interest rate determines the amount of your monthly payment on your student loan. Higher interest rates would result in higher monthly payments.
Where would one consolidate student loans?
Almost all federal student loans can be consolidated under the Direct Consolidation Loan program. They offer multiple repayment plans and fixed interest rates. Private student loans that do not qualify for consolidation under the Direct Consolidation Loan can be consolidated through separate programs such as NextStudent, Student Loan Network, and Wells Fargo.
What are some typical student loan consolidation rates?
Student loan consolidation is similar to paying off a mortgage and the rates depend on how much was borrowed and the interest of the loans being consolidated. According to FinAid, the interest rate on these loans are an average of the individual loan rates rounded up to the nearest 1/8 of a percent but can go no higher than 8.25 percent.
Where can I go to consolidate my school loans?
Trying to find out how to consolidate your student loans? You've come to the right place. At StudentLoanConsolidator.com, you can learn how the consolidation process works, view interest rates, and get started consolidating both federal and private student loans. Our helpful student loan consolidation calculator is a great way to find out how much you could save through consolidation. Get started now to find your consolidation options
What is the lowest student loan consolidation rate for a graduate student?
The lowest interest rate for student loan consolidation for a graduate student depends on what loans you currently have. The consolidationg company normally averages all your loan's interest rates to come up with a fixed rate and a fixed monthly payment. They can not charge more than 8.25%.
What is meant when bankers and investors use the words student loan consolidation interest rate?
When bankers and investors use the term "student loan consolidation interest rate," they are referring to the interest rate that borrowers will be charged when they consolidate their student loans. Student loan consolidation allows borrowers to combine multiple loans into a single loan with a new interest rate, typically based on the weighted average of the interest rates of the loans being consolidated.
Direct Consolidation Loans?
Students with two or more federal student loans can consolidate all of their federal loans by applying for Direct consolidation loans. Students who apply for a Direct consolidation loans usually choose to consolidate their loans for many reasons, including but not limited to extending the original repayment term of their original loan to 30 years, lowering their monthly payment, lowering their interest rates and securing additional forbearance and deferment time.Students Who Apply for Direct Consolidation Loans Manage Their Loans BetterMany students find it easier to manage all of their student loans by consolidating their existing federal student loans into one loan. Consolidation allows students to combine two or more student loans into one loan, so students will only be responsible for making one monthly payment instead of several monthly payments each month.Direct Consolidation Loans Help Students Lower Interest Rates on Their Existing Student LoansStudents with high interest federal loans can take advantage of lower interest rates by applying for a Direct Consolidation Student Loan. In most cases, students who apply for Direct consolidation loans will find that they can consolidate their existing federal loans down to a lower interest rate.Students Who Apply for a Direct Consolidation Loan Receive Extra Forbearance and Deferment TimeOne of the main benefits of applying for a Direct consolidation student loan is that students who no longer have any forbearance or deferment time left on their existing federal loans will be entitled to new deferment and forbearance time simply by applying for a Direct consolidation student loan.Direct Consolidation Loans Help Students Prevent DefaultStudents who apply for a Direct Consolidation loan can prevent defaulting on their existing federal loans. This is especially true for students who have no other repayment options and can't make their monthly payments. With a Direct student consolidation loan, students and graduates start over with a fresh and brand new loan and repayment terms.Students who are struggling to pay their federal loans, are out of forbearance of deferment time or are interested in lowering their interest rates should consider the benefits of applying for a Direct Student Consolidation loan today.
Where can consolidation loan rates be compared?
There are several places one can compare consolidation loan rates. These websites include Bank Rate, Loan Consolidation, Lending Club, FinAid, and Lending Tree.
