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What is meant when bankers and investors use the words student loan consolidation interest rate?
Wiki User
∙ 10y ago
When bankers and investors use the words "student loan consolidation interest rate" they are referring to what you will need to pay per month for your student loan.
Wiki User
∙ 10y ago
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.
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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.
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.
What is the low interest student loan consolidation?
Low interest rate student loan consolidation is when a company takes 2 or more student loans that an individual may have acquired and combines them into one lump sum with a single payment at a lower interest rate.
What is the maximum interest rate for a student loan consolidation loan?
The maximum interest rate for consolidating FEDERAL student loans is 8.25%. If your student loans are not federal loans, though, there is no maximum interest rate.
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.
How much is Wachovia student loan consolidation interest rate?
A Wachovia student loan consolidation interest rate is is 6.75%. This rate is the base rate set be the US Government sallie mae loans plus wachovias take.
Is student loan debt consolidation something that will save money in the long run?
Student loan debt consolidation is a way to consolidate student loan debt to the point that money is put in a synthetic grace period to prevent interest.
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%.
How does a student loan consolidation program work?
There are some differences in student loan consolidation programs but most work the same way. The program combines different loans to lock in a small interest rate.
How does college debt consolidation affect the average student?
College debt consolidation has several different effects, both positive and negative. The student will have a lowered interest rate and monthly payment, and will also have an extended repayment term. However, the student will lose their grace period, pay more in total interest, and have an extended loan period.
Does the Higher Education Act provide for student loan consolidation?
The Higher Education Act does provide student loan consolidation under the Federal Family Education Loan and Direct Loan programs. The loan consolidation may lower interest rate and extend the amount of time to repay.
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.
