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.
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.
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.
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.
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.
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.
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.
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.
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.
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%.
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.
In the United States, the federal government offers a specified program for loan consolidation. You can visit: www.loanconsolidation.ed.gov. This site will help you understand the program, determine your eligibility and create a plan to communicate with and, with any luck, arrange for student loan consolidation.
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.