Welcome to Student Loan Guide
Consolidation Interest Loan Rate Student Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
You may also listen to this article by using the following controls.
Is Consolidation Right for You?
from:Here are some factors you should consider when deciding if consolidation is right for you.
What are the interest rates on your loans? If a Federal Consolidation Loan offers you a lower rate than your current loans, you may want to consolidate. Currently, the interest rate for a Federal Consolidation Loan is based on the weighted average interest rate on the loans being consolidated, rounded to the next nearest higher one-eighth of one percent. This rate is fixed for the life of the loan and cannot exceed 8.25 percent.
Are your monthly payments manageable? If you have trouble meeting your monthly payments, have exhausted your deferment and forbearance options, and/or want to avoid default, consolidation may help you.
How much are you willing to pay over the long term? Like a home mortgage or a car loan, extending the years of repayment increases the total amount you have to repay.
How many payments do you have left on your loans? If you are close to paying off your student loans, it may not be worth the effort to consolidate or extend your payments.
What consolidation loan benefits do your current lenders offer? Check with the loan holders currently servicing your loans to see if they can offer terms and repayment plans that meet your needs better than a Federal Consolidation Loan.
Source: US Department of Education
Consolidation Interest Loan Rate Student News
Loan consolidation -- for a fee - Minneapolis Star Tribune (blog)
Loan consolidation -- for a fee Minneapolis Star Tribune (blog) As college graduates' average debt rises and US legislators gridlock over a contentious debate on increasing loan rates this summer, companies are emerging that promise to save borrowers money by consolidating federal loans. |
Student loan myths and facts - Pocono Record
 U.S. News & World Report | Student loan myths and facts Pocono Record Payment is still not required during the grace period, but the loan interest will add to the loan if it isn't paid. This does not affect existing loans. You may have heard the uproar about student loan interest rates doubling. Educating Students on How to Handle Debt Subsidized Student Loans 10 Questions to Ask Your Student Loan Servicer |
How I'm Repaying $120000 in Student Loans - Huffington Post
 New York Times | How I'm Repaying $120000 in Student Loans Huffington Post Right now, I have 13 student loans outstanding. Once the payments start after my grace period is up, I will have a paperwork nightmare. To simplify the repayment process and fix my interest rate, I am going to consolidate my federal student loans into ... RIP you college flunk-out loser |
Romney's Higher Ed Platform - Inside Higher Ed
 Inside Higher Ed | Romney's Higher Ed Platform Inside Higher Ed WASHINGTON -- The presumptive presidential Republican nominee Mitt Romney pledged Wednesday that, if elected, he would reshape or do away with two major Obama administration higher education policy initiatives: the overhaul of the federal student loan ... Romney on Education Reform Romney Pledges to Simplify Federal Student Aid and Revive Bank-Based Lending |
Student Loans And How They Will Affect Your Credit - San Francisco Chronicle
Student Loans And How They Will Affect Your Credit San Francisco Chronicle Caution: Before you apply for a consolidation loan, check the interest rate to determine if your repayments will be higher, and if it would cost you more in the long run. Deferment Deferring your student loans means that you postpone repayments until a ... |