Saving with Lower Student Loan Consolidation Rates
A large portion of student loan consolidation revolves around the interest rate of the new loan. College graduates may be able to reduce their monthly payments by up to 20% by simply choosing a consolidated loan that offers a lower interest rate.
Student loan consolidation rates will vary depending upon the lender, what types of student loans were taken out, and the state of the economy.
Federal Student Loan Consolidation Rates
Federal student loan consolidation rates are determined by the weighted average for all federal student loans that were taken out during the course of a students schooling. When a college graduate accepts a federal student loan consolidation rate it will be fixed for the entire period of the loan.
Private Student Loan Consolidation Rates
Private student loan consolidation rates can be based off of a variety of factors.
Factors that can influence the private student loan consolidation rate that is quoted include:
- The Lender That is Offering the Consolidated Loan
- Lenders Competitive Interest Rate
- Credit Rating of the College Student
- Current Prime Interest Rate Index (a guide used by most U.S. lenders to determine current interest rates based on the economy)
The private student loan consolidation rates that are quoted for a college graduate will vary depending upon what lenders are interested in offering a consolidated loan, whether the lender is profit or non-profit, and the state of the economy.
Avoid feeling hopeless or lost when it comes to repaying student loan debt. Our website provides an easy-to-use platform that helps college graduates find a student loan consolidation service that is right for them. We eliminate the hours of research it takes, and provide college graduates with the solutions and answers they need to save money and reduce the stress and aggravation that comes with student loans.
Important Interest Rate Information; Current Consolidation Interest Rate; Direct Loan and FFEL Interest Rates from July 1, 2013 to June 30, 2014
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Your federal student loan consolidation interest rate is calculated using a weighted average of your current loans. See an example of the rate calculation.
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