Consolidating student loans for a lower interest rate hunter tylo dating

Posted by / 04-Dec-2016 02:24

Consolidating student loans for a lower interest rate

So, even if market interest rates go down, you cannot get a better rate with a Direct Consolidation Loan.As a result, the only way to get a lower rate is to take out a private refinance loan that pays off your higher rate federal student loans.Here's the rundown you need to determine whether student loan refinancing and consolidation is right for you.

Private student loans can also come in handy for unexpected educational costs that aren’t covered by a federal loan.For instance, if you are dealing with a number of student loan payments, consolidating your student loans can really make your life a lot easier by simplifying your payments to just a single monthly payment.By consolidating your student loans, you are basically combining them all into a brand new, single student loan.If you're consolidating with the federal government, consolidating your loans means combining your multiple federal student loans into one new federal loan, called a Direct Consolidation Loan.You have some flexibility in picking your loan term, but you'll simply receive an interest rate that's a weighted average of your existing rates.

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