If you are looking for the student loan consolidation in Us, so You need to know What is the " student loan consolidation rate in Us "? I was in this trouble, therefore I want to share some experiences on that problem. Hope you will find some information that you need.
According my advise, You should look for Federal school Loan Consolidation that allows borrowers to merge all of their federal loans into one new loan.You want to know
- The benefits of federal consolidation loans :
1. Reduces your monthly payment up to 53%
2. Simplified finances - you make only one payment each month
3. Provides budget friendly repayment options
You will see Student loan consolidation allows borrowers (parents or students) to lock in today's low rates and to combine several federal student loans into one loan, simplifying repayment. Because repayment can be spread over a longer time period, your monthly payment amount will be lower.
What is the student loan consolidation interest rate?
The rate will be a fixed rate equal to a weighted average of the interest rates on your existing loans rounded up to the nearest one-eighth of one percent. Federal Consolidation interest rates are based on the weighted average of student loan interest rates. Federal student loans disbursed on or after July 1, 2006 have an interest rate of 6.8%. Federal Parent Plus loans disbursed after July 1, 2006 have an interest rate of 8.5%. Federal student loans disbursed before July 1, 2006 will remain variable interest rate loans. These loans will re-adjust every July 1 based on the results of the 91-day Treasury Bill. Currently, interest rates for these variable loans are:
- Stafford Loans in grace: 1.88%
- Stafford Loans in repayment: 2.48%
- PLUS Loans: 3.48%
- Perkins Loans: 5%
- HEAL Loans: 4.125%
- Previous consolidations: existing consolidation rate
- To see more updated information about consolidation loan interest rates at /www.studentloanconsolidator.com/consolidation/projected-rates.php
Why consolidate in your grace period?
For those borrowers who have variable rate student loans taken out before July 1, 2006, you can benefit from a lower interest rate on your consolidation. During these six months, Stafford loans disbursed before July 1, 2006 have a 0.6% lower rate. By consolidating during this period, you are able to lock in this discounted rate. If you wait until your grace period is over your rate will increase by 0.6%. Your application must be received in our office before your grace period ends in order to obtain the additional 0.6% discounted rate. When you fill out your consolidation application, be sure to include your grace period end date, and we will complete your consolidation when your grace period expires.
What types of loans you may be consolidated?
- Stafford Loans - Subsidized and Unsubsidized
- Federal Direct Stafford Loans - Subsidized and Unsubsidized
- HEAL/HPSL Student Loans
- Parent PLUS Loans
- Federal Direct Parent PLUS Loans
- Federal Consolidation Loans*
- Federal Direct Consolidation Loans*
- Perkins Loans
- Nursing School Loans and more...
* Federal and direct consolidation loans cannot be reconsolidated unless additional loans are included. For example, if you consolidated your federal loans after your undergraduate degree and then wanted to also consolidate your graduate loans, you can combine the new loans with those that were reconsolidated.
If you consider these below question:
What about private loan consolidation?
What about consolidating with your spouse?
How is the consolidation loan repaid?
Is there a credit check required to consolidate?
Are there any early payment/repayment fees or penalties?
How do you apply for a Consolidation loan?
Do you continue making loan payments while your consolidation application is in process?
How long does student loan consolidation take?
What do you do if You am not eligible to consolidate?
Can You defer or forbear?
Are you a government or private agency?
Why do student loan rates change?
Why Consolidate your Student Loans?
You can read more at source site: www.studentloanconsolidator.com/consolidation/faq.php
Depending on the total amount of your consolidation loan, the government has set the following repayment periods:
| Loan Balance | Repayment Period |
| $30,000 - $39,999.99 | 20 years |
| $40,000 - $59,999.99 | 25 years |
| $60,000 and above | 30 years |
I hope you find useful information, good luck to you.
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