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Do you want to consolidate your student loans before interest rates go up? For the last few months, it has been a great time to consolidate federal student loans because of very low interest rates, but rates are starting to climb, which means that it is getting less and less lucrative to consolidate. Still, rates on consolidation loans are much better than they were a few years ago.
There are two things to consider in loan consolidation: interest rates and re-payment length. Consolidation loans will fix your interest rate and lengthen your repayment term. So, with a consolidated loan you will have a lower monthly payment, but you will pay more interest over the life of the loan. If current interest rates are high it may be a bad idea to consolidate. If consolidation loan rates are low, it looks like interest rates are going to go up, and you want to extend the payment length of your student loans, consolidate them. If it looks like interest rates are going down, you may want to wait.
Once you consolidate your loans, you can't change your mind usually you are stuck with the interest rate you get when you consolidate the loans. A Federally consolidated student loan is the weighted average of the interest rates on the loans being consolidated (as of the date we receive the application), rounded to the nearest higher one-eighth of one percent. This rate is fixed for the life of the loan and cannot exceed 8.25 percent. (source: loanconsolidation.ed.gov )
Where can I get a consolidation loan?
- With a direct consolidation loan you get a loan directly from the Federal government.
- Sally Mae offers federal and private student loan consolidation.
- Collegiate Funding Services offers federal and private student loan consolidation.
- Your bank or credit union might offer loan consolidation on student loans.
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