If you have several student loans and are overwhelmed by the payment, you need to consider the option of consolidating. If you have a federal education loan, you can consolidate it into a Direct Consolidation Loan. The subsidized loans that can be consolidated are: Subsidized Federal Stafford Loans Direct Subsidized Loans Subsidized Federal Consolidation Loans [...]
Posts Tagged ‘consolidation interest rate,’
FFEL Consolidation Loan Weighted Average Interest Rate
Consolidation loans have fixed interest rates that are based on the weighted average of the interest rates on the loans being consolidated. A lender can provide a new consolidation loan borrower with the lowest statutory weighted average interest rate for loans by using the lower of the weighted average of the interest rates on the [...]
FFEL and Direct Consolidation Loans Interest Rate
The interest rate for FFEL and Direct Consolidation Loans is set according to a formula established by federal statute. The fixed rate is based on the weighted average of the interest rates on the loans at the time you consolidate, rounded up to the nearest one-eighth of a percent. The interest rate does not exceed [...]