Benefits of consolidating school loans
So, for instance: If the average comes to 6.15%, your new interest rate will be 6.25%.
You have to complete the application in a single session, so do your research before you start. You can consolidate all your federal loans or just some of them.Once you sign in to Student using your personal identifiers and Federal Student Aid PIN, you will be able to electronically complete the Federal Direct Consolidation Loan Application and Promissory Note. The electronic application on Student consists of the following five steps: 1. Consolidating your loans can significantly reduce your required monthly payment because they are usually amortized over 10 or 15 years.When you choose to consolidate, you may be eligible for a longer repayment period.Disclosure: Student Loan Hero is a free website to help student loan borrowers.
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In cases like this, consolidating your student loans could help you manage your loans more efficiently. Here’s what to keep in mind before you dive into student loan consolidation.
If you have multiple federal student loans and want to simplify your payments, consolidating can be a smart strategy.
Maximum Loan Amount: None Interest Rate: Weighted average interest rate on the loans being consolidated, rounded to the nearest one-eighth of 1 percent, not to exceed 8.25 percent.
Currently, the interest rate is fixed for the life of the loan.
Finding the right bank to refinance or consolidate your student loans is confusing.