Senin, 22 Juli 2013
What Are the Current Student Loan Consolidation Rates?
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Despite what many people think, student loan consolidation rates are
not different than what a graduate is already paying. In fact, the new
rate on a consolidation student loan is simply the weighted-average of
someone's current loan rates, rounded up to the nearest one-eighth of a percent
(.125%).
For example, if three-quarters of your loan is at 8%, and one-quarter
is at 6%, the new rate would be calculated as the follows:
8% x .75 = 6.00%
plus
6% x .25 = 1.50%
Total New Rate = 7.50%
Essentially, this is the same overall rate the borrower was paying
prior to consolidation across all their loans, but it's now been combined into
one loan.
The only major potential drop in rates comes when the borrower has
government PLUS loans. Since many of these loans have rates that exceed the
maximum student loan consolidation rate of 8.25%, this portion of the
weighted-average is capped at 8.25%. Thus, if you have multiple PLUS loans at
8.50%, these could be consolidated into a new loan with a maximum rate of
8.25%.
Keep in mind that Federal student loan consolidation rates only apply
to Federal loans such as Stafford, Perkins, and PLUS loans. Private student
loans may also be consolidated, but not under the Federal consolidation student loan program. Be sure to talk to your private lender to explore the available
student consolidation loans options.
For more information and to apply for Federal student loan
consolidation, visit Loan Consolidation and Here.
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