Consolidating private student loans blog
If you have loans that are not Direct Loans, consolidation may grant you access to income-driven repayment plans and the Public Service Loan Forgiveness program.
Finally, if you have a variable rate and would like to change to a fixed rate, Federal Direct Consolidation Loan will enable you to do that.
If you refinance and consolidate at 3% for the same term, you will save ,864.32 and your monthly payment will be .87.
Federal student loans interest rates are determined by Congress and are not dependant on your credit score.
With the low-interest rates that have been around for a decade now, the rates charged for student loans by the federal government are much higher than whats offered in the private market.
Right now, if you have good credit history, you can refinance and consolidate student loans at around 3% If that does not describe your situation, you may still be able to refinance and consolidate your private student loans if you have a cosigner with a good credit history.
Before asking someone to cosign for you, however, find out how likely it is that they can be released from their obligation to repay your student loans when your credit improves.