College consolidating loan
The fixed rate is based on the weighted average interest rate of the loans being consolidated, rounded to the next one-eighth of one percent, and cannot exceed 8.25 percent.Private education refinance loans are variable or fixed interest rate loans offered by banks, credit unions, and state agencies which allow borrowers to combine their outstanding federal and private student loans into a single new loan.I need to consolidate them but have not found a bank willing to do so. Even if they came through a private lender, you can consolidate them through the Federal Direct Consolidation Loan program, which offers different repayment schedules that are meant to help you take control of your debt.But with 0,000 in debt, you probably have some private loans in your portfolio, too.
You should consult with your own financial advisor before making any major financial decisions, including investments or changes to your portfolio, and a qualified legal professional before executing any legal documents or taking any legal action.If you just want to reduce your monthly payment, discuss the federal loan repayment options available with your lender. Single Payment If you have loans with multiple lenders/holders, you send a monthly payment to each.However, if you consolidate all those loans, you make a single payment.Like many federal loan borrowers, you may have both FFEL and Direct Loans. Once these loans are consolidated, you will have repayment options, some which lower your monthly payments, from which to choose. Consider the advantages and disadvantages carefully before you act.Once you consolidate, you are locked into a loan with a fixed interest rate. Therefore, if you consolidate your variable interest rate loans and the interest rates drop the following year, you have "locked" into the higher interest rate for the life of the loan.