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ccording to the Project on Student Debt, the average debt for graduating college students is ,000 as of 2010.
This marks a rise in the average debt compared to previous years. The Institute for College Access and Success found that student debt is growing at an average of 6% every year.
The Federal Direct Consolidation Loan program, however, has no minimum balance for consolidation loans.
The interest rate on a consolidation loan is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest 1/8 of a percent and capped at 8.25%.
The following education lenders, as listed on the Fin Aid web site, will consolidate private education loans.
Federal Stafford loans are the most common for eligible applicants because they come with the lowest interest rates compared to traditional loans.
In some cases, consolidating your student loans can reduce your interest rate and the number of loans you have to manage.
The question is, how do you consolidate student loans.
Beginning in July of 2006, all federal student loans began carrying fixed interest rates.
Therefore, by consolidating them, borrowers could often lock in a rate that was lower than what they were paying on each loan separately.