Current interest rate consolidating student loans

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But variable rates are just that: variable, which means they can go up or down depending on economic conditions.It's hard to predict when the Federal Reserve will raise interest rates,so opting for a variable rate likely isn't wise unless you plan to pay off your loan quickly.Also, if you're already working toward federal loan forgiveness, consolidating loans may wipe out any credits you have already earned.Consolidating Perkins loans will disqualify you for forgiveness programs specific to those loans, but you can always leave them out of the consolidation process.You'll be a strong candidate if your credit score is in the good-to-excellent range, which is 670 or higher using the FICO credit scoring model.Check your credit report for errors and address them before you apply. You can add a cosigner: If your financial background keeps you from qualifying for student loan refinancing, you have the option to use a cosigner.

The sooner you can pay off your student loans, the sooner you can divert more of your savings to retirement, a home down payment or college savings for your kids.Here's how to decide whether refinancing or consolidating your student loans could make your finances more manageable.There are two methods for combining several student loans into one: federal consolidation and private consolidation, which is also known as refinancing.If you're eligible for a lower rate than you currently pay, you could save a significant amount on interest, making it an especially appealing option for borrowers with high interest private loans.Before taking the plunge to consolidate and refinance student loans with a private lender, consider the following: Your credit score matters: Those with high credit scores will get the lowest interest rates on a refinance loan.

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