Consolidating your student loans

A federal student loan consolidation calculator provided by US Bank was used to calculate the weighted average.

Borrowers who are out of college or are attending classes less than half-time can consolidate their federal student loans.

We then detail a step-by-step guide to using and choosing consolidation loans.The interest rate is primarily determined by the lender’s evaluation of the borrower’s credit history.However, some lenders also factor in the borrower’s current financial and professional circumstances.The new interest rate can be lower or higher than the weighted average of the old loans and can be fixed (the interest rate won’t ever change) or variable (the rate changes based on the market conditions).Private and federal loans can both be refinanced with a private consolidation loan.

Leave a Reply