Advantages to consolidating student loans dating azdg net
Therefore, a student who is applying for loan consolidation cannot include the PLUS loan the parent took out for the dependent student’s education.
Maximum Loan Amount: None Interest Rate: Weighted average interest rate on the loans being consolidated, rounded to the nearest one-eighth of 1 percent, not to exceed 8.25 percent.
Direct Loans are consolidated into Direct Consolidation Loans.
Direct Consolidation Loans come in different flavors.
Consolidating loans through a standard repayment plan offers student loan holders a fixed monthly payment (monthly payments may go as low as ) over a fixed period of time (10 to 30 years), determined by how much you owe.
There are also plans that offer graduated repayment schedules, extended repayment and fixed monthly payment options, as well as flexible plans such as pay-as-you-earn programs and income-contingent repayment plans for low-income loan holders.
Consider the potential benefits and factors of consolidating or refinancing federal and private student loans in the table below.
A PLUS loan made to the parent of a dependent student cannot be transferred to the student through consolidation.
Currently, the interest rate is fixed for the life of the loan.
For more information of the specific loan terms, please visit the Loan Consolidation home page.
Check out the two grids below for helpful tips on what to consider before refinancing your student loans.
If you feel like refinancing is the right fit, you can get your personalized rate and savings without impacting your credit here.