Consolidating student loans for a lower interest rate

While the terms are sometimes used interchangeably, consolidating your loans is different than refinancing them.Because the interest rate is a weighted average, rounded up, consolidation is unlikely to save you money.One way to consolidate your debt is to apply for a federal Direct Consolidation Loan.

When you take out a Direct Consolidation Loan, you can extend your repayment term to up to 30 years and get a smaller payment.We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions.The rates and terms listed on our website are estimates and are subject to change at any time. If you choose to check out and become a customer of any of the loan providers featured on our site, we get compensated for sending you their way. So please learn all you can, email us with any questions, and feel free to visit or not visit any of the loan providers on our site.If you want the stability of a fixed-rate loan with steady payments, consolidating can help.Switching to a fixed-rate loan may give you a slightly higher interest rate, but it will remain the same for the duration of your loan.

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