Consolidating student loans get lower interest rate

You might have a mix of both federal and private loans and have several different loan servicers.

This can make keeping track of your total debt, minimum payments, and monthly due dates confusing.

STANDARD 10-YEAR REPAYMENT PLAN 5/MO, 0/MO, 5/MO 0/MO Over ten years, you’ll pay about eleven thousand dollars ,000 INTEREST in interest on your original principal of fifty thousand dollars.

When you consolidate multiple student loans or refinance a single student loan, you may receive a lower monthly payment with a reduced interest rate or an extended repayment term.

A loan with a longer term may have a lower monthly payment, but it can also significantly increase how much you pay over the life of the loan.

Most borrowers will need a cosigner for this loan to meet credit, employment, and debt-to-income requirements.Let’s say you have fifty thousand dollars in federal loans.,000 FEDERAL LOANS Fifteen thousand dollars in subsidized loans SUBSIDIZED, ,000 PRINCIPAL at a three point five percent interest rate, @3.5% INTEREST and then two different unsubsidized loans: UNSUBSIDIZED a loan of twenty thousand dollars ,000 PRINCIPAL with a four percent interest rate, @4% INTEREST and a loan of fifteen thousand dollars ,000 PRINCIPAL with a five percent interest rate.student loan is subject to completion of a loan application/consumer credit agreement, verification of application information, credit qualification, and a benefit to borrower determination.If you’re feeling overwhelmed by your student loans, you can take comfort in the fact that you’re not alone: Over 44 million Americans have student loan debt today.

Leave a Reply