Jackie Said:

is there a website where I can find competitive rates on student loan consolidation?

We Answered:

Here are some great tips on how to consolidate student loans.One good thing about government loans is that the interest rates are fixed when consolidating them, and so rest assured that the rates that the lending company will charge you are within the boundaries of the law. Albeit there is already a ceiling on the interest rates when consolidating government loans, it is always to your advantage if you will shop around for those with really low interest rates.

http://www.worldbestloans.com/student-loans.htm

Grace period of loan repayment means you are done with college and earn a degree but the part of repayment, you just have not started. The grace period is usually from the graduation day to 6 months after and is usually regarded as an excellent time to which you acquire college student loan consolidation.

Lonnie Said:

How to achieve the best student loan consolidation interest rate?

We Answered:

You can discuss this with loan experts. They will tell you everything that you need to know but you have to be honest with them with all the information that they will ask from you. I'm sure they'll be able to help you.

Go online and look for the best loan consultant near you.

Myrtle Said:

What is a good interest rate for student loan consolidation?

We Answered:

I'm assuming that you're taking about a Federal Consolidation Loan, through which you would combine your existing Federal Loans(through which you would combine your Federal loans like Stafford and/or Perkins and/or PLUS loans into one large, fixed-rate loan).

Interest rates for Federal Consolidation Loans (or Direct Consolidation Loans, which are also federal) are based on the interest rates of your your *existing* loans, which are all set by the federal government. As such, you will receive basically the same interest rate "offers" from any reputable lender with whom you apply. The only time the rates will differ is if the lender is offering additional "interest rate incentives" (a.k.a "borrower benefits") to sweeten the deal.

For your reference, the current rates are as follows:

* STAFFORD: if you are in school or in your grace period, your Stafford Loan will carry an interest rate of 4.7%; if you are in repayment, your Stafford Loans will be at 5.3%. On July 1st, these rates will increase by another 1.84% (which is why you will want to consolidate before then).

* PERKINS: any Perkins Loans that you have will be at 5%. This is a fixed-rate loan, so don't expect much flexibility here.

When you consolidate, your lender will take a "weighted average" of all the current interest rates on all the loans that you're consolidating; they will then round up to the nearest 1/8th percent. So, the current 4.7% Stafford rate, when rounded up to the nearest 1/8th percent, becomes 4.75%. This is the "base" rate you can expect from a lender offering no incentives. Now, almost all lenders will offer you a additional 1/4% interest rate reduction if you elect to have your payment automatically debited from your bank account each month. 4.75% minus .25% = a total interest rate of 4.5%. I'd be willing to bet that that's exactly what your company is offering you, right? You'll see a lot of companies offering this rate to their borrowers -- don't accept anything higher than this, definitely. You can certainly shop around for a lower rate, though you probably won't receive anything too much lower.

***When weighing these different offers, keep in mind that the rate isn't everything. If you are offered a rate that is *dramatically* lower than the federal rate, be wary. Make sure that you're being offered a *Federal* Consolidation Loan and not a private one. Check to see how long the company has been in business; in general try to avoid companies that haven't been around very long.

Wade Said:

Interest Rates on Student Loan Consolidation?

We Answered:

The 6% loan is not so bad. Have you tried Sallie Mae? I got a rate less than 5% with them, but it was about 3 yrs ago.

Sally Said:

What is the interest rate for private student loan consolidation at SallieMae?

We Answered:

If you consolidate, it's stays at what the rate is for what it is at the moment of your consolidation. I just did mine and it is about 6.25%, and by consolidating, you lock in your rate. :) Hope it helps!