Best Rates for Student Loan Consolidation

Student loan consolidation interest rates are very competitive and vary considerably from lender to lender. Loans for student consolidations can be obtained from the government, and also through private lenders. There are quite a few choices when it comes to picking your lender and type of consolidation loan, so it definitely pays to shop around.Consolidating your student loan payments can help you to get your finances under control. It can save you money, since you’re paying a high interest rate on several different loans. When you consolidate, your interest rate will be lower, but the life of the loan might be longer too, so the total amount you repay could increase.It’s very important in today’s world to attend college and get a degree in order to obtain a good job and be competitive in the work force. Unfortunately, with the high cost of education, the bills really add up quickly. Many people have to take out student loans just in order to be able to afford to go to college. It’s a very common practice in the United States today. The drawback is that upon graduation, you’re faced with a huge pile of debt you need to pay off over the next several years.When faced with such a huge financial burden, it’s in your best interest to shop around for the best student loan rate you can find when you’re ready to consolidate. To find the best rate, you can do searches on the internet. You can also ask someone at the financial aid office of your college for more information on student loans and paying them off. They should be able to give you some sources for consolidating. If you do this while you’re still a student, you can probably get a grace period of a few more months until you start repaying your loan.Finding the best student loan consolidation rate will help you to get the lowest monthly payment possible for your particular situation. The lower your monthly payment becomes, the more money you will have left over for other expenses and entertainment (like drinking at wild parties, etc) each month and the easier it will be for you to keep up with your payments. This will help keep your credit rating good. Plus it’s simply more convenient to make a single payment each month instead of several.When you consolidate your student loans, you’ll likely be doing so for a period of several years, so you want to be sure to get the best rate possible, so that you don’t wind up paying more over the life of your loan than necessary.

Student Loan Consolidation – Credit Rating and Its Effect on Your Interest Rate

Without the ability to get financial aid such as student loans, grants and scholarships, most college and graduate students would not be able to afford school. The opportunity to have access to these financial instruments is a wonderful gift, thanks to the U.S. student loan system as sponsored by the U.S. Department of Education and supported by many private lending institutions.Of course, in the case of grants and scholarships, there is no need to repay anything during school or after graduation. However, in the case of loans, the debt can last for years or even decades after graduation.Student loan debt can easily surpass $100,000 for many students. Monthly payments can be so high that they make it difficult for the grad to purchase a home or meet other monthly financial obligations.Furthermore, many students have taken out multiple student loans over the course of their college careers. This means having to repay multiple lenders each month and manage multiple payments.If this describes you, one solution for simplifying your loan situation while lowering monthly payments is to consolidate your student loans. Through consolidation, you end up with just a single loan payment to make each month. And, by stretching those payment out over more years, you can also reduce your monthly payment amount by quite a bit.When Interest Rates Make Sense, ConsolidateConsolidation can be a wonderful thing, but it is not for everyone. For example, if you already have a long repayment term of 20 to 30 years – or if you already have a very low average interest rate across all loans – it may not make sense to consolidate.However, if your current terms are 15 years or less and you think you can get a lower interest rate, consolidation may be just what you need.Student Loan Consolidation & Credit RatingIf you have federal student loans you will want to apply to the federal loan consolidation program. In this case, your credit rating is not taken into account at all when your new interest rate is calculated.However, if you have private student loans, you will need private consolidation. Your new rate will be a function of two things: the current prime rate (or LIBOR rate) and your credit rating. The better your credit score, the better your chances for qualifying for a low rate.Tips For Getting The Best Interest RateHere are 5 tips for getting the best-possible interest rate for you:1. Find out the current prime rate or LIBOR rate: Start by researching the current standard interest rates like the prime or LIBOR (which stands for London Interbank Offer Rate). These are rates that private consolidation lenders take into account as a baseline – along with your credit score – to determine your new rate.2. Find out your current credit score: Check with all three of the major bureaus, since your score will likely vary from one to the next.3. Build a list of multiple lenders who specialize in student loan consolidation: Remember, when it comes to shopping for a great rate, make the lenders compete with each other for your business. Start with a list of at least 5 to 10 lenders. Write down their vital stats like contact info, website address, etc.4. Contact each lender and ask for their best rate: Now, contact at least 5 of these lenders and apply for a consolidation loan.5. Reject the first offer you receive from each lender: Once you receive offers, reject the first one they offer you: they may just come back with a better offer, and it’s always worth a try.If the interest rate is right, student loan consolidation can be a great way to lower payments and simplify your financial life.

Student Loan Consolidation – Credit Rating and Its Effect on Your Interest Rate

Without the ability to get financial aid such as student loans, grants and scholarships, most college and graduate students would not be able to afford school. The opportunity to have access to these financial instruments is a wonderful gift, thanks to the U.S. student loan system as sponsored by the U.S. Department of Education and supported by many private lending institutions.Of course, in the case of grants and scholarships, there is no need to repay anything during school or after graduation. However, in the case of loans, the debt can last for years or even decades after graduation.Student loan debt can easily surpass $100,000 for many students. Monthly payments can be so high that they make it difficult for the grad to purchase a home or meet other monthly financial obligations.Furthermore, many students have taken out multiple student loans over the course of their college careers. This means having to repay multiple lenders each month and manage multiple payments.If this describes you, one solution for simplifying your loan situation while lowering monthly payments is to consolidate your student loans. Through consolidation, you end up with just a single loan payment to make each month. And, by stretching those payment out over more years, you can also reduce your monthly payment amount by quite a bit.When Interest Rates Make Sense, ConsolidateConsolidation can be a wonderful thing, but it is not for everyone. For example, if you already have a long repayment term of 20 to 30 years – or if you already have a very low average interest rate across all loans – it may not make sense to consolidate.However, if your current terms are 15 years or less and you think you can get a lower interest rate, consolidation may be just what you need.Student Loan Consolidation & Credit RatingIf you have federal student loans you will want to apply to the federal loan consolidation program. In this case, your credit rating is not taken into account at all when your new interest rate is calculated.However, if you have private student loans, you will need private consolidation. Your new rate will be a function of two things: the current prime rate (or LIBOR rate) and your credit rating. The better your credit score, the better your chances for qualifying for a low rate.Tips For Getting The Best Interest RateHere are 5 tips for getting the best-possible interest rate for you:1. Find out the current prime rate or LIBOR rate: Start by researching the current standard interest rates like the prime or LIBOR (which stands for London Interbank Offer Rate). These are rates that private consolidation lenders take into account as a baseline – along with your credit score – to determine your new rate.2. Find out your current credit score: Check with all three of the major bureaus, since your score will likely vary from one to the next.3. Build a list of multiple lenders who specialize in student loan consolidation: Remember, when it comes to shopping for a great rate, make the lenders compete with each other for your business. Start with a list of at least 5 to 10 lenders. Write down their vital stats like contact info, website address, etc.4. Contact each lender and ask for their best rate: Now, contact at least 5 of these lenders and apply for a consolidation loan.5. Reject the first offer you receive from each lender: Once you receive offers, reject the first one they offer you: they may just come back with a better offer, and it’s always worth a try.If the interest rate is right, student loan consolidation can be a great way to lower payments and simplify your financial life.

How You Can Get Best Student Loan Consolidation Rates

You will want to get the best student loan consolidation rates as you can once you have graduated college or university and need to repay your loans. Many students these days have multiple student loans that must be repaid upon graduation, the problem is that each loan typically has different repayment terms and interest rates which can get confusing. Instead of paying each loan separately and at different times of the month, you can save money with the lower interest rates that consolidation brings and only have to deal with a single payment each month.Save Money When You Find Great Student Loan Consolidation RatesIf you take the time to do a quick comparison of each loan company that you’re considering, you should be able to find the best consolidation rates for your needs. Keep in mind that these companies should be competing to give you the lowest interest rates and the most affordable payment schedules to make it easier and cheaper to pay off your loans. This is why you should not choose the first option available to you, but instead view several options and compare them to find your best deal. Beware that some of these loan consolidation companies may try to pressure you into quickly signing a contract before you have had a chance to shop around for the best deal. If this happens remember that you will always be able to find better options for consolidation offers when you take your time to look for your optimal plan.Great Student Loan Consolidation Means No Additional Fees