adult dating rushville ohio - Consilidating loans

The interest rate on your consolidation loans is the weighted average of the interest rates on the loans you have now, rounded up to the nearest 1/8 of a percent and capped at 8.25 percent. You can get help doing the math with an online calculator at the Federal Direct Consolidation Loans website.

A consolidation loan is just what it sounds like: You can take two or more outstanding loans and refinance them into one.

As with the Stafford Loans, there are both Direct and FFEL consolidation programs.

You should do enough research to be able to negotiate the most favorable terms.

Public and private loans can't be combined, but if you have multiple private loans, you can consolidate those, too; contact your lending institutions to find out how.

Yet despite the appeal -- and its popularity -- student loan consolidation isn't for everyone.

Here are some frequently asked questions and answers that may help determine if it's the right move for you.Plus, consolidating could make it impossible for you to have a Perkins Loan forgiven or reduced.If you can handle your monthly loan payment as is, carefully investigate how consolidating will change the total amount you're expected to repay.If you're just finishing college, you'll want to consolidate your loans after you graduate but before your grace period ends, so that you can take advantage of the lower in-school interest rate (the 91-day T-bill rate plus 1.7 percent, rather than the standard repayment rate of T-bill rate plus 2.3 percent).Timing is everything: You'll need to complete all the paperwork and have it processed and approved before repayment begins.If you need more cash in your pocket right now, consolidation can help by extending the life of your loan and thus trimming your monthly payments -- although the length of your repayment terms will depend on the amount of debt you have, and you may not be able to extend at all.

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