Question by KMS: Private Student Loan Consolidation with low interest rate…?
Where is a good place to get a private student loan consolidation with low interest rates?

Best answer:

Answer by Pop
http://loan-house.we.bs/loanconsolidation.html

Check the sites thoroughly. It’s an excellent site with some wonderful options for you. It will definitely help you. Have a look.

http://loan–house.blogspot.com/2008/03/loan-consolidation.html

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Question by Chris I: What is the interest rate for private student loan consolidation at SallieMae?

http://www.salliemae.com/after_graduation/manage_your_loans/consolidate_student_loans/private/private.htm

Their website says the following:

Interest rate: Interest rates are variable and reset monthly.
Private student loans, not federal loans. I found the answer on their site. It’s Prime (8.26% today) plus 0-6% depending on credit worthiness, changing monthly.

Best answer:

Answer by Nena
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!

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Question by esweetie01: Does anyone have a private student loan consolidation with Education Finance Partners?
Wanted to know if anyone is happy with the service they provide. Or are they like Salliemae where they rip you off and charge astronomical interest rates on student consolidation loans.

Best answer:

Answer by payingcollege
Private student consolidation loans are not guaranteed by the gov’t – so they’re a much higher risk to the lender. Therefore, they’re typically based on the credit history of the borrower. It’s unlikely you’d get a significantly different interest rate if you shop around to different lenders.

What you can do is get your credit in as good shape as possible before you consolidate, and/or find a cosigner with good credit. This can help bring the interest rate down. The rates may *seem* high, but they’re probably lower than a typical credit card or car loan rate, plus the interest on them may be deductible on your taxes.

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Consolidation of student loans is something that almost every student can do after they graduate. Find out how to make one payment on multiple student loans, and how to make the terms longer, with help from a financial aid officer in this free video on student loans. Expert: Brooke Kramer Contact: www.argosy.edu Bio: Brooke Kramer is the financial aid officer at Argosy University in Salt Lake City, Utah. Filmmaker: Michael Burton

Question by Trang T: is there a website where I can find competitive rates on student loan consolidation?
one with interest rate reduction?

Best answer:

Answer by Patricia
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.

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Question by Yo’ mom: What is a good interest rate for student loan consolidation?
I have been offered 4.5% so far…

Best answer:

Answer by FinAidGrrl
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.

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Question by jrmylarson: What student loan consolidation company has the lowest interest rates?

Best answer:

Answer by Prima
Different loans carry different interest rates. Some are fixed, some are variable. While it’s possible to consolidate fixed–and variable-rate loans to a fixed rate.

http://low-intereststudentloan-consolidation.blogspot.com/

Know better? Leave your own answer in the comments!