Consolidating student loans interest
A number of existing large financial institutions have also been joining the conversation, with "attractive" refinancing opportunities, which could give student loan borrowers a much needed financial break.When it comes to privately refinancing federal student loans (e.g., any lending organization other than the government), the overarching strategy is to obtain an interest rate that is lower than the rate of your current loan(s).Check out the official government site for all the details on eligibility.
Due to the notoriety and overwhelming amount of outstanding student debt, financial technology start-ups looking to address the issue have emerged.In fact, student loans are such a hot topic right now that they are a frequent, if not focal, point of discussion in the 2016 presidential primary debates.Interns from around the city protest near the Senate steps to urge the Senate to act on a House passed bill, Smarter Solutions for Students Act, which would prevent student loan interest rates from doubling.You can only consolidate federal, not private, student loans through this program.(Note: You cannot consolidate federal and private student loans together through the federal government, either.) You can consolidate an existing Direct Consolidation Loan so long as you have a new eligible loan with which it can be consolidated.
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So, for a simplified example, if you have two loans, one for $10,000 at 4% interest and one for $5,000 at 6%, your consolidated loan will have a $15,000 balance and a 4.7% interest rate.