Comments on: All About Federal Student Loan Consolidation and Its Specific Features http://www.thegaa.org/all-about-federal-student-loan-consolidation-and-its-specific-features All about Student Loan Consolidation information Sat, 28 Nov 2009 04:21:35 -0600 http://wordpress.org/?v=2.8.4 hourly 1 By: Dirk L http://www.thegaa.org/all-about-federal-student-loan-consolidation-and-its-specific-features/comment-page-1#comment-136 Dirk L Sat, 25 Jul 2009 10:14:15 +0000 http://www.thegaa.org/all-about-federal-student-loan-consolidation-and-its-specific-features#comment-136 All of my student loans were through Citibank initially, and last year I consolidated through them. They gave me a 5% interest rate which I think is very reasonable. They have also been very helpful on the phone when I had questions and they have never adjusted my interest rates without informing me first. Their website is www.studentloan.com and I would recommend them highly. All of my student loans were through Citibank initially, and last year I consolidated through them. They gave me a 5% interest rate which I think is very reasonable. They have also been very helpful on the phone when I had questions and they have never adjusted my interest rates without informing me first. Their website is http://www.studentloan.com and I would recommend them highly.

]]> By: esweetie01 http://www.thegaa.org/all-about-federal-student-loan-consolidation-and-its-specific-features/comment-page-1#comment-137 esweetie01 Fri, 24 Jul 2009 15:02:30 +0000 http://www.thegaa.org/all-about-federal-student-loan-consolidation-and-its-specific-features#comment-137 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. 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.

]]> By: ericacastanon81 http://www.thegaa.org/all-about-federal-student-loan-consolidation-and-its-specific-features/comment-page-1#comment-141 ericacastanon81 Fri, 24 Jul 2009 14:24:14 +0000 http://www.thegaa.org/all-about-federal-student-loan-consolidation-and-its-specific-features#comment-141 Usually there are not incentives beyond the amount of money you'll end up saving. Before you graduate you should have to undergo an "exit interview" for your loans, and they give you a lot of information there. If you don't want to wait that long, sometimes the financial institutions that you are borrowing from will have information, so try asking them directly. The government also offers advice and services here: http://www.loanconsolidation.ed.gov/ Usually there are not incentives beyond the amount of money you'll end up saving. Before you graduate you should have to undergo an "exit interview" for your loans, and they give you a lot of information there. If you don't want to wait that long, sometimes the financial institutions that you are borrowing from will have information, so try asking them directly.

The government also offers advice and services here:
http://www.loanconsolidation.ed.gov/

]]> By: Windy http://www.thegaa.org/all-about-federal-student-loan-consolidation-and-its-specific-features/comment-page-1#comment-135 Windy Thu, 23 Jul 2009 17:27:05 +0000 http://www.thegaa.org/all-about-federal-student-loan-consolidation-and-its-specific-features#comment-135 Your chances are prob pretty good to consolidate federal student loans. Don't consolidate federal student loans in any non-student loan consolidation loans, your interest rate will likely be higher and the interest you pay would no longer be tax deduct able. Your chances are prob pretty good to consolidate federal student loans. Don't consolidate federal student loans in any non-student loan consolidation loans, your interest rate will likely be higher and the interest you pay would no longer be tax deduct able.

]]> By: blueyedwoman2006 http://www.thegaa.org/all-about-federal-student-loan-consolidation-and-its-specific-features/comment-page-1#comment-138 blueyedwoman2006 Thu, 23 Jul 2009 08:41:09 +0000 http://www.thegaa.org/all-about-federal-student-loan-consolidation-and-its-specific-features#comment-138 Generally, a consolidation loan lumps all your student loans into a new loan, with up to 30 years to pay back and a fixed interest rate. It really makes it easy if you have student loans scattered across different lenders/servicers. The key word in your statement is 'up to $2000', if you have a lower balance, you probably will not get that much as a credit. Yes, you would get a credit, not cash back. And if you do get 'up to $2000', believe me, you will pay for it eventually. There's no such thing as a free lunch (imo). Generally, a consolidation loan lumps all your student loans into a new loan, with up to 30 years to pay back and a fixed interest rate. It really makes it easy if you have student loans scattered across different lenders/servicers.

The key word in your statement is 'up to $2000', if you have a lower balance, you probably will not get that much as a credit. Yes, you would get a credit, not cash back.

And if you do get 'up to $2000', believe me, you will pay for it eventually. There's no such thing as a free lunch (imo).

]]> By: larsonface http://www.thegaa.org/all-about-federal-student-loan-consolidation-and-its-specific-features/comment-page-1#comment-139 larsonface Wed, 22 Jul 2009 21:20:53 +0000 http://www.thegaa.org/all-about-federal-student-loan-consolidation-and-its-specific-features#comment-139 i dont know if any i have listed will help or not, but i'll post it anyway. i think the first answer was a good post. ----------- try to aim for grants/scholarships more... they are not to be paid back. its confusing sometimes, but just keep applying. Scholarships usually have a 1 or 2 page application, and require an essay. Take your time with the essay, so yours stands out. every big (and small) company you see (manufacturer, orgs, corps and groups also) all have grants and scholarships they hand out like candy. Walmart, Kmart, Target, Coke, computer companies etc etc etc here are some links with a HUGE list of what is available. some you will need to copy and paste into a new window. also, fastweb (take the time to fill it in) will search databases and get back to you with a list of scholarships you qualify for. Also contact all mens, womens associations in your state, they almost always have grants & scholarships. What ever field you are going into, contact the orgs, associations etc for them; Also check with professional organizations related to your career interests, such as the American Bar Association or the American Medical Association. they also always have scholarships. Research and dig, call then write. Its all worth it. OVER apply; it doesnt hurt to have too many, and the extra funds can help with housing. YOU WILL NEED ADOBE READER: (yes, its free) http://www.adobe.com/products/acrobat/readstep2.html LIST http://www.lifebridge.org/gran-list-alph.htm http://www.angelfire.com/nj4/njcomputerchick/school.html http://www.chrome.org/scholarshiplist.html MORE & INFO: http://www.ftc.gov/bcp/menu-jobs.htm http://www.finaid.org/scholarships/other.phtml http://www.finaid.org/otheraid/ http://www.back2college.com/library/scholarships.htm http://www.collegeconfidential.com/ http://college-scholarships.com/ http://www.statefarm.com/about/part_spos/grants/grants.asp http://www.gmsp.org http://www.gmsp.org/gmsp_web/(nb5ctd55gavpfi55bb3a3j45)/scholarships.aspx http://www.sfa.ufl.edu:16080/scholarshipcafe/ http://www.edsf.org/scholarshipAwards.cfm http://www.fafsaonline.com/ http://www.fafsa.ed.gov/ http://www.feea.org/ http://12.46.245.173/cfda/cfda.html http://www.salliemae.com/ http://www.ed.gov/finaid/landing.jhtml http://www.scholarshipexperts.com/ http://www.educationplanner.com/ss/code/Profile1.asp?level=u&region=s&mode=EDIT&sponsor=2859&volume=SS&e&h http://www.studentawards.com/ http://www.collegeanswer.com/index.jsp http://www.studentscholarshipsearch.com/ http://www.studentscholarshipsearch.com/Detailed/Scholarships/Meta_indexes_and_other_scholarship_directories/Women_s_and_Non-traditional_students_scholarships_meta-directory_126.php NURSING / CNA http://www.scholarships-ar-us.org/grants/nursing.htm http://www.dar.org/natsociety/edout_scholar.cfm http://nursingworld.org/nursecareer/edfund.htm http://www.medi-smart.com/finaid.htm http://www.discovernursing.com/nursing-scholarship-search http://www.ncaa.org/about/scholarships.html http://bhpr.hrsa.gov/DSA/nsl.htm http://www.nsna.org/foundation/ http://www.4cnas.com http://www.choosenursing.com/ http://www.minoritynurse.com/ http://www.tylenol.com/page.jhtml?id=tylenol/news/subptyschol.inc http://www.straightforwardmedia.com/nursing/ http://bhpr.hrsa.gov/nursing/scholarship/ http://www.akaeaf.org/programsandinitiatives/ http://www.schoolsoup.com/ http://www.blackexcel.org/link4.htm http://www.jackierobinson.org/ http://www.wilsonfund.org/scholarships/scholarships.shtml http://www.siemens-foundation.org/TeacherScholarship/ http://www.childcareservices.org/ps/teach.html http://www.act.org/goldwater/yybull.html http://www.uncf.org/ http://www.socxfbi.org/login.asp?reason=denied_empty&script_name=/cgi-alumni/adir2.dll&path_info=/search&sitename=FBI&scroll=10&p=1&S=scholarships&x=0&y=0 http://www.finaid.org/ http://studentaid.ed.gov/PORTALSWebApp/students/english/index.jsp http://www.actstudent.org/finaid/scholarshipscams.html http://www.act.org/recognition/clients.html http://www.act.org/kfcscholars/index.html http://www.kfcscholars.org/ http://www.rhodesscholar.org/ http://www.collegedata.com/ http://www.fastweb.com/ http://www.getreadyforcollege.org/gPg.cfm?pageID=139 http://www.policylink.org/EDTK/AH101/Financing.html#4 http://www.hud.gov/grants/index.cfm BECOMING A TEACHER http://www.aft.org/teachers/jft/becoming.htm http://www.fseog.com/ CHILDREN OF MILITARY http://www.militaryscholar.org/about/about.shtml http://www.mcsf.com/site/c.ivKVLaMTIuG/b.1677655/k.BEA8/Home.htm http://www.vfw.org/index.cfm <-do search for ‘scholarships’ http://www.milspouse.org/Educ/Fund/MilFScholar/ http://www.aerhq.org/education_dependentchildren.asp INTERNSHIPS, http://www.fasttrackinternships.com/ http://www.internprograms.com/ http://www.brillstreet.com/ http://ceri.msu.edu/ DEPENDENCY or NOT http://www.salliemae.com/get_student_loan/apply_student_loan/understanding/financial_aid/dependency/ LOAN FORGIVENESS http://www.pheaa.org/loanforgiveness/healthier_futures.shtml http://www.aft.org/teachers/jft/loanforgiveness.htm http://studentaid.ed.gov/PORTALSWebApp/students/english/cancelstaff.jsp?tab=repaying http://www.finaid.org/loans/forgiveness.phtml http://www.aessuccess.org/manage/cant_make_payment/Federal_Teacher_Loan_Forgiveness.shtml http://www.staffordloan.com/repayment/forgiveness.shtml http://www.educationplanner.com/ss/code/Profile1.asp?level=u&region=s&mode=EDIT&sponsor=2859&volume=SS&e&h STATUS OF LOAN OR AID http://www.nslds.ed.gov/nslds_SA/ IF YOU DON’T HAVE YOUR PIN yet (for your loan / aid status) apply for one: http://www.pin.ed.gov/PINWebApp/pinindex.jsp ESSAY HELP http://www.scholarshiphelp.org/ http://www.gradesaver.com/resources/scholarship.html http://www.collegeadmissionsessays.com/ http://www.nataviguides.com/broke_essay.html http://www.princetonreview.com/college/apply/articles/process/essayjump.asp http://www.scholarshipessay.us/ http://www.freschinfo.com/tips-brainstorming.php http://www.freschinfo.com/tips-topic.php http://essayedge.com/ http://www.korepetycje.com/Essays_Articles/scholarshipessay.html GRANT SCHOLARSHIP SCAM LIST (if you find a scam report it here too) http://www.ftc.gov/ftc/consumer/media_psas_classads.html LOANS http://www.acteducationloans.com/ http://www.finaid.org/loans/educationlenders.phtml http://www.financialaid.com/plus/index.cfm?id=plusloans http://www.alternativestudentloan.com/ http://www.parentplusloan.com/ http://www.financialaidpodcast.com/about/ http://www.myspace.com/financialaidpodcast http://www.FinancialAidPodcast.com GRAD LOANS & SCHOLARSHIP http://www.gradloans.com/graduate-plus-loan/ http://www.gfoa.org/services/scholarships.shtml DEFAULTED STUDENT LOANS http://www.ed.gov/offices/OSFAP/DCS/index.html CONSOLIDATE LOANS http://www.plusloanconsolidator.com/ http://www.salliemae.com/after_graduation/manage_your_loans/consolidate_student_loans/student_loan_consolidation.htm http://www.salliemae.com/content/privateconsolidation/index.html http://loanconsolidation.ed.gov/ RATE MY PROFESSORS http://www.ratemyprofessors.com/index.jsp INTERNATIONAL STUDENTS http://www.iefa.org/ http://www.iefa.org/resources/ http://educationusa.state.gov/ http://college-scholarships.com/ http://www.studyabroad.com/forum/financial_aid.html http://www.internationalstudent.com/ http://www.internationalscholarships.com/ http://www.internationalstudentloan.com/ http://www.globalslc.com/ http://www.edupass.org/finaid/loans.phtml http://www.abroadplanet.com/student-loans/the-global-student-loan-corporation/ http://www.salliemae.com/international/ HISPANIC SCHOLARSHIPS http://www.hsf.net/ http://www.scholarshipsforhispanics.org/ http://www.statefarm.com/about/part_spos/grants/hispanic.asp http://www.hsfi.org/ http://scholarships.hispanicfund.org/applications/ http://www.chci.org/chciyouth/scholarship/scholarship.htm i dont know if any i have listed will help or not, but i'll post it anyway.

i think the first answer was a good post.
———–
try to aim for grants/scholarships more… they are not to be paid back. its confusing sometimes, but just keep applying. Scholarships usually have a 1 or 2 page application, and require an essay. Take your time with the essay, so yours stands out.

every big (and small) company you see (manufacturer, orgs, corps and groups also) all have grants and scholarships they hand out like candy. Walmart, Kmart, Target, Coke, computer companies etc etc etc

here are some links with a HUGE list of what is available. some you will need to copy and paste into a new window. also, fastweb (take the time to fill it in) will search databases and get back to you with a list of scholarships you qualify for.

Also contact all mens, womens associations in your state, they almost always have grants & scholarships. What ever field you are going into, contact the orgs, associations etc for them; Also check with professional organizations related to your career interests, such as the American Bar Association or the American Medical Association. they also always have scholarships. Research and dig, call then write. Its all worth it.

OVER apply; it doesnt hurt to have too many, and the extra funds can help with housing.

YOU WILL NEED ADOBE READER:
(yes, its free)
http://www.adobe.com/products/acrobat/readstep2.html

LIST
http://www.lifebridge.org/gran-list-alph.htm
http://www.angelfire.com/nj4/njcomputerchick/school.html
http://www.chrome.org/scholarshiplist.html

MORE & INFO:
http://www.ftc.gov/bcp/menu-jobs.htm
http://www.finaid.org/scholarships/other.phtml
http://www.finaid.org/otheraid/
http://www.back2college.com/library/scholarships.htm
http://www.collegeconfidential.com/
http://college-scholarships.com/
http://www.statefarm.com/about/part_spos/grants/grants.asp
http://www.gmsp.org
http://www.gmsp.org/gmsp_web/(nb5ctd55gavpfi55bb3a3j45)/scholarships.aspx
http://www.sfa.ufl.edu:16080/scholarshipcafe/
http://www.edsf.org/scholarshipAwards.cfm
http://www.fafsaonline.com/
http://www.fafsa.ed.gov/
http://www.feea.org/
http://12.46.245.173/cfda/cfda.html
http://www.salliemae.com/
http://www.ed.gov/finaid/landing.jhtml
http://www.scholarshipexperts.com/
http://www.educationplanner.com/ss/code/Profile1.asp?level=u&region=s&mode=EDIT&sponsor=2859&volume=SS&e&h
http://www.studentawards.com/
http://www.collegeanswer.com/index.jsp
http://www.studentscholarshipsearch.com/
http://www.studentscholarshipsearch.com/Detailed/Scholarships/Meta_indexes_and_other_scholarship_directories/Women_s_and_Non-traditional_students_scholarships_meta-directory_126.php

NURSING / CNA
http://www.scholarships-ar-us.org/grants/nursing.htm
http://www.dar.org/natsociety/edout_scholar.cfm
http://nursingworld.org/nursecareer/edfund.htm
http://www.medi-smart.com/finaid.htm
http://www.discovernursing.com/nursing-scholarship-search
http://www.ncaa.org/about/scholarships.html
http://bhpr.hrsa.gov/DSA/nsl.htm
http://www.nsna.org/foundation/
http://www.4cnas.com
http://www.choosenursing.com/
http://www.minoritynurse.com/
http://www.tylenol.com/page.jhtml?id=tylenol/news/subptyschol.inc
http://www.straightforwardmedia.com/nursing/
http://bhpr.hrsa.gov/nursing/scholarship/
http://www.akaeaf.org/programsandinitiatives/

http://www.schoolsoup.com/
http://www.blackexcel.org/link4.htm
http://www.jackierobinson.org/
http://www.wilsonfund.org/scholarships/scholarships.shtml
http://www.siemens-foundation.org/TeacherScholarship/
http://www.childcareservices.org/ps/teach.html
http://www.act.org/goldwater/yybull.html
http://www.uncf.org/

http://www.socxfbi.org/login.asp?reason=denied_empty&script_name=/cgi-alumni/adir2.dll&path_info=/search&sitename=FBI&scroll=10&p=1&S=scholarships&x=0&y=0
http://www.finaid.org/
http://studentaid.ed.gov/PORTALSWebApp/students/english/index.jsp
http://www.actstudent.org/finaid/scholarshipscams.html
http://www.act.org/recognition/clients.html
http://www.act.org/kfcscholars/index.html
http://www.kfcscholars.org/
http://www.rhodesscholar.org/
http://www.collegedata.com/
http://www.fastweb.com/
http://www.getreadyforcollege.org/gPg.cfm?pageID=139
http://www.policylink.org/EDTK/AH101/Financing.html#4
http://www.hud.gov/grants/index.cfm

BECOMING A TEACHER
http://www.aft.org/teachers/jft/becoming.htm
http://www.fseog.com/

CHILDREN OF MILITARY
http://www.militaryscholar.org/about/about.shtml
http://www.mcsf.com/site/c.ivKVLaMTIuG/b.1677655/k.BEA8/Home.htm
http://www.vfw.org/index.cfm <-do search for ‘scholarships’
http://www.milspouse.org/Educ/Fund/MilFScholar/
http://www.aerhq.org/education_dependentchildren.asp

INTERNSHIPS,
http://www.fasttrackinternships.com/
http://www.internprograms.com/
http://www.brillstreet.com/
http://ceri.msu.edu/

DEPENDENCY or NOT
http://www.salliemae.com/get_student_loan/apply_student_loan/understanding/financial_aid/dependency/

LOAN FORGIVENESS
http://www.pheaa.org/loanforgiveness/healthier_futures.shtml
http://www.aft.org/teachers/jft/loanforgiveness.htm
http://studentaid.ed.gov/PORTALSWebApp/students/english/cancelstaff.jsp?tab=repaying
http://www.finaid.org/loans/forgiveness.phtml
http://www.aessuccess.org/manage/cant_make_payment/Federal_Teacher_Loan_Forgiveness.shtml
http://www.staffordloan.com/repayment/forgiveness.shtml
http://www.educationplanner.com/ss/code/Profile1.asp?level=u&region=s&mode=EDIT&sponsor=2859&volume=SS&e&h

STATUS OF LOAN OR AID
http://www.nslds.ed.gov/nslds_SA/

IF YOU DON’T HAVE YOUR PIN yet (for your loan / aid status) apply for one:
http://www.pin.ed.gov/PINWebApp/pinindex.jsp

ESSAY HELP
http://www.scholarshiphelp.org/
http://www.gradesaver.com/resources/scholarship.html
http://www.collegeadmissionsessays.com/
http://www.nataviguides.com/broke_essay.html
http://www.princetonreview.com/college/apply/articles/process/essayjump.asp
http://www.scholarshipessay.us/
http://www.freschinfo.com/tips-brainstorming.php
http://www.freschinfo.com/tips-topic.php
http://essayedge.com/
http://www.korepetycje.com/Essays_Articles/scholarshipessay.html

GRANT SCHOLARSHIP SCAM LIST
(if you find a scam report it here too)
http://www.ftc.gov/ftc/consumer/media_psas_classads.html

LOANS
http://www.acteducationloans.com/
http://www.finaid.org/loans/educationlenders.phtml
http://www.financialaid.com/plus/index.cfm?id=plusloans
http://www.alternativestudentloan.com/
http://www.parentplusloan.com/
http://www.financialaidpodcast.com/about/
http://www.myspace.com/financialaidpodcast
http://www.FinancialAidPodcast.com

GRAD LOANS & SCHOLARSHIP
http://www.gradloans.com/graduate-plus-loan/
http://www.gfoa.org/services/scholarships.shtml

DEFAULTED STUDENT LOANS
http://www.ed.gov/offices/OSFAP/DCS/index.html

CONSOLIDATE LOANS
http://www.plusloanconsolidator.com/
http://www.salliemae.com/after_graduation/manage_your_loans/consolidate_student_loans/student_loan_consolidation.htm
http://www.salliemae.com/content/privateconsolidation/index.html
http://loanconsolidation.ed.gov/

RATE MY PROFESSORS
http://www.ratemyprofessors.com/index.jsp

INTERNATIONAL STUDENTS
http://www.iefa.org/
http://www.iefa.org/resources/
http://educationusa.state.gov/
http://college-scholarships.com/
http://www.studyabroad.com/forum/financial_aid.html
http://www.internationalstudent.com/
http://www.internationalscholarships.com/
http://www.internationalstudentloan.com/
http://www.globalslc.com/
http://www.edupass.org/finaid/loans.phtml
http://www.abroadplanet.com/student-loans/the-global-student-loan-corporation/
http://www.salliemae.com/international/

HISPANIC SCHOLARSHIPS
http://www.hsf.net/
http://www.scholarshipsforhispanics.org/
http://www.statefarm.com/about/part_spos/grants/hispanic.asp
http://www.hsfi.org/
http://scholarships.hispanicfund.org/applications/
http://www.chci.org/chciyouth/scholarship/scholarship.htm

]]> By: brave.heart http://www.thegaa.org/all-about-federal-student-loan-consolidation-and-its-specific-features/comment-page-1#comment-140 brave.heart Wed, 22 Jul 2009 08:27:59 +0000 http://www.thegaa.org/all-about-federal-student-loan-consolidation-and-its-specific-features#comment-140 Since these loans are not backed by the government, most private consolidation loans will be credit based, meaning the interest rate will be set based on your credit history, just like the private loans you have now. If you want a lower rate, spend some time getting your credit score as high as possible and/or find a cosigner with good credit. Both can help lower your rate. Since these loans are not backed by the government, most private consolidation loans will be credit based, meaning the interest rate will be set based on your credit history, just like the private loans you have now. If you want a lower rate, spend some time getting your credit score as high as possible and/or find a cosigner with good credit. Both can help lower your rate.

]]> By: irishman1 http://www.thegaa.org/all-about-federal-student-loan-consolidation-and-its-specific-features/comment-page-1#comment-133 irishman1 Wed, 22 Jul 2009 04:10:02 +0000 http://www.thegaa.org/all-about-federal-student-loan-consolidation-and-its-specific-features#comment-133 Wells Fargo might be the only one worthwhile these days. Look for ones that have little or no origination fees and have reductions if the money you owe is periodically auto-deposited. Wells Fargo might be the only one worthwhile these days. Look for ones that have little or no origination fees and have reductions if the money you owe is periodically auto-deposited.

]]> By: Cosmetic Counter http://www.thegaa.org/all-about-federal-student-loan-consolidation-and-its-specific-features/comment-page-1#comment-134 Cosmetic Counter Wed, 22 Jul 2009 04:00:35 +0000 http://www.thegaa.org/all-about-federal-student-loan-consolidation-and-its-specific-features#comment-134 The federal consolidation loan has a fixed interest rate, based on the weighted average of the interest rates of the student loans being consolidated, excluding Health Education Assistance Loans (HEALs), rounded up to the nearest 0.125% or 8.25%, whichever is less. The weighted-average interest rate calculation is based on the official interest rates for the student loans being consolidated, exclusive of any borrower benefit or other special rate discounts. By law, all lenders are required to use the same interest rate formula for federal consolidation loans. Instead, you should consider customer service, flexible repayment options, online account access and applications, reputation and industry experience when selecting a lender. The federal consolidation loan has a fixed interest rate, based on the weighted average of the interest rates of the student loans being consolidated, excluding Health Education Assistance Loans (HEALs), rounded up to the nearest 0.125% or 8.25%, whichever is less.

The weighted-average interest rate calculation is based on the official interest rates for the student loans being consolidated, exclusive of any borrower benefit or other special rate discounts.

By law, all lenders are required to use the same interest rate formula for federal consolidation loans. Instead, you should consider customer service, flexible repayment options, online account access and applications, reputation and industry experience when selecting a lender.

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