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re: Refinancing Student Loans?
Posted on 11/20/12 at 11:15 am to nikki6
Posted on 11/20/12 at 11:15 am to nikki6
I work in the student loan business so I might be able to help.
If your loans are federal loans (Stafford, GradPlus, PLUS) you can consolidate them but only through the DOE's Direct Consolidation Program. Your new intrest rate on your consolidated loan will be the weighted average of the interest rates on the loans being consolidated (rounded to the nearest higher 1/8 of a percent).
Unfortunatly the way federal loans are stuctured, there is no way to take advantage of the present market rates. I'd call your local bank or credit union to see what they may be able to offer.
If your loans are federal loans (Stafford, GradPlus, PLUS) you can consolidate them but only through the DOE's Direct Consolidation Program. Your new intrest rate on your consolidated loan will be the weighted average of the interest rates on the loans being consolidated (rounded to the nearest higher 1/8 of a percent).
Unfortunatly the way federal loans are stuctured, there is no way to take advantage of the present market rates. I'd call your local bank or credit union to see what they may be able to offer.
1
Posted on 11/20/12 at 11:23 am to DontTazeMeBro
quote:
I work in the student loan business so I might be able to help. If your loans are federal loans (Stafford, GradPlus, PLUS) you can consolidate them but only through the DOE's Direct Consolidation Program. Your new intrest rate on your consolidated loan will be the weighted average of the interest rates on the loans being consolidated (rounded to the nearest higher 1/8 of a percent).
Then please tell me why, despite my loans being "consolidated", that my online account (Through Great Lakes) shows my "consolidated" loan as 3 seperate loans...with seperate due dates, payments, and interest rates. I have a 6.7%, a 6.25%, and a 3.75% (smallest one
). Mine did not consolidate to a weighted average APR. Is it b/c they are stafford sub VS stafford unsub Vs something else?
This post was edited on 11/20/12 at 11:24 am
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