I have consolidated my subsidized and unsubsidized loans through Student Xpress, however, the interest rate is currently 7.25% which people have been telling me it is too high. One of my friend who consolidated through Nelnet, says her interest rate was 5.5% or so. Will I be able to switch already consolidated loans from one company to another?|||Check it out here. It鈥檚 an excellent site with some wonderful options for you. It will definitely help you. Have a look.
http://financial-aid.50webs.org/|||Lowering interest rates have made student loan consolidation interest rates an option being considered by many people. Nearly 80% of students have some type of student loan by the time they graduate and the average loan for a student is $10,000. For many students and parents, education loans have come from several sources, have varying interest rates, and have higher payments that one is comfortable with.
Education loans fall into two categories, Federal education and Private education loans. When a student is considering consolidation it is important to keep these categories separated. The method for calculating consolidation interest rates for federal education loans are strictly regulated by the government. The education loans provided by private lenders do fall under the same restrictions and requirements and can vary greatly depending of the lender gave the loan.
aStudent loan consolidation interest rates for federal loans are calculated by taking the average rate of all of the loans and rounding up to the nearest 1/8%. The loan, then will fall somewhere between the highest interest and the lowest interest. The maximum rate is 8.25%.
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