Interest rates for consolidating student loans are bono and penelope cruz dating
Only loans that are in repayment or in the grace period are eligible for consolidation, and a Direct Consolidation Loan must include at least one Direct or FFEL Program Loan.Loans that have been in default can be consolidated after three consecutive monthly payments have been made or if the borrower agrees to repay the consolidation loans under an income-driven repayment plan (where the payments are based on the income of the borrower).
We then detail a step-by-step guide to using and choosing consolidation loans.
To be eligible, borrowers must have a clean credit history and a “good” FICO credit score (“good” is 670 and above according to FICO).
Borrowers with a poor credit history may still be able to qualify if they can secure a cosigner with good credit.
Because the interest rate is a weighted average and rounded up, borrowers won’t ever save money on interest by opting for a federal consolidation loan unless the loans are pre-2006 and have a variable interest rate.
The new interest rate would still be equal to the current interest rates in that situation, but it might save money in the future if the variable rates rise (the new fixed rate would stay the same).