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Interest Rate Calculation The interest rate on your consolidation loan is a fixed rate, determined by calculating the weighted average of the loans you are consolidating, rounded up to the nearest 1/8th of one whole percent, not to exceed 8.25 percent. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. Our partners cannot pay us to guarantee favorable reviews of their products or services. " At Nerd Wallet, we strive to help you make financial decisions with confidence. There are two types of student loan consolidation: federal and private.Federal student loan borrowers have the option of consolidating their loans via the Direct Consolidation Loan program offered by the U. That loan is then serviced by the servicer of your choosing – of which Nelnet is one! Consolidating allows you to merge multiple eligible loans into a single loan.
Use a consolidation calculator to compare monthly payments under three different scenarios: federal student loan consolidation, private student loan refinancing and income-driven repayment plans.
If you have several different loan payments but would like to make just one payment, you may apply for a Federal Consolidation Loan.
With loan consolidation, your lender combines your existing loans into a new single loan.
» MORE: Best student loan refinance companies Your financial history — including your credit score, income, job history and educational background — will dictate your new interest rate when you refinance.
You typically need a credit score at least in the high 600s to qualify, and rates range from around 2% to more than 9%.