can anyone tell me what the current student loan consolation rate is? Do you know any lenders that will let me consolidate 45k and repay it over 20 years?
2007-07-26 16:02:21 · 3 answers · asked by almatters 2 in Education & Reference ➔ Financial Aid
Your interest rate will be based on your actual loan, the actual formula is:
Outstanding Balance Interest Rate Calculation
$4,400 8% $4,400 x .08 = $352
$2,200 4% $2,200 x .04 = $88
$6,500 10% $6,500 x .10 = $650
$13,100 (Total Combined Balance)
(Results of Calculations) $1,090
• Step 2:
Divide the total combined balance of all loans by the sun of the calculations
$1,090 / $13,100 = .083206 or 8.321%
Step 3:
Round the results of step 2 to the nearest 1/8 of 1%
8.321% is rounded to 8.375%
Your Fixed Interest Rate:
8.375% is your NEW weighted average interest rate for your consolidation loan.
Most companies will be able to accomidate 45k over 20 years. The thing to pay attention to is the incentives for auto with drawal and on time payments. Make sure what ever company you choose will allow you to keep the reductions if the loans are sold.
Hope this helped
Feel free to contact me
Chris Black
2007-07-30 10:08:13 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Your interest rate will be calculated on a weighted average. This means based on your current loan amounts and interest rates a new consolidated rate is calculated. This new interest rate will be the same no matter what lender you choose to consolidate with. What you should be looking for are their borrower benefits. Stick with the major players in this area. Dont go with someone whose offer sounds too good to be true. Your financial aid office is a great source for help.
2007-07-26 16:13:31 · answer #2 · answered by John 3 · 1⤊ 0⤋
To see some rates check out bankrate.com. Not sure if they have student loan rates but that would be your best bet.
If you want to shop around for consolidation loans try Finfo.com. You get up to four competing offers with no obligation. I would also check out financialaid.com and sallie mae to see what they offer.
Good luck!
2007-07-26 16:53:01 · answer #3 · answered by curious george 3 · 0⤊ 0⤋
I found interesting information & options here. Good luck!
http://all-student-loan-consolidation.blogspot.com/2007/07/college-loan-consolidation.html
2007-07-27 15:11:21 · answer #4 · answered by Anonymous · 0⤊ 0⤋