How to find the best consolidation student loan rate?
The rate shouldnt concern you because according to the federal law, all private lenders have to offer exactly same rate as FFELP (Federal Family Education Loan Program). Your individual rate will depend on the average rate off all outstanding student loans you currently have. Some lenders advertise very low rates. But you have to bear in mind that most lenders offer certain benefits and discounts, and the rate advertised is usually what you get after a discount is applied. So if you are not eligible for the discount, your rate will be higher. Most companies clearly state discount eligibility criteria, for example always making your payments on time or setting an automatic withdrawal from you account. But there can be other criteria as well, not mentioned until you actually apply for consolidation with this lender. So the only reliable way to find the best deal is to ask for quotes from several banks and other private lenders and compare them. Another thing young graduates have to be aw
