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What is loan consolidation? What kind of interest rate could I get if I consolidate?

April 26, 2017consolidate consolidation Interest rate loan

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What is loan consolidation? What kind of interest rate could I get if I consolidate?

1 Answer

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10 Posted

The federal consolidation loan is a repayment option designed to make loan repayment easier by combining existing eligible educational loans into one new loan with one lower monthly payment and (currently) a single fixed interest rate. It is often referred to as “refinancing” because all prior loans are paid off and a new loan with new terms and conditions is created. Please visit the Loan Consolidation page for more information. An interest rate calculator is available for an estimated rate if you were to consolidate your federal loans.