Your annual interest will be determine by your credit, and Wells Fargo allows consolidation of private loans totaling from ,000 to 0,000.Next Student (nextstudent.com) is an online business.
Lower Monthly Payments: With private student loan consolidation, most borrowers can reduce their monthly payment by extending the repayment term of their private student loan debt.Private student loan consolidation can lower your overall interest rate if you have a cosigner with good credit, saving you a lot of money in the long run, in addition to giving you all the benefits of consolidating federal loans.Unfortunately, as of April 2011 Next Student is not accepting private loan consolidation.Student Loan Network (studentloannetwork.com) is another place online to consolidate both federal and private student loans.For consolidating student loans if you have already graduated there are ways to go about it.
If you have graduated and left school and your loan is a Stafford loan you have to inquire to your lender to consolidate the loan.
The 2 percent reduction in the interest rate can save about 1100 dollars on a 10000 dollar loan.
To consolidate a direct loan from the federal government just ask the government lending program.
For federal loans, the interest rate is determined by averaging all the interest rates on your current loans and then rounding up to the nearest one-eighth of 1 percent.
No sign-on or origination fees are required, the interest rate is locked in for the life of the loan and you can select a payment option that suits you best.
The rate of the loan is the weighed average of the specific loans that go into it and then it is rounded up to the nearest 8th of a percent.