What Is The Interest Rate On A Consolidation Loan

"However, if you miss on payments then it will be very likely that you will get into worse debts because of the increased rates of interest charged on the outstanding bills."

What Is The Interest Rate On A Consolidation Loan

What is the Interest Rate on a Consolidation Loan?


As of February 1, 1999, both FFEL and Direct Consolidation Loans have the same interest rate, which is a fixed rate set according to a formula established by law. The rate is the weighted average rate of the current rates charged on the loans being consolidated, rounded up to the nearest one-eighth of a percent. This means the rate you'll pay wont be more than one-eighth of a percent more than the effective rate on your individual loans. The rate is fixed for the life of the Consolidation Loan.

Before February 1, 1999, Consolidation Loans had variable interest rates. For information on interest rates for these loans, contact the Direct Loan Origination Centers Consolidation Department by calling 1-800-557-7392, if you have a Direct Consolidation Loan, or check with your lender if you have a FFEL Consolidation Loan.

If you have a Stafford Loan made on or after July 1, 1995, you can reduce your consolidation rate by up to half a percentage point or more if you can consolidate before the end of your grace period.

In this context collateral is anything of value that can be mortgaged to cover part of the whole loan that the person is applying for.

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Loan Consolidation Articles:
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    "You will have to consider them carefully so you can decide which one is better for you."

  • "As you will know, these always vary based on individual circumstances but you are almost guaranteed a lower interest rate and sometimes even people with bad credit can achieve a reasonable rate of interest, on average, rates start from around 8."
  • What Is Consolidation
    "Upon referring to a lenders website, most will have a loan calculator which after working out how much you need, will calculate the interest rate and savings that could be made."
  • What Is Deferment
    "This will help you decide on which is the best rate of interest that you will need in order to save on your repayment scheme."
  • There Are Many Ways To Get Out Of Debt A Consolidation Loan Is One Of Them
    "There is a myth which has taken solid roots among the public in general, that a person with bad credit rating is not eligible for any type of consolidation loan."
  • Even With A Bad Credit Rating You Can Still Get A Personal Consolidation Loan
    "Any and all education related debts can be consolidated into one large private college consolidation loan."

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And, if you have children, you can also consolidate all of their education loans into one.

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