Interest rates for consolidating federal student loans
Each lender has its own specific underwriting criteria, so you may have a higher chance of approval at certain lenders.
We put together this guide to help you get information on all of the top student loan refinance lenders without having to jump around multiple websites.You eliminate having to keep track of multiple student loan servicers and payment due dates.Instead, you make one monthly payment to one lender (or servicer – sometimes they’re one in the same).Fortunately, we’ve highlighted the six best banks and lenders to help you refinance and consolidate both private and federal student loans, based on your financial situation.With student loan consolidation, you may be able to refinance at a lower interest rate, decrease your monthly payment, or both!You have to complete the application in a single session, so do your research before you start. You can consolidate all your federal loans or just some of them.
After graduating, having several different loans spread across multiple servicers can be difficult to manage, making it harder to keep up with your payments.
When you consolidate federal loans, your new fixed interest rate will be the weighted average of your previous rates, rounded up to the next ⅛ of 1%.
So, for instance: If the average comes to 6.15%, your new interest rate will be 6.25%.
Learn more about when to consolidate and refinance federal and private loans.
Today, the answer to that question is probably yes!
If you don’t think you meet the requirements, don’t worry – as you can apply with a cosigner to increase your chances of getting approved for a better student loan.