| When you are consolidating your student loan, what | | | | this is not something worth cheering of. Although you |
| is the first thing that goes to your mind? A lot of | | | | can enjoy low rate, you are actually paying more at |
| you might say it is the interest rate. There is nothing | | | | the end of your extended loan period. |
| wrong with that, in fact, as a consumer, you deserve | | | | 4. Federal or private |
| the best interest rate when you are consolidating | | | | As you probably know, federal loan consolidation |
| your loans. So, below are some tips to help you to | | | | doesn't care what your credit score is, it merely locks |
| get the best interest rate. | | | | in the lowest rate for the whole loan period. Since |
| 1. Credit | | | | the interest rate for federal government student loan |
| The easiest way for you to earn the best rate is to | | | | consolidation is review at July, 1 every year, it is best |
| have a credit score of at least 660. | | | | that you consolidate your student loans after that. |
| 2. Other criteria | | | | Although private student loan consolidation rate can |
| However, there are also other factors involve which | | | | fluctuate with the market rate, this means that you |
| can affect your interest rate such as your family | | | | can negotiate your interest rate with the private loan |
| size, the loans you are holding, future career, annual | | | | consolidators. You can even enjoy lower rate when |
| income and co-signer credit history (only needed | | | | you and your co-signer credit history are good. |
| when you are going for private student loan | | | | Besides that, private loan consolidators also offer |
| consolidation). | | | | various discounts and incentive so that you can save |
| Let's take a look at the income contingent | | | | some money even you are not eligible for fixed |
| repayment (ICR) plan. In this plan, your minimum | | | | interest rate. |
| monthly payment is just $5 and this amount shouldn't | | | | 5. Online services |
| be much of the trouble for most of you. However, | | | | Speaking of discounts and incentives, more and more |
| you can only qualify for this plan when you have a | | | | loan agencies are willing to give you a better student |
| family and you are a direct loan borrower. So, you | | | | loan consolidation interest rate when you adopt their |
| see, there are much more involved than credit score | | | | online services. |
| when you are talking about the rate for your student | | | | And to minimize long hauling discussions, a lot of loan |
| loan consolidation. | | | | agencies are starting to display their repayment |
| 3. Amount and period | | | | package and rate online. This can save you a lot of |
| The more loans you consolidate and the longer your | | | | time when you are researching which loan institution |
| loan period, the better rate you can get. However, | | | | to go to. |