Cost of consolidating student loans

Here's what you need to know before deciding to consolidate student loans.Loan consolidation is when a borrower takes out a new loan to pay off several smaller student loans.Follow the example below to calculate the weighted average interest rate for a federal loan consolidation.This example assumes that there are three loans, each with a different interest rate.” To help you cut through the misinformation, we’re going to examine the various costs of debt consolidation, including any fees and interest charges that might apply.

One major advantage of federal consolidation loans is that borrowers don't need a stellar credit score to qualify, they can apply any time (even if their loan is in default) at Loan gov, and they'll always get a fixed interest rate.Any payments and savings will depend on the actual amounts for which you are approved, should you choose to apply.

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