How to find the best student consolidation loan rate?
According to FFELP (Federal Family Education Loan Program) guideline lenders calculate your rate as an average of your existing loans’ rates. They are not allowed to offer you a lower rate and compete for that. So there is really no point to searching for a lender with the lowest rate. However, many lenders offer great rate reduction discounts. Usually you get a discount after making several payments on time or if you set an automatic payment from your bank account. When using online calculator, most lenders give you your rate after the discounts. So you will have to be careful and read all conditions of your new loan to make sure that you are eligible for the benefits.
