What is the interest rate on a Consolidation Loan?
The interest rate for FFEL Consolidation Loans is fixed for the entire time you are repaying the loan at the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest one-eighth of a percent. For more info on consolidation go to https://financialaid.arizona.edu/loans/.
Currently, the interest rate on a Direct Consolidation Loan is a fixed rate for the life of the loan. The fixed rate is based on the weighted average of the interest rates on the loans you consolidate, rounded up to the nearest one-eighth of a percent. The interest rate does not exceed 8.25 percent for student loans.
• What are the benefits of a Consolidation Loan? • How can I get a Consolidation Loan? You may also receive information on consolidation loans from the Student Assistance Foundation of Montana and the Direct Loan Servicer. Alternative Loans: Alternative loans are used as a last resort to fill unmet need between financial aid and cost of attendance. (You should complete the FAFSA before considering alternative loans). Keep in mind to only borrow what you need. Terms and conditions on alternative loans vary widely, so before taking out an alternative loan, it is recommended you research interest rate, origination and repayment fees, repayment options, and grace periods. By taking the time to research alternative loan possibilities now, it will greatly benefit you, the borrower, in the years ahead. If you are considering an alternative loan, please contact the Financial Aid Loan Department (406) 994-2845 to determine if you have exhausted all of your federal loan eligibility. Choosing an
The interest rate on a consolidation loan is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest 1/8 of a percent and capped at 8.25%. I don’t remember who my lender is. Help! The best place to check on your loan borrowing is the National Student Loan Database System (NSLDS). You may access your borrowing history online at the National Student Loan Database web site at www.nslds.ed.gov. To access your information, you’ll need your Social Security Number and your Federal PIN.
The interest rate on a consolidation loan is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest 1/8 of a percent and capped at 8.25%. To calculate your interest rate you can obtain your loan interest rates from NSLDS then use this online calculator to estimate your interest rate.
