So, for instance: If the average comes to 6.15%, your new interest rate will be 6.25%.
Additionally, you’ll get a new loan term ranging from 10 to 30 years.
We find that many consumers prefer to work with our company since we have expertise work on their behalf to educate them about the programs available to them and streamline the process to get them in the pest programs for their situation.
Yes you can consolidate your Perkins Loan into the Direct Consolidation Loan if you include at least one Direct Loan or Federal Family Educational Loan (FFEL). There are some disadvantages to consolidating your Perkins Loan so you should consider them prior to consolidating them.
Can consolidate my loans or apply for government programs myself? You can certainly contact the Department of Education and see what programs you qualify for and apply.Your financial history — including your credit score, income, job history and educational background — will dictate your new interest rate when you refinance.You typically need a credit score at least in the high 600s to qualify, and rates range from around 2% to more than 9%.Your repayment term will generally start within 60 days of when your consolidation loan is first disbursed and will be based on your total federal student loan balance, among other factors.If you’re considering either federal or private student loan consolidation in order to get a drastically lower loan bill, look further into income-driven repayment instead.Consider federal consolidation if you: When you consolidate federal loans, the government pays them off and replaces them with a direct consolidation loan.You’re generally eligible once you graduate, leave school or drop below half-time enrollment.The goal with this process is not only to get the ease of a single payment, but to receive a lower interest rate based on your financial history.Consider refinancing if you have: Use Nerd Wallet’s student loan consolidation calculator to compare monthly payments under three different scenarios: federal student loan consolidation, private student loan refinancing and income-driven repayment plans.• You will lose your cancelation benefits, such as performing public services. • Interest Does not accrue when your Perkins Loan is in deferment.• Perkins Loans generally have lower interest rates but less flexible repayment periods. Back to Top Yes, you can consolidate certain health professions loans sponsored through the U.