I have a subsidized student loan in the amount of $11,460.55, does anyone know the names of specific companies that have the best consolidation rates at this time? What are those rates?
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Which Company Has The Best Student Loan Consolidation Rates?3 comments to Which Company Has The Best Student Loan Consolidation Rates? |
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This blog should give you some great companies. I ultimately went with American Education Services.
Hope that helps,
Alicia
The federal consolidation loan has a fixed interest rate, based on the weighted average of the interest rates of the student loans being consolidated, excluding Health Education Assistance Loans (HEALs), rounded up to the nearest 0.125% or 8.25%, whichever is less.
The weighted-average interest rate calculation is based on the official interest rates for the student loans being consolidated, exclusive of any borrower benefit or other special rate discounts.
By law, all lenders are required to use the same interest rate formula for federal consolidation loans. Instead, you should consider customer service, flexible repayment options, online account access and applications, reputation and industry experience when selecting a lender.
You’ll have to shop around to find the best deal. Generally speaking, the companies that will give you the most incentives are the ones that are new and more willing to reduce their profits to get more customers. However, they’ll also be less-likely to work with you if you need to defer payments or if some other issue comes up in the future.
Here are a few places I’d check out:http://www.financialaid.com – student loans and consolidationshttp://www.finfo.com – get up to four competing offers, no obligationhttp://www.nelnet.com – fairly large student lender/consolidator
Best of luck!