stafford Loan Consolidation
Loan consolidation can significantly simplify your monthly payments schedule by unifying your loans to one bill and can bring down monthly payments by offering you a term of 30 years to repay your debt. What’s more, you also get the opportunity to choose alternative repayment plans, you would not have had earlier on, and you also get an option to replace your variable interest rate loans to a fixed interest rate. Moreover, it works for both undergraduate and graduate federal loans.
The interest rates on a Stafford Loan consolidation are predetermined per the federal directorate. The official interest rate that will apply is ascertained by taking the interest rate connected to your federal loans, and weighting it with the current rate of interest. This weighted average is rounded to the closest one-eighth of a percent and is capped at 8.25%.
In the event that you consolidate while your six-month grace period after graduation is going on, you may be eligible for a lower interest rate before you start repaying the loan.
Stafford Loans are not qualified for consolidation while in school.
Credit check is not a precondition while consolidating your loans. In this way, assuming that you have multiple loans, it doesn't make a difference what your credit rating is.
Stafford Loan consolidation is an option if you want to avoid the frustration spawning from paying off many federal loans over long periods of time.
To learn how to apply for a Stafford Loan Consolidation program talk to our Student Loan advisors. We’ll help make the loan consolidation process simple for you.