Benefits of consolidating a loan dating and ex boyfriends friend reviews

Rated 4.44/5 based on 870 customer reviews

You are not required to purchase any goods and/or services.

The biggest benefit of debt consolidation is the cash savings it may provide.At first glance, variable rates may look appealingly low — 2.25 percent or 3.25 percent — compared to fixed-rate loans that ask for 6–7 percent interest.But, as Mark Kantrowitz warns on USA TODAY, “variable rates have nowhere to go but up.” If you sign up for that low, low rate now, you risk committing yourself to rising rates for years to come. Typical student loan repayment terms range from 5 to 20 years.When you consolidate federal loans, your new fixed interest rate will be the weighted average of your previous rates, rounded up to the next ⅛ of 1%.So, for instance: If the average comes to 6.15%, your new interest rate will be 6.25%.

Leave a Reply