SayLending.com: financial guides for making smart lending decisions
location: Debt Consolidation Center ... Student Debt ... Rates ...
return add it to your rolodex
 Lower Monthly Payments
 Lock-in Fixed Rates
 Enjoy Single Monthly Billing
 View Added Incentives
 See if Your Qualify
 View Rate Reduction Incentives
 Quick Summary Notes
 Get the Facts About Consolidation
 Home Buying Guide
 Home Improvement Guide
 Lowering Your Bills Guide
 Increasing Your Income
Let's Start Your
Student Debt Relief Application
Debt Management Notes
(links to our financial modules)
note: consolidating credit card debt
note: managing credit card use
note: managing your debt
note: back-to-school student loans
join this credit and debt
management forum
Before You Exit Site

lock-in low, fixed interest rate

Lock-In Your Fixed Rate
What Does It Mean to You:
All student loans disbursed after July 1, 2006 will have fixed rates. So for students graduating now, you can lock-in your low FIXED interest rate before rates climb again.
  Old Stafford Rates New Stafford Rates
Loan Date Grace
Period
Repayment
Period
Grace
Period
Repayment
Period
7/98-6/06 4.70% 5.30% 6.54% 7.14%
7/95-6/98 5.50% 6.10% 7.34% 7.94%
7/94-6/95 6.10% 6.10% 7.94% 7.94%
  Old PLUS Loan Rates New PLUS Loan Rates
Loan Date Repayment Period Repayment Period
7/98-6/06 6.50% 7.94%
7/95-6/98 6.50% 8.34%
7/94-6/95 5.26% 8.34%
 where does the low advertised interest rate come from:
 click here


Calculating Your Consolidated Interest Rate

  • Your FIXED consolidated interest rate
    is based on a weighted average of the loans being consolidated rounded up to the nearest 1/8 of a percent.

    For example, if your student loans were disbursed from July, 1998 to the current date, your fixed consolidation interest rate will be as follows:

    • in-grace consolidation: 6.625%
    • in-repayment consolidation: 7.25%
Steps to calculate your actual consolidation rate

1. Enter each loan balance that you want to consolidate
with its current interest rate.
Press calculate
It will multiply the balance by its current interest to give you a weighted factor for each loan:
     
Loan Amt Interest Rate Weighted Factor
 
  X % =
  X % =
  X % =
  X % =
  X % =
  X % =
  X % =
  X % =
       
   
     
2.
Add the weighted factors together
to get a weighted average:
       
3.
Sum the outstanding balance
of all loans:
       
4.
Divide the weighted average
by the loan balance. Convert the division to a percentage:
%
       
5.
Now round the percentage up to the nearest 1/8 of a percent
or 8.25%, whichever is less. This is your estimated consolidation fixed rate:
%
     
6.
Your interest rate will not exceed 8.25%
and it will remain fixed for the life of your loan.

Information about the in-grace discount

 

Apply Online w/e-sign: click here
Home Buying Site Map

privacy statement | site usage terms | contact us | email page | site map

Copyright 2003-06
Student Loan Consolidation Guide

part of the SayLending.com financial network
all rights reserved

operated by: nBuy Associates

BBBOnLine Reliability Seal

 


earn rebate dollars while shopping
download article: managing rebate credit cards
search rebate credit card programs

 

 

 

Home Buying Site Map