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Questions About Student Loan Consolidation

Which company has the best student loan consolidation rates?

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?
Well maybe I should ask, “which company offeres the best incentives and rate deductions”?

Industry Expert answers:

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.

CURIOUS: What are your chances of getting approved for Federal student loan consolidation?

Also, Do debt consolidation companies include federal educational loans into the consolidation?

If you have a federal student loan, and the loan company offered a 1800 # for a consolidation company to take the loan and pay it?

Industry Expert answers:

Your chances are prob pretty good to consolidate federal student loans. Don’t consolidate federal student loans in any non-student loan consolidation loans, your interest rate will likely be higher and the interest you pay would no longer be tax deduct able.

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