Consolidating student loans us bank
Even if your rates seem high, t he Department of Education puts a cap on consolidation loan rates at 8.25 percent.
One major advantage of federal consolidation loans is that borrowers don’t need a stellar credit score to qualify, they can apply any time (even if their loan is in default) at Loan gov, and they’ll always get a fixed interest rate.
Consolidating private loans works in a similar fashion, as far as paperwork goes.
Loan consolidation is when a borrower takes out a new loan to pay off several smaller student loans.It also means if you’re a new grad with little credit history, you might need a co-signer to be eligible.