Best interest rate consolidating student loans

Too many inquiries over a long period of time can lower a credit score, so you need to be certain you want to pursue refinancing and/or consolidating your student loan before completing the application process.

Lenders will typically make a decision in a matter of minutes.

Most lenders will allow you to get a rate quote by pulling a soft credit check.

While not a guarantee of the actual rate you will receive, the rate quote is a good indicator of the interest rate you can expect to receive if you decide to apply with the lender.

Students with demonstrated financial need are often awarded Direct Subsidized Loans which do not change interest as long as you are in school or in a deferment period.

Direct Unsubsidized Loans do not require borrowers to have demonstrated financial need and start to accumulate interest as soon as they are awarded.

Refinancing can save you money each month through lower payments, and save you money over the life of the loan through lower interest rates.

This will show up as an inquiry on a credit report which can impact a credit score.

Federal consolidation loans have fixed interest rates.

The interest rates on federal consolidation loans are based on the weighted average of the interest rates of the federal education loans being consolidated, rounded up to the nearest one eighth of one percent.

Applicants who are denied on their own can reapply with a cosigner.

If the cosigner has good credit and meets other requirements, the borrower may be approved for the loan.

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