300, 850, BAD, FAIR, EXCELLENT ,000 PRIVATE LOANS @5.4% INTEREST So if you have a lower credit score, you might be looking at a higher interest rate.
@6.5% INTEREST RATE If you’ve just left school, CREDIT SCORE 550 you probably haven’t had the chance to build up a good credit history yet, so with private consolidation PRIVATE LOAN CONSOLIDATION LOWER MONTHLY PAYMENT you might get a simpler, lower monthly payment, but you could end up paying more in combined interest.
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Essentially what happens when you consolidate BANK is that all of your original loans are paid off by your lender and replaced with a single new loan with new terms.
STUDENT LOAN And you can often get a lower monthly payment 0, 10 YEARS, PRINCIPAL, INTEREST because you will have a longer repayment period— 0, 25 YEARS so there are some trade-offs to keep in mind.
Let’s look at an example of getting a federal consolidation loan— FEDERAL CONSOLIDATION LOAN GOV you can also get a private consolidation loan PRIVATE CONSOLIDATION LOAN BANK if you have private loans, but we’ll get to that in a minute.
Let’s say you have fifty thousand dollars in federal loans.