There are no prepayment penalties on federal or private student loans. The fixed interest rate on the unsubsidized Stafford loan since July 1, is 6. The fixed interest rate on the subsidized Stafford loan depends on the academic year in which the loan was originated, with loans made in and at 6. However, you could get the best of both worlds by choosing a federal consolidation loan and accelerating your repayment schedule.
But there are also benefits to keeping the loans separate. These loans cannot be serviced together, so consolidation presents the only opportunity to get a single monthly bill. I have graduated from college and will soon be starting to pay back my loans. If you have several loans at different interest rates, keeping them separate allows you to target the loans with the highest interest rates for earlier repayment. Once your consolidation loan is approved and paid out, your first payment on the new loan will be due within 60 days. Every semester, Fastweb helps thousands of students pay for school by matching them to scholarships, grants, and internships, for which they actually qualify. But all of the borrower's loans have to be with the same lender. Do you have any suggestions on how I could save on these loans? I have some that are subsidized and some that are unsubsidized. Some lenders offer unified billing, where the borrower gets a single monthly bill for all their loans without consolidating. However, you could get the best of both worlds by choosing a federal consolidation loan and accelerating your repayment schedule. Once you do consolidate, the decision is irreversible. Refinancing with a private lender could result in a lower rate. Keep making payments on your old loans until your consolidation is finalized, unless any of your loans are in deferment, forbearance or a grace period. They are at various interest rates. There is no longer any opportunity to use consolidation to lock in an interest rate, since the interest rates on these loans are already fixed. Another reason why you might not want to include all your loans in a consolidation loan is if you have one or more loans with a significantly higher interest rate than the others. But federal education loans made on or after July 1, have had fixed interest rates. But if you have some extra money, using it to accelerate repayment of the highest interest rate loan first will save you more money than if you accelerate repayment of a consolidation loan. Can I combine these at a lower interest rate? There are no prepayment penalties on federal or private student loans. For example, increasing the term on an unsubsidized Stafford loan from 10 to 20 years cuts the monthly payment by a third, but more than doubles the total interest paid a factor of 2. Department of Education through StudentLoans. A consolidation loan would have a 6. The fixed interest rate on the unsubsidized Stafford loan since July 1, is 6.
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