So while one could characterize the weighted average as reducing the interest rate on the loan with the highest interest rate, one could also say that the weighted average increases the interest rate on the loan with the lowest interest rate. To ask questions about consolidating your loans before you apply for a Direct Consolidation Loan, contact the Loan Consolidation Information Call Center at The interest rates for consolidation loans are calculated based on the average interest rates of the loans that you are consolidating. The eligible loan could be a new loan you received after the initial consolidation loan. Citizens Bank is one of the only companies that does not require you to have graduated in order to refinance. Extending the length of repayment increases the total amount you have to repay over the life of the loan. 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. You may consolidate with Direct Loans during grace periods , once you have entered repayment, or during periods of deferment or forbearance. Benefits As you would guess, Citizens Bank charges no application origination, disbursement, or pre-payment fees. You are required to select from the choices listed by the Department of Education.
As you weigh the pros and cons, keep in mind that timing is critical. Both borrowers had to agree to be jointly and severally liable for repayment. Note that borrowers who consolidate their federal student loans often choose an extended repayment term. You will generally receive your first bills within 60 days after the new Direct Consolidation loan is made. You may also be able to get a better deal if, for example, your credit score is better now than it was when you first took out the private loans. There are still many borrowers struggling with joint consolidation loans. Loan Terms, Fees, and Limits Interest rates for consolidation loans are fixed. You are required to select from the choices listed by the Department of Education. These borrowers should also be able to consolidate and choose ICR. Joint Consolidation Loans Prior to July 1, , married borrowers could choose to consolidate federal student loans from both spouses or jointly consolidate the loans of either spouse. However, once you consolidate, you lose any remaining grace period. There are no prepayment penalties on federal or private student loans. It is hard to know which servicer to choose. Whether you are applying in the middle of the day or at 3 a. The Department strongly encourages borrowers to apply on-line, but you may also download and print a paper application to submit by regular mail. Choose loans and servicer. You can consolidate all, just some, or even just one of your student loans. The use of the weighted average in a federal consolidation loan does not significantly change the overall cost of the set of loans being consolidated. The fixed interest rate on the unsubsidized Stafford loan since July 1, is 6. Within just a couple years, Citizens Bank has vaulted itself to the number 2 spot in the refinancing industry. If may make this choice on-line or if you are sending in a paper application , you should send directly to the servicer you choose. This is not as useful as it used to be for most borrowers since nearly all new federal loans are made through the Direct Loan program. You may get an interest rate break, especially if you have variable rate loans. And the company even offers an interest rate discount if you choose to make your payments via auto-pay, as reflected in the rates above. There are numerous problems that can arise—for example, if one of the divorced ex-spouses wants to apply for IBR.
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