5 ms·
Federal loan rate history: http://www.finaid.org/loans/historicalrates.phtml http://www.finaid.org/loans/historicalrates.phtml I consolidated but I know that s
by srj 11y ago
Federal loan rate history:
http://www.finaid.org/loans/historicalrates.phtml http://www.finaid.org/loans/historicalrates.phtml
I consolidated but I know that some of mine were at 6.8% fixed thanks to this lovely change:
2006-07: Replacement of separate variable in-school/grace and repayment rates on the Stafford Loan with a single fixed rate of 6.8%. Replacement of variable interest rates on the PLUS Loan with a fixed rate of 8.5% (FFELP) and 7.9% (DL).
- jawilson2 11y agoI looked up my rate from 2000-2001...FFFFFUUUUUUUU
- iambateman 11y agoIf you don't mind, was refinancing a good move for you? What rate were you able to get it down to? We're at 6.8% right now.
- needcaffeine 11y agoWhen I consolidated my loans, they became fixed at 6.8%. Meanwhile my wife was lazy and did nothing and then the great recession happened and her loans have been at 3% for years and years.
- srj 11y agoThe consolidation loan rate was the weighted average of the loans consolidated, so it didn't offer any benefit beyond making the rate fixed. I think the rate ended up being ~5.5%. Consolidation loans also offer a longer repayment timeframe I believe. In this way if you make the payment amount small but pay double, the extra will be entirely on the loan principal. Back when I consolidated SoFi (and probably others) didn't exist. It might be worth comparing rates and terms with them as well.