Before the economic crisis in a few years ago, students were able to easily consolidate student loans have variable interest rates, especially large loans to companies such as Sallie Mae. However, when the credit crisis took a turn for the worse, as the loan rate student. 2007-2008 school year, lenders such as Sallie Mae's consolidation order.
Because it was the consolidation is so important?
The consolidation of two or more variable-rate loans in loan gives students the opportunity to reduce their interest rates. For example, several years ago, Sallie Mae would call customers and consolidation of supply, often drop the interest rate on loan consolidation for the last 5 percent.
But the truth is that after July 1, 2006, all federal student loans have a fixed rate, eliminating the absolute need for consolidation. This, combined with the fact that student loan companies did not benefit from the consolidation means that the consolidation will not be back. Interest rates on student loans
The federal government issues two types of Stafford loans to students. The first type is facilitated, which means that students do not return interest on the loan until the end of their studies. In addition, they must repay the loan after the period of grace after graduation. The interest rate on student loans are:
* 6.8 percent from 1 July 2006 to June 30, 2008
* 6 per cent from 1 July 2008 to July 1, 2009
* 5.6 percent for loans disbursed after July 1, 2009
5.6 percent interest rate is the lowest in years and should be good news for current students and potential. Students can range from less than 5 percent through a loan Perkins, but this type of loan is hard to receive. The government only provides loans to low-income students Perkins.
Meanwhile, subsidized loans remain at a fixed rate of 6.8 percent. Means that the unsubsidized loan accrues interest from the date must be paid to the school, however, students can begin to repay the loans, after the grace period after graduation.
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