Rules for consolidating student loand
Rules for consolidating student loand - Free sex chat numbers no cost
The culprit is that weighted average interest rate.It’s higher than some of the interest rates used in our original individual loans.
However, you can find a very easy to use online Repayment Estimator to run the numbers for you.Here is how your weighted average is calculated: Adding up all of the individual parts, we get 4.05%.However the federal rules state that the weighted average must be rounded up to the nearest 1/8 of 1% which would be 4.125%.For our experiment, we took out four federal student loans to get our undergraduate degree.This is a simplification to make our discussion easier to understand.Note: For the best experience with the electronic form, use Chrome as your browser.
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Let’s see what it would cost us to pay off the individual loans over a ten year period.
We will also include the figures after consolidating the four individual loans into a single loan at a weighted average interest rate that is rounded up to the nearest 1/8 of 1% (Seems overly complicated, but I don’t write the rules for consolidating federal student loans).
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In this article, we’ll try to answer many of those questions for you. If you have multiple private loans, you would need to give your private loan provider a call and see what options you have.