They keep saying the student loan interest rates are going up tomorrow?
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Does that mean that a student loan I have at 4.75% will change to a different interest rate, starting tomorrow? I also have loans that are 5.75%... I've started the application for cosolidation on-line and it states my interest rate would be 5.5% is that really better? What will the instrest be? If my rate will stay the same for my 4.75% loans I won't want to consolidate them right?
They keep saying the student loan interest rates are going up tomorrow?Interest rates on student loans are variable until you consolidate. So starting tomorrow, assuming you don't consolidate, your 4.75% will move up to the new rate. You definitely want to lock-in that 5.5% while you can.
Hope this isn't too late to help or that you were able to find your answer elsewhere...
They keep saying the student loan interest rates are going up tomorrow?the loan you get from uncle sam is what is known as a variable rate... The rate is based on the rate set by the federal reserve minus a couple of percentage points.
As the Fed rate goes up, so does your loan rate, and your interest, and your payment.
A consolidation loan is usually a fixed flat rate for the 12 or 25 years. Watch out though, if you are still a student, you lose forbearance priveleges.
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