Current Student Loan Consolidation Interest Rates

Current student loan consolidation interest rates
Student loan interest rates fluctuate a lot as the factors that impact it change often. There are a lot of external factors but the rates available to you also vary based on your repayment history and current employment status. You may not be able to control the external fluctuations, but you should be prepared to do thorough research, on a regular basis and over a long period to find the best offer on your current student loan consolidation interest rates.
All your research may still fall flat and may still not guarantee the best offers, if your situation falls into any of the following scenarios:

Scenario 1 – You defaulted frequently on the repayment of your primary student loan: If you skipped a lot of repayments of your primary student loan and you are looking out for current student loan consolidation interest rates, you will get higher rates as the lender will consider you a high risk investment. On the other hand, if you have made all repayments on time and maintained a clear payment history, you can be sure to get not only good interest rates but also speedy disbursement.

Scenario 2 – You are looking to refinance a previous loan: If you deferred the payments of your primary student loan(s) and are now looking to re-finance the same, the lender will have no payment history to assess you on. In such a scenario he is bound to penalize you by treating you as someone with no credit history or worse a bad credit history. So, you will end up with much higher figure in current student loan consolidation interest rates. Again, if you maintained regular payment on your earlier loans and missed a few payments here and there, it may still give the lender enough comfort to offer you the best rates available.

Scenario 3 – You are not employed: The lender for your primary student loan may not have bothered with whether you were employed or not as your education at that time was seen as an investment in future employment. But when you are looking at current student loan consolidation interest rates, the figures will be much higher if you cannot prove steady employment or verifiable income. In certain cases the lender may not be ready even to consider your application. This situation can be remedied to some extent if you have a co-signer with good credit history and verifiable income source. The risk for the loan will be shared and the good standing of the co-signer will offset your own bad history. But nothing beats being able to demonstrate your own steady income to repay the loan if you want the best rates available in the market.
So, for those of you who regularly paid rates on your primary student loan and have a steady, verifiable source of income, current student loan consolidation interest rates will be the best available even in the fluctuating student loan interest rates market .

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