Reconsolidating student loan dating advie from a girl
A consolidation calculator may be used to calculate the interest rate on a federal consolidation loan.The following types of loans may be consolidated, including loans made in the FFEL program and the Direct Loan program.It's estimated that more than half of all college students graduate with debt, and we're not talking about a paltry few thousand on the credit card, either.Given tuition at some of the more prestigious universities can top more than ,000, and even a community college two-year degree can cost more than ,000, college debt can be serious and life changing. You borrow ,000 at 6.8 percent per year to pay for a two-year degree in automotive technology.When you graduate, you'll have 10 years to pay, or roughly 120 payments of 2 and change.When you're done you'll have shelled out roughly ,000 to pay for the loan and interest. Shoot for the four-year degree at an expensive university or college.
The interest rate on a federal consolidation loan is a fixed rate equal to the weighted average of the interest rates on the federal education loans that are being consolidated, rounded up to the nearest one-eighth of one percent.
The monthly payment amount may decrease because repayment can be spread over a longer time period.
Because there are no penalties for prepaying the loan in full or in part, borrowers may make larger monthly payments or extra payments if they wish.
According to statistics, you'll likely have about ,000 in loans at the end.
With the same interest rate and loan payment period, you're looking at a monthly payment of about 5 and total interest of about ,000 for a total principal and interest of ,000.
For example, suppose a borrower has a $7,500 loan at 3.4% and a $10,000 loan at 3.86%.