Consolidating student loans with low interest rate
Interest is tacked onto the total amount of money that you owe.This means that as you pay back the original amount of money you borrowed, you are also responsible for paying any interest that accrues.Interest rates on private student loans are almost always higher than those for federal loans, but with the historically low lending rates offered in 2017-2018, the market has suddenly become much more competitive.
Undergraduates can only borrow ,500 in total and no more than ,000 of that can be a subsidized loan.These loans have a fixed interest rate of 5%, making them a bit more manageable.They do not accrue interest while you are attending school.Because of this, they typically carry lower interest rates than other types of loans and debts.Still, your exact interest rate is based on what type of loan you take out.
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Parents and graduate students may be eligible for PLUS loans, another type of federal student loan.