Do you have lots of different students loans, and are slowly going crazy trying to remember when they're all due and how much you need to pay? If so, then consolidating your student loans into one loan will make your life a lot easier. But before you sign a loan contract, make sure you shop around for the best interest rate you can get.
One of the most important things you can do in order to get a good interest rate is to have good credit. This sounds very simple, but plenty of people go loan shopping without even knowing what their FICO score is. There are plenty of places you can go online to check your FICO score for free, so do a search and find one. Having this information makes it much easier to search for a student consolidation loan that suits your credit profile - and so find the best interest rate.
The federal consolidation loan has a fixed interest rate, based on the weighted average of the interest rates of the student loans being consolidated, excluding Health Education Assistance Loans (HEALs), rounded up to the nearest 0.125% or 8.25%, whichever is less.The weighted-average interest rate calculation is based on the official interest rates for the student loans being consolidated, exclusive of any borrower benefit or other special rate discounts.
By law, all lenders are required to use the same interest rate formula for federal consolidation loans. Instead, you should consider customer service, flexible repayment options, online account access and applications, reputation and industry experience when selecting a lender.
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Students who opt for higher studies often find that they lack the required capital to fund their anticipated study program stretching perhaps to several years. Fortunately, there are many institutions that a student can turn to for assistance for financing his education program. Except in the case of grants and scholarships, all other loans taken have to be re-paid; and unfortunately this fact does not strike the borrower forcefully enough at the time of obtaining loans. The obvious reason for same is since many repayments start only on graduation; and due to a feeling of satisfaction for the time being at finding the funds to cover more and more of the direct education costs and other education related expenses.
http://studentsblog2.blogspot.com/2009/11/student-loan-basic-facts.html
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