Consolidating student loans get lower interest rate

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When you consolidate multiple student loans or refinance a single student loan, you may receive a lower monthly payment with a reduced interest rate or an extended repayment term.Keep in mind that extending your repayment term may increase the amount of interest you pay over the life of the loan.Wells Fargo reserves the right to change rates, terms, and fees at any time.Your actual APR will depend upon your credit transaction and credit history, and will be determined when a credit decision is made. Do you know how much you pay in student loan bills every month?The start of a new year is a natural time to take a good look at how you spend your money.Until we notify you that your loans are consolidated, you’ll need to continue making payments on all your separate loans.loan allows you to consolidate multiple private student loans or refinance a single private student loan.

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A cosigner is someone who shares responsibility with the borrower for repaying the loan.Variable interest rates are based on an Index, plus a margin.The APR for a variable rate loan may increase during the life of the loan if the index increases. Rates are current as of 04/01/2018 and subject to change without notice.This can potentially lower your monthly payment by qualifying for a lower interest rate or extending the loan repayment term.Keep in mind that extending the repayment term may increase the amount of interest you pay over the life of the loan.Variable interest rates are based on market conditions, so if market rates go up, so do your interest rate and monthly payments.

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