Consolidating private student loans advice
When you consolidate federal loans, your new fixed interest rate will be the weighted average of your previous rates, rounded up to the next ⅛ of 1%.
So, for instance: If the average comes to 6.15%, your new interest rate will be 6.25%.
To get Mc Carthy's help with your Private Student Loans, call them at 1-877-317-0455.
This is especially true of many of the smaller, mom and pop type companies you’ve never heard of, who buy your contact information from debt collectors, then send you letters or emails promising to refinance and consolidate your loans at a low interest rate, no matter how poor your credit score might be.
What you need to realize is that if the offer sounds too good to be true, then it probably is! I’ve been helping people with private student debt for ten years now, and in all that time, I’ve only found a SINGLE company who actually helps the majority of people who go to them for assistance.
Use a consolidation calculator to compare monthly payments under three different scenarios: federal student loan consolidation, private student loan refinancing and income-driven repayment plans.
Federal loan consolidation doesn’t have a credit requirement, and it offers the benefit of a single loan bill and potentially lower payments.