Consolidating student loans after graudation

19-Jun-2020 09:31

The following table illustrates how a weighted average works.In this example, there are three students that each have three loans.

The new interest rate would still be equal to the current interest rates in that situation, but it might save money in the future if the variable rates rise (the new fixed rate would stay the same).Some lenders require that the borrower’s debt-to-income ratio be below a certain threshold.Many lenders also factor in a borrower’s employment stability and prospects – they may even have minimum annual income requirements.The interest rate is primarily determined by the lender’s evaluation of the borrower’s credit history.

However, some lenders also factor in the borrower’s current financial and professional circumstances.The last section is dedicated to identifying the best private consolidation loans for those with a few different financial profiles.