Information on consolidating private student loans
Variable rates can either work for you or against you.During tough economic times, the Federal Reserve and other central banks can lower interest rates.Fixed interest rates don’t change for the life of your loan, so you’ll always know how much you’re expected to pay.
And while you’re at it, check out So Fi’s new Student Loan Debt Navigator tool to assess your student loan repayment options. With prevailing interest rates at historic lows, some private lenders offer rates that are significantly better than a high-rate federal loan.Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month.As of December 1, 2017, the one-month LIBOR rate is 1.34%.But if the Fed starts worrying about inflation, policymakers may decide to raise rates to keep prices from rising too sharply.Each refinancing lender determines the rate they’ll offer a borrower on a case-by-case basis, so if you want to take advantage of the lowest interest rate available, it’s best to apply to many different lenders.
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Lowest rates shown are for eligible applicants, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures.