Stafford Loan Consolidation
Federal Stafford loan consolidation is a great way to help manage your finances. Consolidation is a fixed-rate refinancing program that combines all of your existing federal student loans into one new loan.
Stafford Loan consolidation is a fixed-rate refinancing program that combines all of your existing Stafford Loans into one new loan. Monthly savings from a Stafford Loan consolidation can be as much as 53% from previous student loan payments, providing payment relief when it's needed the most.
To calculate your potential savings, try this nifty loan consolidation calculator.
Graduate Stafford Loan Consolidation
Graduate Student Loan consolidation is a great financial tool for those who have recently completed their graduate program, and are trying to pay off their graduate Stafford and private loans. For those borrowers who have already consolidated their undergraduate Stafford Loans, graduate Stafford Loan consolidation can combine their previous consolidation with their new graduate Stafford Loans.
Benefits of Federal Loan Consolidation
- Reduce your monthly payment
- Apply now and lock in a lower rate for the life of the loan
- Reduce your interest rate 0.6% by consolidating during your grace period
- Make only one loan payment per month
- Improve your credit rating
- No credit checks, fees, or application charges
- Dept. of Education Borrower Services
Example of Monthly Savings
If you consolidate stafford loans right now, you could save hundreds of dollars a month. Here's a quick chart showing how much you could save on your monthly payments if you had Stafford Loans of varying dollar amounts:
|Loan Amount||Currently Paying:||After Consolidation:||Month Savings:||Annual Savings:|
Savings shown are based on the Stafford Loan interest rate of 6.62%; borrowers in grace periods, with loans other than Stafford Loans (such as PLUS or Perkins loans), or with Stafford Loans older than July 1, 1998 will have different interest rates.
- A Lesser Known Benefit
- Moving On Up!
- Grad School Hesitation
- New Office - Same Great Service
- Consolidation And Medical Residency
- Jargon Glossary
- How Many Times Can I Consolidate???
- Need A Job?
- House Approves Cut In Stafford Loan Rate
- Pick A Plan, Any Plan
Can't make a payment because you can't find a job, are going back to school, or some other reason, consider an additional stafford loan deferment allowing you to put off payments for a specific period of time, after you finish consolidating. For those of you in special fields or working in low income areas, consider Student Loan Forgiveness & Cancellation.