Student loan consolidation interest rate decisions are highly important, as they can make the difference of hundreds, or even thousands of dollars in loan payments over the term of the loan. In order to make the best selection, the borrower needs to understand the difference between a fixed rate student loan and one with a variable rate. The goal of this guide is to provide the basics of understanding fixed rate student loan consolidation.
What is a Private Student Loan?
Private student loans are loans for college, or training school, which are not backed by the U.S. Federal Government. As such, the interest rates on students are generally a bit higher than federal student loans.
In addition, the payment terms of a private student loan are typically different than those of federal programs. For instance, in many cases the borrower must begin paying the student loan back immediately. When it comes to qualifying for a private loan, the rules differ there as well. In most cases, either the borrower must be credit worthy, or have a credit worthy co-signer for the loan. On the other hand, federally backed student loans don’t always rely on the borrower’s credit.
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