Consolidating private student loans fixed interest rate
Sometimes private lenders can be more expensive than your typical conventional lenders such as banks.
Often a private lender will cost more but it’s the flat rate/fixed rate part of the loan that is the key.
We’ll be using our calculator below to thrash out these student loan consolidations.
These are examples that are very close to some real students, graduate students, and borrowers who used private lenders to pay off their debts – we’ve changed the names and some of the locations across the US for the privacy of the applicants and the lenders.
This is the goal, quest, and/or fantasy, but the reality of a private student loan consolidation is much different, especially if you want a fixed interest rate – APR.
You are really looking at consolidation loan, whether or not it is for school debts or another other kind of debt.
The odds of finding a private lender will go up if you use the Internet, but more of the informational aspect of the net, and not so much finding a private lender that consolidates your student loans and has some sort of fixed rate and fixed monthly installment repayment plan.Private lenders can literally do anything they like, and receive your payments in any way they wish.I’ve heard of Angel Lenders that allow the borrower to borrow the money and start payments a year later (sometimes more).You have to have ALL debts wrapped up and being paid off on monthly installment payments.
Some private lenders will allow bimonthly, biweekly, and I’ve even heard of bi-quarterly payments when the source of income for the student is working in a market that is purely seasonal.These are scams that are all too frequently perpetrated on innocent borrowers in the United States, Canada, Australia, and the UK.