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Revision as of 21:00, 14 March 2007
, 21:00, 14 March 2007→Student Loan Consolidation
==Student Loan Consolidation==
==Student Loan Consolidation==
[[Image:Graduate.jpg|thumb|right|Graduation can bring the greatest feeling of accomplishment but getting a your student loans paid off as soon as possible is a top priority.]]
In the [[Directory:United States of America|United States]], federal student loans are consolidated somewhat differently, as federal student loans are guaranteed by the U.S. government. In a federal student loan consolidation, existing loans are purchased and closed by a loan consolidation company or by the Department of Education (depending on what type of federal student loan the borrower holds). Interest rates for the consolidation are based on that year's student loan rate, which is in turn based on the 91-day Treasury bill rate at the last auction in May of each calendar year.
In the [[Directory:United States of America|United States]], federal student loans are consolidated somewhat differently, as federal student loans are guaranteed by the U.S. government. In a federal student loan consolidation, existing loans are purchased and closed by a loan consolidation company or by the Department of Education (depending on what type of federal student loan the borrower holds). Interest rates for the consolidation are based on that year's student loan rate, which is in turn based on the 91-day Treasury bill rate at the last auction in May of each calendar year.
