consolidate credit loan no student

Federal loan rates face changes

After Saturday, college students at OSU and across the country will no longer be able to secure a federal loan at the current interest rates. Rates on the Stafford and Parent PLUS loans are set to increase by 2 percent, with the rates on Stafford subsidized and unsubsidized loans increasing from a variable of 4.7 percent to a fixed rate of 6.8 percent, and the Parent PLUS loans increasing from a variable rate of 6.1 percent to a fixed 8.25 percent. These loans can be bundled into one consolidation loan and secured at a lower fixed interest rate of 4.7 percent. In order to minimize the number of students repaying loans at higher interest rates, the federal government is allowing students to consolidate their federal loans while they are still in school. Students who are currently enrolled at any accredited institution have the option of applying for a Direct Consolidation Loan from the U.S.

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UPDATE: Moving To Fixed-rate Loans Makes Sense, But Not For All

CHICAGO (Dow Jones) -- If you're a borrower with a variable-rate line of credit, the Federal Reserve's two-year campaign of raising interest rates has no doubt caught your attention. After each of 17 hikes, the latest coming Thursday, banks have boosted their prime rate, the benchmark to which most variable loans are tied.
That means many borrowers are now paying an interest rate four percentage points or more above their starting rate. But depending on their loan type, consumers feel the effect of hikes at different times.
Interest rates on variable-rate home-equity lines of credit, for example, tend to go up shortly after the Fed makes a move, said Greg McBride, senior financial analyst for Bankrate.com. The repricing of student loans, on the other hand, happens less frequently: The interest-rate adjustment for these loans on July 1 took into account increases over the past year, causing many borrowers to consolidate before June's end.

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