The interest rate will not be higher than 8.25 percent. If you are including a HEAL in your Consolidation Loan, the part of the loan used to pay off the HEAL will have a variable interest rate set each July 1. The interest rate is based on a formula tied to the interest rate on 91-day Treasury bills. Your lender will be able to explain this formula in more detail if it applies to you. You should keep the total interest cost in mind when deciding if consolidation is right for you.
Some lenders offer repayment incentives to borrowers.
Check with your lender to find out if you can lower your interest rate if you set up automatic withdrawal payments or if you make on-time payments for a certain length of time. Yes, if you meet certain conditions. You are in a graduate fellowship program or a rehabilitation training program for people with disabilities. This applies only if the program is approved by the U.S. Department of Education. Your financial situation is such that your lender decides it will cause you economic hardship if you have to keep paying your student loans.