As the economy shows only a few signs of improving, the rates of student loans are in question. Have the rates improved since 2008 and 2009? What type of loans are safest to take out for a current student?
The Truth of Student Loan Consolidation Interest Rates
Before the economic slump occurred a few years ago, students were able to easily consolidate student loans that had variable interest rates, especially at large lending companies such as Sallie Mae. However, when the credit crunch took a turn for the worst, so did student loan rates. In the 2007-2008 school year, lenders such as Sallie Mae discontinued consolidation.
Why was consolidation so important?
Consolidating two or more variable rate loans into one loan provides students the chance to lower their interest rates. For instance, several years ago, Sallie Mae would call its customers and offer consolidation, often dropping the interest rate of the newly consolidated loan to 5 percent.
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