Discover Card is serious about safeguarding your personal information online.When you access your account and perform transactions on the Discover site we use 128-bit-Secure Sockets Layer (SSL) encryption technology-the most widely used method of securing internet transactions available today.Any payments and savings will depend on the actual amounts for which you are approved, should you choose to apply.Magnify Money is an advertising-supported comparison service which receives compensation from some of the financial providers whose offers appear on our site.When you consolidate federal loans, your new fixed interest rate will be the weighted average of your previous rates, rounded up to the next ⅛ of 1%.So, for instance: If the average comes to 6.15%, your new interest rate will be 6.25%.Instead, you should look at options to avoid a default on student loan debt.When you consolidate multiple student loans or refinance a single student loan, you may receive a lower monthly payment with a reduced interest rate or an extended repayment term.
These 4 lenders also allow you to check your rate without impacting your score (using a soft credit pull), and offer the best rates of 2017: If you are in financial difficulty and can’t afford your monthly payments, a refinance is not the solution.
Depending upon the total balance you are consolidating, you may extend the repayment period for up to 30 years with consolidation.
The extended period makes the monthly payment amount more manageable; however, the longer your loans are in repayment, the more interest you will pay over the life of the loan.
So, the interest rate on a consolidation loan may be higher than the underlying loans.
However, the interest rate is fixed for the life of the loan.