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Even if your rates seem high, t he Department of Education puts a cap on consolidation loan rates at 8.25 percent.

One major advantage of federal consolidation loans is that borrowers don't need a stellar credit score to qualify, they can apply any time (even if their loan is in default) at Loan gov, and they'll always get a fixed interest rate.

Here's what you need to know before deciding to consolidate student loans.

Loan consolidation is when a borrower takes out a new loan to pay off several smaller student loans.

This can be attractive to borrowers because the consolidation frequently results in longer repayment periods and lower monthly payments.

When it comes to consolidation, the types of loans you have matters, but most federal loans, including Stafford, Perkins, Direct Plus and Supplemental loans, can be consolidated with other federal student loans."The interest rate on (federal) consolidation loans is an average of the interest rates on the (federal) loans you're consolidating," says Ken O'Connor, director of student advocacy for Fynanz, a New York City firm providing technology for the private student loan market.

Cheap Loan Rates For the process of mortgage software, you can consider comfort of your home to fulfill the entire procedure via web.

It requires only couple of minutes to fill up on-line software type with your full particulars such as title, gender, age and financial institution account etc.

This three digit quantity is calculated primarily based on payment history, how a lot you owe, length of history, new, and types of accounts.

Below are some issues to maintain in mind regarding each of these areas.

The difference is you'll need to apply through a private lender.

Some are better than others, so make sure to look at the varying terms of each one -- staying away from charges or origination fees and checking the maximum interest rate so you won't get burned down the road.

Private lenders require borrowers to pass a credit check to get the best rates.