Consolidating plus student loans
PLUS loan interest rates are set by Congress, and they’re typically higher than the rates on other federal student loans.
Refinancing with a private lender gives you the opportunity to carry your loan at a lower rate while you pay it off.
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%.
It’s noble to help your kids pay for college, but it’s not always easy. That’s especially true if you borrowed direct Parent Loans for Undergraduate Students, also known as PLUS loans, to cover part of your child’s college costs.If you’re still paying off Parent PLUS loans, you could be overpaying. We offer a range of options so you can optimize your monthly payments, lifetime cost, or payoff speed.Save money and simplify your payments by consolidating Federal Parent PLUS loans with So Fi. There are no origination fees in most states or prepayment penalties. There are a lot of reasons why it's a bad idea, and I cover most of them in my Forbes column.The fact is, though, if you're reading this article, it's too late.