If there are future changes to federal law that affect federal student loan interest rates, we will update this page to reflect those changes.

View the interest rates on federal student loans first disbursed before July 1, 2017.

Refinance without a degree: Unlike some lenders, Citizens offers refinancing to some borrowers who have not completed their bachelor’s degree.

lowest interest rate for consolidating college loans-57

All interest rates shown in the chart above are fixed rates for the life of the loan.

Note: The interest rates for federal student loans are determined by federal law.

And College Ave will even reward borrowers who opt for auto pay with a 0.25% discount on their interest rate Fee free: College Ave doesn’t charge any origination fees, pre-payment fees, or fees for paying more than the minimum amount due each month, which is great news for those who are able and want to pay off their loans faster High interest rates: While College Ave provides very competitive interest rates for creditworthy borrowers, even lower rates may be available to borrowers through other lenders.

Comparing prequalified rates from College Ave and other lenders can help you find the absolute lowest rate available In August 2016 Relia Max, a platform and service provider for student loans, introduced Connext, its private student loan solution, which aims to help students find lenders to refinance their student loans or issue them new undergraduate or graduate student loans.

In that case, a seven-year term could bring a more manageable monthly payment, while still ensuring you pay off your loans in under 10 years.

Remember, though, that no matter which lender you go with, you can always pay more than your required monthly payment and pay off your loans faster Set it and forget it: If you want to avoid the hassle of remembering to make your monthly payments, setting up auto-pay can be a great option.

Top The amount of interest that accrues (accumulates) on your loan from month to month is determined by a simple daily interest formula.

This formula consists of multiplying your loan balance by the number of days since the last payment times the interest rate factor.

Simple daily interest formula: Outstanding principal balance x number of days since last payment Most federal student loans have loan fees that are a percentage of the total loan amount.