2.875 APR Question

[majagitanita]

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Hello. I have two direct consolidation loans serviced by the govt (dl.ed.gov) estimated at 30K and 34K. The interest rates are 7.43% fixed and 4.17 variable. The original loans included both subsidized and unsubsidized Staffords from the late 90s.

I have done a bit of searching and it doesn't seem like I'd be able to re-consolidate these loans at the current 2.875 APR. Does anyone know who exactly is eligible and what loans in particular are covered? I'd love to lower my interest rate. Thanks for your help. 🙂

 

[tlew12778]

Your interest rate will be based on a weighted average of your current interest rates. It's not a "everyone gets 2.875 APR if you consolidate with us" marketing scheme. Only the lucky ones with lots of loans disbursed with the recent low interest rates will be able to get that low of a rate.