Announcement: The Right Rate Refinancing Program has been discontinued.
Why?
For one simple reason: it will no longer save you more money each month.
The Right Rate Refinancing Program is based on the 90 day commercial
paper rate. This rate has been going up steadily since the introduction
of the Right Rate Program and it is now to the point where opting for a
Right Rate loan will not save you money. The current projections for
the 90 day Commercial Paper Rate indicate a rate between 4% and 5% -
which means that if you consolidated your student loans using the Right
Rate program, you would receive essentially no discount at all, and if
your goal is to save more money, then obviously the program isn't going
to help you, and we're all about helping you as much as possible. What to do instead of the Right Rate program?
Reconsolidate with our Standard Benefits Package! For student loan
consolidations of loans with a total balance exceeding $20,000, you
will receive up to 1.25% off your interest rate. Compare and save:
Loan Balance |
Current Payment |
New Payment |
You Save/Month |
You Save/Year |
$20,000 |
$245/month |
$170/month |
$75/month |
$899/year |
$40,000 |
$491/month |
$315/month |
$175/month |
$2,103/year |
$60,000 |
$736/month |
$451/month |
$285/month |
$3,422/year |
$80,000 |
$981/month |
$601/month |
$380/month |
$4,562/year |
$100,000 |
$1,227/month |
$751/month |
$475/month |
$5,703/year |
Examples shown use an 8.25% interest rate.
Try our calculator to see how your specific situation will look!
Apply now to reconsolidate with our Standard Benefits Package!
We are keeping the old Right Rate information here below for reference purposes only.
Consolidating
federal student loans is always a good idea, but sometimes it's a
better idea than others. Those students who have already consolidated
at high, fixed interest rates a few years ago (when the rate was 7% or
8%) are stuck with those rates for the rest of their loan terms, right?
Wrong! With the StudentLoanConsolidator.com Right Rate refinancing program, lower interest rates are within your reach.
Right Rate Refinancing Eligibility
The Right Rate refinancing program is simple. First, you apply for a federal student loan consolidation with us.
When we review your application, we determine if you are a good
candidate for the Right Rate refinancing program. Generally speaking,
the criteria which make a good candidate are:
- More than $10,000 in federal student loans
- Previously consolidated through the Department of Education (Direct Consolidation) or
- Previous consolidation through a third party (i.e. federal student loan, banks, etc.) plus new student loans
How Right Rate Refinancing Works
Here's a brief overview of the process.
- You apply for a student loan consolidation normally.
- We verify your eligibility. If you are eligible, we process your consolidation.
- Your new consolidation is processed as a fixed rate student loan consolidation equal to your existing consolidation fixed rate.
-
We then discount your rate to the quarterly 90 day commercial paper rate plus 3%. Currently, this is 2.5%, which means your Right Rate would be 5.5%.
- You make payments on your loan at the discounted rate.
Some important points about the Right Rate refinancing program:
- Your Right Rate can never exceed your current consolidation rate.
If, for example, you have a current consolidation at 7%, no matter how
high the 90 day commercial paper rate goes up, you will never have a
rate that exceeds 7%.
- If you are late on a payment, you lose the Right Rate and your consolidation reverts to the fixed rate with no discounts.
- You cannot combine the Right Rate program with our normal consolidation discounts (0.25% automatic checking discount reduction, 1% reduction after 36 on time payments).
- The interest rate changes quarterly, which means your monthly payment will change quarterly.
Have questions? Try our Right Rate Refinancing Frequently Asked Questions! | 
