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Learn more about Direct Consolidation Loans on the Federal Student Aid site Apply now at Student Private student loans are NOT eligible for consolidation into a Direct Consolidation Loan.You may also add eligible loans to your existing Direct Consolidation Loan using the form below – if you are within 180 days of the date we paid off the first loans you are consolidating.The Direct Consolidation Loan program is the right choice if your goal is to simplify the process and keep your options open for the many repayment plans available for federal loans. Your rate is determined by the weighted average of the interest on the loans being consolidated rounded up to the nearest one-eighth of 1%.If you’re using private lenders for student loan consolidation, there is a chance you could get a better interest rate and possibly lower monthly payments. These are private loans where credit score and other conditions are weighed in. Here are some things to consider when evaluating the prospect of student loan consolidation.Depending upon the total balance you are consolidating, you may extend the repayment period for up to 30 years with consolidation.The extended period makes the monthly payment amount more manageable; however, the longer your loans are in repayment, the more interest you will pay over the life of the loan.Loan consolidation can be helpful for borrowers who want to combine their eligible federal student loans into a single Direct Consolidation Loan.It's important to understand and carefully consider all factors before consolidating.
Consolidation is a great option to make your payments more manageable and maybe even save some money.
Using student loans to pay for could cost you a whole lot more.
The average college graduate in 2016, who took out student loans, owes ,172, a 6% increase from 2015.
One of the best places to start looking is the federal Direct Consolidation Loan program.
If you did borrow money for college, chances are you received a new loan each semester.
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When you consolidate student loans – either federal or private – it’s one payment to one lender, once-a-month. Loan consolidation for student loans was created to make it easier for millions of borrowers to pay off their debt.