Consolidating consolidation federal loan online program student

25 Aug

Additionally, you’ll get a new loan term ranging from 10 to 30 years.

Your repayment term will generally start within 60 days of when your consolidation loan is first disbursed and will be based on your total federal student loan balance, among other factors; click on the link below for more details.

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%.

So, for instance: If the average comes to 6.15%, your new interest rate will be 6.25%.

Ideally, you would qualify for debt consolidation after graduation.

As you weigh the pros and cons, keep in mind that timing is critical.

With just a few exceptions, you get only one chance to consolidate with the government loan programs.

Note: A student’s consolidation cannot include a PLUS loan taken out by a parent to pay for that student’s education.

Your second step is to estimate what your monthly payment and total loan cost would be if you consolidated those loans, then compare it to the current amounts.