Consolidating private Latinadultchat

Consolidating your student loans can seem like an attractive idea.

Whom do I contact if I have questions about consolidation?

Private education loans are not eligible for consolidation, but for some Direct Consolidation Loan repayment plans, the total amount of your education loan debt—including any private education loans—determines how long you have to repay your Direct Consolidation Loan.

Loan consolidation can also give you access to additional loan repayment plans and forgiveness programs. If you want to lower your monthly payment amount but are concerned about the impact of loan consolidation, you might want to consider deferment or forbearance as options for short-term payment relief, or consider switching to an income-driven repayment plan for longer-term payment relief.

There is no application fee to consolidate your federal education loans into a Direct Consolidation Loan. Department of Education (ED) or ED’s consolidation loan servicers. Once your loans are combined into a Direct Consolidation Loan, they cannot be removed.

Repayment of a Direct Consolidation Loan will begin within 60 days after the loan is disbursed (paid out).

Your loan servicer will let you know when the first payment is due.

If you have private loans, or a mix of federal of private, you can consolidate by taking out a new loan through a private lender. Because consolidation works a little bit differently depending on which types of loans you have, we are going to tackle consolidation from several different angles: However, it's important to know that the interest rate on your Direct Consolidation Loan is not always lower.

Instead, the rate is calculated by taking the weighted average of the interest rates on your existing loans and then rounding up to the nearest one-eighth of 1%. So, i the Federal Loan Consolidation Information Call Center at 1-800-557-7392.

Before you jump head-first, it's important to understand how student loan consolidation works. Consolidation works by combining several several loans into a single monthly payment.

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