Consolidating school loans good idea

So, for instance: If the average comes to 6.15%, your new interest rate will be 6.25%.Additionally, you’ll get a new loan term ranging from 10 to 30 years.

consolidating school loans good idea-3

Direct consolidation loans are now the only type of federal student consolidation loan.

Under the Direct Loan Consolidation Program, you can consolidate Subsidized and Unsubsidized Stafford Loans, Supplemental Loans for Students (SLSs), Federally Insured Student Loans (FISLs), PLUS Loans, Direct Loans, Perkins Loans, Health Education Assistance Loans (HEALs), and just about any other type of federal student loan.

When you consolidate your student loan debt you essentially combine multiple student loans (usually with various interest rates) into one new loan with a single interest rate.

Because of the differing terms and regulations, federal student loans and private student loans aren’t generally consolidated with one another.

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Last modified 09-Mar-2020 18:39